Meaning of comparative cost estimating
Estimating the Cost of an item by comparing the job to be done (or portions of it) to all or parts of a previously completed job for which valid and comparable cost and technical information is available. This method of Cost Estimating can be applied to any level of work, detailed or summary, for estimating the cost producing Elements, or the cost itself. Generally, a proficient cost estimator cannot help but use this method to some extent, consciously or unconsciously, because experience and natural thought processes force this measurement or Appraisal. In comparative cost estimating, Complexity Factors or Ratios may be used and applied to the known costs or Cost Elements to create the Estimates, if enough information is available on the previously completed program to make a valid comparison of the new with the old program. See Cost Estimating Methods and Analogy Cost Estimate.
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