Opinion of Probable Cost
All projects to a greater or lesser extent are driven by their budgets. These budgets, established by the Owner are used as the basis for development of a design solution. In order to maintain the budget, it is important to continually evaluate and adjust the project to conform with the budget as development takes place.
Estimating, or development of an “Opinion of Probable Cost” in an important part of all projects. Estimating techniques come in a number of forms and levels of details.
The simplest form of estimate is a “Square Foot” estimate, establishing a cost for the project, based on its complexity, multiplied by the size of the proposed solution.
More detailed estimates are prepared as the project is more comprehensively understood. Teitsch-Kent-Fay Architects, P.C. and our team use a “Systematic” estimating technique. This technique evaluates the various parts of the project by its building systems, rather than counting each individual nail and screw. In this way, a more comprehensive estimate is developed, avoiding omissions and providing the Owner with a more useful tool to evaluate the current state of the budget.