Our team uses modern techniques for estimating the construction project budget in OR. Top-down and Bottom-Up are the most common ones among them.
Top-Down Estimation: The method moves from total project cost to breakdowns. We use already done projects with similar features in this technique of cost calculation. Furthermore, it only gives rough estimates for construction projects. Therefore, we mostly use it in the early stages of construction projects. Above all, the approach provides quick and cheap estimates.
Bottom-Up Estimation: This technique moves from cost breakdowns to project total budget. It involves the pieces of the construction projects and their individual expenses. In the end, we sum up app expenses to get the project’s total budget. The technique provides highly accurate and detailed projections.
Other Methods: Analogous estimating, parametric estimating, Three-point estimating, cost quality estimating, LANG & HAND estimating.