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SECTION VI SCHEDULE OF PRICES Total Revised Estimated price for supply of equipment/material, erection charges including testing and commissioning all equipments, supply and erection charges for Civil

How to fill out total revised estimated price

How to fill out total revised estimated price:

1. Gather all relevant cost information: Start by collecting all the necessary cost data related to the project or product for which you need to fill out the total revised estimated price. This can include expenses such as materials, labor, overhead, and any additional costs involved.
2. Analyze the previous estimates: Review any previous estimates or quotes that have been provided to you. Understand the scope of the project or product, and compare it to the actual costs incurred so far. This will help you identify any discrepancies or changes that need to be accounted for in the revised estimate.
3. Consider any changes or new information: Determine if there have been any changes in the project requirements, timeline, or other factors that may impact the total cost. Take into account any additional or reduced scope of work, updated material prices, or labor rate changes that may affect the estimate.
4. Review and adjust each cost component: Go through each individual cost component mentioned in the estimate and evaluate if any adjustments need to be made. Consider any price fluctuations, market conditions, or changes in the availability of resources that may affect the estimated costs. Make necessary changes to reflect the most accurate and up-to-date information.
5. Include contingency and profit margins: It is important to factor in contingencies and profit margins when filling out the total revised estimated price. Contingency costs allow for unexpected expenses that may arise during the project, while profit margins account for the desired profit on the work performed. Be sure to calculate and add reasonable contingency and profit margins to ensure the estimate remains realistic and commercially viable.
6. Validate the revised estimate: Once you have filled out the total revised estimated price, review the entire estimate to ensure accuracy and consistency. Double-check all calculations and ensure that all costs have been accounted for. Seek input and validation from relevant stakeholders or team members before finalizing the estimate.

Who needs total revised estimated price:

1. Project managers: Project managers require a total revised estimated price to assess the financial viability of a project. It helps them make informed decisions and allocate resources effectively.
2. Business owners: Business owners need a total revised estimated price to understand the costs involved in a project or product. This information helps them evaluate profitability, set pricing strategies, and make strategic business decisions.
3. Clients or customers: Clients or customers may require a total revised estimated price to understand the cost implications of a project or product. It helps them assess affordability, compare options, and make purchasing decisions.
4. Financial institutions: Financial institutions, such as banks or investors, may request a total revised estimated price to evaluate the financial feasibility of a project before providing funding or investment.

In conclusion, filling out the total revised estimated price involves collecting accurate cost information, analyzing previous estimates, considering changes, reviewing and adjusting each cost component, including contingencies and profit margins, and validating the estimate. The total revised estimated price is needed by project managers, business owners, clients or customers, and financial institutions to make informed decisions and assess financial viability.

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What is total revised estimated price?

Total revised estimated price is the final amount calculated after making adjustments to the original estimated price.

Who is required to file total revised estimated price?

Any entity or individual who originally submitted an estimated price and needs to make revisions is required to file total revised estimated price.

How to fill out total revised estimated price?

To fill out total revised estimated price, one must calculate the final amount after making any necessary adjustments to the original estimated price.

What is the purpose of total revised estimated price?

The purpose of total revised estimated price is to provide an accurate and up-to-date estimation of costs or values.

What information must be reported on total revised estimated price?

The total revised estimated price must include all adjustments made to the original estimated price and the final calculated amount.