Estimating: a valid exercise or a false sense of security?

Abstract

The uses of estimates vary from project to project. Essentially an estimate will show the required budget to complete the project. Estimates will often be subject to adjustment in order to fit within the client’s budget. Estimating involves planning for future events. There will always be changes and unforeseen events. The quantity surveyor should not rely on the fact that an estimate is only an indication of costs, as he is liable for costs incurred by the client if he bases his decision to continue with the project on the estimate prepared by the quantity surveyor. The aim of this treatise is to examine the importance of an accurate estimate to be used as a decision making tool by the parties involved, as well as the risks involved when tampering with rates and allowances to produce a favourable budget.