What is Estimate?

In the context of construction, an estimate refers to the approximate calculation of the cost, time, and resources required to complete a project. It is a crucial step in the planning and budgeting process, as it helps stakeholders determine the feasibility and scope of a construction project. Estimates are typically based on factors such as materials, labor, equipment, permits, and overhead costs, and are subject to change as the project progresses.Construction estimates are usually prepared by experienced professionals, such as estimators or project managers, who use historical data, industry benchmarks, and current market conditions to create an accurate forecast. These estimates are essential for securing financing, bidding on contracts, and managing the overall budget of a construction project. They also serve as a benchmark for tracking progress