Before producing formal design plans, a preliminary ship cost estimation or conceptual estimate is used to anticipate the project cost and assess the economic viability of the construction project. It aids contractors, real estate developers, housebuilders, and owners to make funding selections, establishing preliminary estimate services, and evaluate early design options.
As preliminary cost estimates are completed before the actual design and construction of a project, they are primarily based on past project data that has been adjusted for time, location, and size and created using engineering concepts.
There are numerous forms of preliminary cost estimation, and you can utilize them at various points in the project’s lifespan. The amount of information given by the customer determines the accuracy of these estimations.