Estimation, Costing and Valuation is the most important and essential part in any civil engineering projects, it provides us the approximate value, cost and quantity of material in any civil engineering projects, these gives us an idea about how much cost , time and Material will it take to make the the civil engineering project which will help us to make financial budget of different item and full approximate value of the project. Estimation and Costing is very essential and it is last process of planning after all the civil engineering drawing is made and Estimation and costing is only for making a budget so we can organise and invite contractors and builders for tenders to complete the project on a given time and assign a construction budget for them this estimation costing and valuation is done by quantity survey engineer or a civil engineer, in Civil Engineering we have a subject in our final year which taught about the Estimation, Costing and Valuation,

What is Estimation, Costing & Valuation ? Types & Purpose

Estimation :

An Estimation is the record and probable calculation of work, Quantity of material, Labour and Expenditure of a project, it gives an approximate value of the project from starting to end of the work.

Types of Estimation :

1. Preliminary Estimation: It is the Rough estimation of any project, it involves only admin level approval, it is the first level of approval. It helps to see and decide the financial position and approval from Admin.
2. Detailed Estimation: it is more accurate and detailed specified estimate of a project, it is prepared after preliminary estimate it require detailed plan of a project.
3. Quantity Estimation: it helps us to give the quantities of materials, labor, and equipment needed for the project.

the purpose of estimation is to make a rough sketch about how much Quantity of material, Labour and Expenditure is to be used while making the project and give the mind makeup of cost of the project, it also provide the profit and loss in project.

Costing :

Costing is the process of determining the actual cost to execute the project, it include the calculation of material, Labour, Equipment etc. Costing helps us to assign the money/ cost in the project and make the accurate budget by which the project should not stop and should be completed on time and serve the services to the people on time so costing and estimation is very essential while making any project planning.

Valuation :

Valuation is a process by which we can determine the approximate value of a property or a project, it is important due to various purposes : Investment, Insurance, Taxation and for sales. Valuation helps the property owners, buyers, and investors to make decision regarding a property transaction.

Types of Valuation :

1. Real Estate Valuation: It gives the real value of a property according to market rates, location, condition.
2. Business Valuation: it gives the worth of a business, according to these factors like assets, liabilities, cash flow, and market conditions.
3. Asset Valuation: it helps us to give the specific value of a assets within a project, such as equipment, inventory, or intellectual property etc.