Project estimation refers to forecasting the costs, resources, and time required to complete a project. It is critical to project planning and financial management in contracting, serving as the basis for calculating expected costs and profit when submitting a proposal. Estimates can be created directly from the project or by going to Project Costing → Project Costing Documents → Project Estimates.
This process includes:
Estimating direct costs (such as labor, materials, and equipment)
Estimating overhead expenses (such as administration, supervision, and utilities)
Adding markups to ensure profitability
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