Estimation is not an easy practice to carry out. Estimating projects is harder. If there are no tools or methods to support it, the estimation process can be a nightmare for those who are responsible for it.
Now as you can understand the estimation process is quite hard for projects. As companies have to take part in tender bidding, it's their job to find out the amount of fund they will be needing for the project . So before posting the price in the tender contract they pass their estimated amount through a number of tests. This whole process is done on paper, results are obtained and later on these results are judged with the company's target profit. The feasibility of the estimation is tested and checked.
This test estimation gives you the exact picture of the future of the project that you are bidding for. Also you have to take care about the risk factor and profit factor as well.
So it's better to test the estimated price of a project before biding in tender. That how much this project estimated cost will be and what with the benefits that your company is going to get out of it?
Now as you can understand the estimation process is quite hard for projects. As companies have to take part in tender bidding, it's their job to find out the amount of fund they will be needing for the project . So before posting the price in the tender contract they pass their estimated amount through a number of tests. This whole process is done on paper, results are obtained and later on these results are judged with the company's target profit. The feasibility of the estimation is tested and checked.
This test estimation gives you the exact picture of the future of the project that you are bidding for. Also you have to take care about the risk factor and profit factor as well.
So it's better to test the estimated price of a project before biding in tender. That how much this project estimated cost will be and what with the benefits that your company is going to get out of it?