Cross estimating method
The cross estimating method is a technique that involves using data from similar completed projects to estimate the cost of a new project. It is often used when there is limited information available on the new project or when there are significant uncertainties in the project scope, schedule, or other variables.
The accuracy of the cross estimating method depends on the quality and relevance of the data used in the analysis. It is important to ensure that the completed projects used for comparison are truly comparable to the new project and that any adjustments made to the cost data are based on sound reasoning and reliable data sources.
The first step is to identify completed projects that are similar in scope, size, complexity, and other relevant characteristics to the new project. This involves conducting research on completed projects in the same industry, geographic location, and with similar project requirements.
Once similar completed projects have been identified, the next step is to collect cost data on those projects. This can include data on labour costs, material costs, equipment costs, overhead costs, and other relevant costs associated with completing the projects.
The cost data collected from the completed projects may need to be adjusted to account for differences in inflation, location, market conditions, and other factors that may impact the cost of the new project. For example, if the projects were completed several years ago, adjustments may need to be made for inflation.
Once the cost data has been collected and adjusted, the next step is to calculate the cost for the new project. This involves using the cost data from the completed projects as a benchmark and making adjustments based on the unique characteristics of the new project.
Finally, the cost estimate should be verified to ensure that it is reasonable and accurate. This can be done by comparing the estimate to other cost estimates for similar projects, conducting a sensitivity analysis to assess the impact of changes in key variables, and seeking input from experts and other stakeholders.
[edit] Related articles on Designing Buildings
Featured articles and news
Listed despite problems with its design.
Zen and the art of cycling exploration.
Design Council Homes Taskforce launched
To support government 1.5 million homes target within UK climate commitments.
The story of this knowledge quarter building.
In ecology, in hydrology, in biology and in architecture.
Creating environments that promote physical, mental, and social well-being.
UK cases of neutral current diversion
Research project looks for example contributions.
Overstocking and macro-economics cause a decline.
The 2024 update of the Common Assessment Standard
Demonstrating organisational capability’ to fulfil roles under the Building Safety Act.
56 recommendations for a better built environment
Published by the CIC ahead of the King’s Speech.
SkillELECTRIC Top 8 Competitors Named
in annual search for the UK’s best student electrician.
CIOB Diversity and Inclusion technical information sheet
Step-by-step guide on implementing D and I practices.
Conservation and the Indian City. Book review.
Reversibility in conservation ethics
Learning from painting conservation.
Where It's AT Podcast launched!
New CIAT Architectural Technology Podcast goes live.
Comments
[edit] To make a comment about this article, or to suggest changes, click 'Add a comment' above. Separate your comments from any existing comments by inserting a horizontal line.