What does estimate mean in construction?
Short definition
An estimate is a forecast of construction cost based on available information, assumptions, quantities, and pricing.
Longer explanation
Estimates become more detailed as design progresses and may be used for budgeting, decision-making, bidding, or change evaluation.
Example in context
“The project team reviewed the estimate during the construction phase.”
Common users
- Owners
- Architects
- Contractors
- Construction managers