Estimating Practice Exam

What kind of estimate is established after the project design has started?

1. Detailed estimate

2. Conceptual estimate

3. Unit-price estimate

4. Preliminary estimate

The correct answer is: Preliminary estimate

The established estimate after the project design has started is known as a preliminary estimate. This type of estimate is typically created during the early stages of a project when some design elements are already in place, allowing for a more informed and refined cost projection compared to the early conceptual estimates. The preliminary estimate takes into account the specific details that have been developed thus far and helps in guiding the financial planning and decision-making process as the project progresses. In contrast, a detailed estimate reflects a comprehensive analysis of the entire project, often generated later in the design phase when more precise measurements and specifications are available. A conceptual estimate is generally created during the initial stages of a project, relying on broad assumptions and limited details. Lastly, a unit-price estimate typically involves breaking down the project into units and assigning costs per unit, which can be part of detailed estimating but is not the focus immediately after design has begun. Thus, the preliminary estimate is the most appropriate choice in the context of the question.