Which statement best distinguishes a tender from an estimate?
Correct answer: A. An estimate predicts cost, while a tender is an offer to execute work at stated terms
- A. An estimate predicts cost, while a tender is an offer to execute work at stated terms
- B. An estimate is a signed contract, while a tender is a completed final account
- C. An estimate records actual expenditure, while a tender measures completed quantities
- D. An estimate approves variations, while a tender certifies monthly payments
Explanation
An estimate is prepared to forecast or assess the probable cost of proposed work. A tender is a contractor's formal offer containing prices and conditions for carrying out that work.
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About Construction Management and Estimation
Construction management covers planning, scheduling, resource control, contracts, procurement, site organisation, safety, quality assurance and project documentation. Estimation includes quantity take-off, rate analysis, bill preparation, valuation and cost control, with attention to the difference between direct and indirect costs and between an estimate, a tender and a final account.
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