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What is the most accurate method of estimate?

  1. Unit price

  2. Bid/Design

  3. Selection

  4. Quantity Take-off Method

The correct answer is: Quantity Take-off Method

The most accurate method of estimate is the Quantity Take-off Method. This approach involves a detailed analysis of the project’s blueprints and specifications to measure and quantify all the materials and labor required for a construction project. By evaluating each component systematically, the estimator can produce a comprehensive list of quantities, which leads to a more precise estimate of costs. This method allows contractors to account for all elements involved in the construction process, minimizing the chances of overlooking critical items that might be essential for the completion of the project. Additionally, because it is based on actual measurements rather than assumptions or averages, the Quantity Take-off Method typically yields a more reliable and defensible estimate. In contrast, the other estimating methods have limitations. Using unit prices can introduce variability depending on the current market rates of materials and labor, while the bid/design method typically involves a level of estimation based on prior experience rather than precise measurements. The selection method could be considered broader and doesn't focus on the exhaustive details of costs like the quantity take-off does. Hence, for accuracy in estimating, relying on the meticulous approach of the Quantity Take-off Method is considered superior.