Estimating Practice Exam

The accurate assessment of work in the form of a quantity takeoff that can only be obtained from the full design of the project is the basis of what type of estimate?

1. detailed estimate

2. rough estimate

3. preliminary estimate

4. unit cost estimate

The correct answer is: detailed estimate

A detailed estimate is characterized by its reliance on comprehensive information derived from the complete design of a project. This form of estimation involves a meticulous quantity takeoff, where all the materials and labor needed for a project are quantified. It ensures that every aspect of the project design is reflected accurately in the estimate, allowing for an in-depth analysis of costs. Because detailed estimates are based on complete designs, they provide a higher level of accuracy than other types of estimates. This accuracy is crucial for budgeting, planning, and ensuring that the project can be completed within the allocated resources. Other types of estimates, such as rough estimates, preliminary estimates, and unit cost estimates, typically use incomplete information or assumptions, which may not capture the full scope and complexity of the project. This can lead to inaccuracies in project budgeting and execution. Thus, the detailed estimate stands out as the most precise and reliable form of estimation when full project designs are available.