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SECTION SIX APPENDIX 6 6.1 Opinion of Probable Cost September 21, 2015, INTRODUCTION The information provided by the Architect is considered to be budgetary for estimating purposes, and a 10% design/phasing

How to fill out opinion of probable cost

How to fill out an opinion of probable cost:

1. Begin by gathering all the necessary information and documentation related to the project or work for which you are preparing the opinion of probable cost.
2. Identify the scope of the project and determine the specific items or activities that will be included in the cost estimation.
3. Break down the project into various components or work packages, if applicable, to ensure accurate estimation of costs.
4. Research and gather data on the prices and costs associated with the materials, labor, equipment, and any other resources required for the project.
5. Consider any indirect costs, such as permits, taxes, or overhead expenses, that need to be factored into the estimation.
6. Use appropriate estimation techniques, such as quantity takeoffs, unit cost analysis, or historical data analysis, to calculate the costs for each component or work package.
7. Summarize and organize the estimated costs for each component, including any contingency or markup allowances, if required.
8. Clearly document and explain any assumptions or limitations made during the estimation process.
9. Validate the accuracy and reasonableness of the estimation by reviewing it with other professionals or conducting internal reviews.
10. Finally, compile all the information into a comprehensive and well-organized opinion of probable cost document, including a cover page, table of contents, executive summary, and detailed cost breakdowns.

Who needs an opinion of probable cost?

1. Project owners or clients who want to have a clear understanding of the potential costs associated with a project before committing to it.
2. Contractors or subcontractors who need to prepare accurate bids or proposals for construction or service contracts.
3. Architects, engineers, or designers who require cost estimates to develop and design projects within budget constraints.
4. Financial institutions or stakeholders who need to assess the financial feasibility of a project and determine funding requirements.
5. Government agencies or regulatory bodies that require cost estimates for permitting or approval purposes.
6. Insurance companies or loss adjusters who need to evaluate the cost of repairs or replacements in the event of damage or loss to a property or asset.
7. Real estate developers or investors who want to assess the financial viability of a potential development project.
8. Non-profit organizations or grant-giving institutions that require cost estimates for budgeting or fundraising purposes.

In summary, an opinion of probable cost provides a detailed estimation of project costs, and it is beneficial for a wide range of stakeholders involved in various industries and sectors.

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What is opinion of probable cost?

The opinion of probable cost is an estimate of the total cost of a project, based on available information.

Who is required to file opinion of probable cost?

Contractors and construction companies are typically required to file an opinion of probable cost.

How to fill out opinion of probable cost?

The opinion of probable cost is filled out by gathering cost estimates for materials, labor, and other expenses related to the project.

What is the purpose of opinion of probable cost?

The purpose of the opinion of probable cost is to provide an accurate estimate of the total cost of a construction project.

What information must be reported on opinion of probable cost?

The opinion of probable cost must report on estimated costs for materials, labor, subcontractors, and overhead expenses.