The above is an example of construction cost estimating.
The approximate cost of a project, program, or operation is known as a cost estimate. The result of the cost estimating procedure is the cost estimate. The cost estimate contains a single combined value and perhaps one or more separate component values.
Cost estimation is a claim that quantifies the expense paid in producing finished goods. After deducting the necessary overhead costs and allowing for a specific profit margin, cost estimation aids in determining the sales price of the finished product.
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