In a construction project as in any other projects, one of the first steps is to obtain the cost estimate for the project. For a construction project to be successful, the contractor has to first get a cost estimate. This will be the basis (the foundation) on which his tender, and consequently his execution of the whole project will be based. A defunct cost estimate may therefore lead to a bad job execution. On the other hand over-estimation for a project may prevent the contractor from winning the contract, (keeping in mind that profit is the essence of any business).
Different ways of estimating cost
Steps in estimating cost
Challenges faced in estimating cost