Estimating is the approximation, prediction, or projection of a quantity based on the available information and experience at that time, with an understanding that all facts may not be known or clear. It's a crucial skill that people use in their daily lives without even realizing it, from calculating the number of paint gallons needed for a room to determining the fuel cost for a cross-country drive.
Key Insights
- Estimating is not an exact science and is not a guaranteed amount for a final project. It is an approximation or prediction based on the available information and experience.
- Everyday examples of estimating include calculations such as figuring out how many gallons of paint are needed to paint a room, or how much fuel would cost for a cross-country trip.
- All individuals possess estimating skills to some extent, often utilizing them unconsciously in various day-to-day tasks and decisions.
Note: These materials offer prospective students a preview of how our classes are structured. Students enrolled in this course will receive access to the full set of materials, including video lectures, project-based assignments, and instructor feedback.
So what is estimating? Estimating is an approximation, prediction, or projection of a quantity based on experience or information available at the time, with the recognition that other pertinent facts may be unclear or unknown. Technically, you could say that estimating is an educated guess—an approximation.
It’s not an exact science. The more complete the information is at the time of estimating, the more detailed and accurate the estimate will be. So what is not estimating? Estimating does not provide an exact, guaranteed amount for a final project.
We do not use quantities based on hunches about market prices, sales, or store closings. And most importantly, we never have total knowledge of a project before we begin the estimate. I promise, you will never be on a project where you know everything in advance.
To say it again, estimating is an approximation, prediction, or projection of a quantity based on experience and/or information available at the time, with the recognition that other pertinent facts may be unclear or unknown. So who estimates? All of us do. Here are some examples of everyday estimating:
How many gallons of paint are needed to cover your living room walls—or even the ceiling, for that matter? What are we looking at? Paint coverage per gallon, divided by the wall length times the wall height, multiplied by the number of coats. That’s exactly how we estimate—often without even realizing it. Part of the estimate is already provided on the label of the paint can, telling you how much coverage to expect per coat.
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Sometimes it’s 250 square feet per gallon, sometimes 400, depending on the type of paint and the surface condition. As an estimator, we need to figure out how many gallons it’s going to take to paint that room. How long would it take to fill up a pool with a garden hose? So what do we need in this case? We need to know the pool size in gallons, divided by the gallons per minute, then divided by 60, gives us the total hours.
Simple as that. You may not think it’s estimating, but you’re estimating. How much would the fuel cost if you drove cross-country? Total distance in miles times two for the round trip, divided by miles per gallon, multiplied by the average cost per gallon.
This is a type of estimating we all do. How do I squeeze the hours required for this class into my schedule? Now, you’ll have to figure that one out yourself. But all of us have estimating skills—even if we don’t realize it.
Our next video will review what skills are required to estimate effectively and become a professional estimator.
