Cost Estimation Guide for Facility Development Projects

This guide serves as a comprehensive resource for organizations seeking to obtain accurate cost estimations for facility development projects. It outlines the importance of accurate cost estimation in ensuring sound financial planning and decision-making. The guide emphasizes the need for a well-defined scope of works and suggests obtaining multiple quotes, ideally from at least three contractors, to facilitate effective comparison. It details the role of a quantity surveyor (QS) in providing detailed cost estimates and highlights the various components that should be included in a QS estimate, such as construction costs, professional fees, and contingencies. Additionally, the guide explains what to prepare before requesting a QS estimate, including delivery modes, contract types, and project programs. It also discusses the significance of understanding quote components and ensuring that quotes are comparable. Overall, the guide aims to equip organizations with the necessary knowledge to navigate the cost estimation process effectively.