RCTCE501-COST ESTIMATION
Introduction
This module describes the skills and knowledge required to prepare a small budget. They
can keep basic business financial records.
For all engineering work, it is required to know beforehand the probable cost of construction
known as “Estimated cost”. If the estimated cost is greater than the money available, then
attempts are made to reduce the cost by reducing the work or by changing the specifications.
In preparing an estimate, the quantities of different items of work are calculated by simple
measurement methods and from these quantities the cost is calculated.