Kapanlagi.com - For some people, estimation may already be a familiar term. However, for others, estimation may be a foreign word whose meaning is unknown. Yet, it is important to know the meaning of estimation. Because, the word estimation often appears and is used when compiling a proposal or planning a program.
The meaning of estimation is often equated with estimation, assessment, and opinion. One can imagine the importance of estimation in a program planning process. However, learning what estimation is will not be enough if it is limited to its narrow meaning. There are still many important things that need to be known about estimation.
Therefore, compiled from various sources, here is a comprehensive review of the meaning of estimation, its benefits, and other related information.
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To understand what estimation is, first we need to know the meaning and understanding of it. According to the Indonesian Dictionary (KBBI), the meaning of estimation is related to a project in practice. Furthermore, estimation is described as the process of calculating the costs needed to achieve previously planned goals.
In addition to the meaning of estimation from KBBI, we also need to understand the general understanding of estimation according to experts. Some experts refer to estimation as a quantitative measurement process or results that can be measured with numbers. This is in line with the practice of estimation in everyday life, which always uses clear numerical benchmarks, even though sometimes the results are not accurate.
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As mentioned earlier, estimation plays an important role in the planning or preparation of activity programs. The estimation process provides several benefits in the continuity of planned programs. Here are some benefits of the estimation process.
1) To help create a clearer, more organized, and measurable work schedule.
2) To help determine how long the project can be completed and estimate its cost.
3) To help determine the time phased budget and establish the project basis.
4) To assist and support in making good decisions.
5) To determine whether the project is worth working on.
6) To help measure the progress of the ongoing project.
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From the discussion about the meaning of estimation, we can understand that estimation is a planning that may not be accurate. In order for the estimation to run according to plan and be accurate, there are several factors that need to be considered. By focusing on these factors, the prepared estimation will be efficient and effective. Thus, the chances of the prepared estimation being accurate will be greater.
The following are some factors of estimation:
1) Responsibility is the most important influence on estimation.
2) Involving multiple people in the estimation process.
3) When preparing the estimation, still consider the conditions that may be encountered during field execution.
4) Availability of sufficient units and time to complete the work according to the estimation.
5) Independence (being neutral and impartial).
6) Adding risk value to the estimation with the aim of helping to avoid various problems.
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In the process of planning activities or projects, cost estimation cannot be separated. The meaning of cost estimation is closely related to the estimated cost required to carry out the work program.
The definition of cost estimation itself is an estimate of goods or services, programs, or projects measured based on available information. Cost estimation also includes funds that continue to grow and are used during the project or program. Cost estimation can also include financial planning and budgeting in procurement.
As an official document, cost estimation is prepared independently or not biased or influenced by various external factors that are not interested. Cost estimation will only consider several factors that have been explained previously to be accurate and appropriate.
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To better understand the meaning of cost estimation, examples or illustrations may be needed. For example, in a construction project, there are several important factors to consider in the estimation process, such as the construction process, availability of materials, and services. To clarify further, here is an explanation of these three important factors.
1) Construction Work Factors
Estimation includes the cost of building materials, operational costs of heavy equipment, and labor costs.
2) Goods Factors
Estimation includes comparing similar goods or the possibility of cost reduction when economies of scale occur.
3) Services Factors
Estimation can include professional labor and estimated wages based on the work performed.
Those are some explanations about the meaning of estimation along with its benefits and factors. Hopefully, it is useful and can increase knowledge!
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