Schematic Estimates

Schematic estimates are preliminary cost estimates developed during the schematic design phase of a construction project. This phase is characterized by the development of conceptual drawings and a general idea of the project scope, size, and layout. 

Schematic estimates serve as a guide to the owner and project team to determine whether the project is financially feasible and can be completed within budget. These estimates are not intended to be final or comprehensive, but rather a starting point for further refinement and development. 

To develop a schematic estimate, the estimator uses historical cost data and industry benchmarks to determine the approximate cost of the project based on the conceptual drawings and the project scope. This estimate is typically presented in a range of costs rather than a specific dollar figure to account for the uncertainty inherent in the early stages of a project. 

Schematic estimates are a valuable tool in the construction industry because they enable owners and project teams to make informed decisions regarding the feasibility of a project. They can also be used to obtain financing or to secure approval from stakeholders. 

However, it is important to note that schematic estimates are not a guarantee of final project cost. As the project progresses through the design and construction phases, costs may fluctuate due to unforeseen circumstances or changes in project scope. 

In conclusion, schematic estimates are an important part of the construction process, providing a preliminary cost estimate that can guide decision-making and help ensure the financial feasibility of a project. By using historical cost data and industry benchmarks, estimators can develop a realistic estimate that provides a solid foundation for further refinement and development.