Building Construction Estimation Excel Sheet
Estimation is the process of finding an estimate, or approximation, which is a value that is usable for some purpose even if input data may be incomplete, uncertain, or unstable. The value is nonetheless usable because it is derived from the best information available. Typically, estimation involves “using the value of a statistic derived from a sample to estimate the value of a corresponding population parameter”.The sample provides information that can be projected, through various formal or informal processes, to determine a range most likely to describe the missing information. An estimate that turns out to be incorrect will be an overestimate if the estimate exceeded the actual result, and an underestimate if the estimate fell short of the actual result. In real life, estimation is part of our everyday experience. For students, estimating is an important skill. First and foremost, we want students to be able to determine the reasonableness of their answers. Without estimation skills, students aren’t able to determine if their answer is within a reasonable range.
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