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M4 Compare The Results Of Different Estimation Techniques

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M4) Compare the results of different estimation techniques on the cost for a given work activity in a major project An image extracted from (Brook, 1993) demonstrates the changes between estimation techniques applied in the 1930’s to modern times: Single rate approximate estimating – This technique is more commonly used by national bodies inclusive of the education and health services which offers a inception stage in construction. If the clientele has a certain budget to spend than it could possibly be considered by the functional units that can be provided. Such as if you was to provide a study bedroom within a student accommodation it could cost around £20,000. Using this figure you could provide this accommodation to atleast 600 students if you was to use the expenditure of roughly £12 million pounds. Where as on the other hand if the amount of units is known you can then calculate what your budget cost is going to be. …show more content…

There are various rules that needs to be implemented and also the property developers have such a much more understanding of what the cost per square metre is. The recommended building is then measured at every floor level, there will be no deductions for any internal walls, stairs or any elevator areas. Previously similar building costs are divided by the construction cost due to the internal floor space. Adjustments could be made especially for the location or the inflation; where as specification adjustments are much more harder to estimate. Specific judgements are made for the size & shape, the amount of storeys, services, ground conditions aswell as the conditions and the standard of the completed works. A separate evaluation ought to be made for any external works, demolitions, drainage and any incoming services which can be seen as being very different for comparative

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