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Q3: Indicate from the contractors prospectives why estimates are important?? Q4: Give one example about a) The concept of economy of scale((learning curve)) b) The optimum level of quality value for a project

Answer 1

Ans:-3 One of the most crucial components of the construction technique, creation fee estimating is the method of forecasting the rate of building a physical shape. Understanding what a production fee estimator is and the levels entailed is therefore essential to anybody who is involved approximately how a good deal their undertaking will cost. Cost estimates are carried out for plenty special varieties of creation initiatives, from building new systems to transforming efforts.

In order to decide a undertaking’s scope and feasibility, project owners usually use value estimates to allocate their price range. In addition, contractors utilize fee estimates whilst they are deciding whether or no longer to bid on a capability challenge. Estimates are generally prepared with the input of each architects and engineers with a view to make sure that a challenge is according with both scope requirements and price range allotment. Essentially, an awesome price estimate will no longer simplest prevent the builder from dropping money but also assist the client keep away from overpaying. A essential thing of earned cost control, price estimates are a venture-control method that tracks a project’s performance in opposition to the whole time and cost estimate.

Ans 4(a):- For example, if in a production technique labour-input cost stories 80 according to cent studying curve impact, this means that if in the first length manufacturing of a unit of output requires labour cost of Rs. 1000, inside the subsequent length labour fee in step with unit will decline to Rs. 800 and so forth.

Ans 4( b) :- If product meets or exceeds its design specs and is free of defects, it's far stated to have a high first-class of conformance. For instance, if a metallic watch is free of defects it can have a fine of conformance this is simply as excessive as a disorder-unfastened diamond-studded watch. The metal watch may not be as luxurious or appealing as a diamond-studded watch, however we will without a doubt assume it to be free of defects.