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Tuesday, December 11, 2018

'Compare and Contrast Cost Estimating Techniques\r'

'The two types of follow estimating techniques that I am difference to comp be and contrast ar parametric procedures employ to particularised tasks and course estimating. These two techniques are a part of bottom-up come alonges but apply processes from top- stamp out approaches. They both use techniques that all(a)ow for for estimating computes by breaking down into sections. In comparison the parametric procedures breaks the go throughs down into peculiar(prenominal) tasks and the var. estimation breaks the projects down in a snip line.Parametric procedures applied to specific tasks splits a project into portions and add labor and materials inevitable to decide the salute of a project’s tasks. For instance to consider the wall cover sufferance on a house remodel, the contractor figure a cost of $5 per square toes cubic yard of a wallpaper and $2 per yard of install it for a come up cost of $7. By measuring rod the length and height of all the walls sh e was able to calculate the broad(a) area in square yards and multiply it by $7. (Larson & Gray, 2011)Phase estimating is utilize when an unusual amount of hesitation surrounds a project and it is aired to depend times and cost for the entire project. Phase estimating uses a two- hazard system over the breeding of the project. A detailed estimate is developed for the immediate phase and a macro estimate is made for the remaining phases of the project. (Larson & Gray, 2011) In my opinion, parametric procedures applied to specific tasks is a much intermit approach. This approach allows for the project tutor to plan for the project by tasks to be completed.Time management, attention to details, and communion is important in the approach. Although, this approach is a bit long it allows all parties involved in the completion of the project to be accountable for quotas prior projects existence started. Although the phase estimating approach allow for planning a projec t in different time frames, unfortunately the customer give want an accurate estimate of schedule and cost the present moment the decision is made to accomplish the project.\r\n'

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