building estimate definition
A cost estimate is the approximation of the cost of a program, project, or operation. The cost estimate is the product of the cost estimating process.The cost estimate has a single total value and may have identifiable component values.A problem with a cost overrun can be avoided with a credible, reliable, and accurate cost estimate.stimates for the cost of facility construction are a major part of the cost estimate domain. A construction general contractor or subcontractor must normally prepare definitive cost estimates to prepare bids in the construction bidding process to compete for award of the contract.