An Approximate Estimate is prepared primarily to
- ADetermine the exact quantity of reinforcement required in the slabs.
- BDecide the financial feasibility and obtain administrative approval for a project.Correct
- CFinalize the contract agreement with the successful bidder.
- DCalculate the actual profit earned by the contractor after completion.
Solution
Concept
Purpose of Approximate Estimate
Formula
N/A
Step-by-step solution
1. Review the primary objective of an approximate estimate in project planning. 2. Recall that approximate estimates determine financial feasibility and aid in obtaining administrative approval. 3. Match with the given options and select Option (b).
Explanation
An approximate estimate provides a rough idea of the overall cost early in the planning stage. This helps the owner or government decide if the project is financially affordable and allows them to grant initial administrative approval before spending time and money on detailed designs.
Shortcut
To remember the purpose of an Approximate Estimate, use the mnemonic "Approximate = Approval & Feasibility": - Approximate: Quick, rough cost calculation used at the start. - Approval: Necessary to gain initial Administrative Approval. - Feasibility: Helps decide if the project is Financially Feasible before detailed design begins.
Common mistake
A common mistake is selecting Option A by confusing an approximate estimate with a detailed estimate, which is used to calculate exact quantities of materials. Another frequent error is choosing Option C, mistaking preliminary estimations for final contract documentation prepared after detailed engineering is complete.
Correct answer: B) Decide the financial feasibility and obtain administrative approval for a project.