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Why is it important to estimate the construction cost of a house?
Estimating construction costs helps in financial planning by providing an accurate overview of the expenses involved. This ensures that the budget is realistic and sufficient for the desired construction.
How does estimating contribute to resource allocation?
Estimating allows for the proper allocation of resources such as materials, labor, and time. This ensures that resources are utilized efficiently, preventing shortages or overages during the construction process.
How does estimating assist in managing project risks?
Estimating identifies potential risks and uncertainties in the project, allowing for the development of contingency plans. This proactive approach minimizes the impact of unforeseen challenges on the construction process.