It is an art of finding the cost, which is likely to be incurred on the manufacture of an article, before it is actually manufactured. Thus, it is the calculation of a probable cost of an article before the manufacturing starts. It also includes predetermination of the quantity and quality of material, labour required etc.

In all organizations, before starting actual production or filling up the tenders, estimation is done. Therefore, accurate estimating is necessary to compete in the market and to be sure whether manufacture of a particular product will be profitable or not. Both over and under estimating are dangerous.

An independent estimate will provide a benchmark price, which can be used to price-check builder's quotes and material costs. It will help you check the affordability of your building project, and will allow you to set a budget which can be scrutinised down to the last nail and pipe clip.The role of a building estimator is to determine cost by interpreting the design in financial terms.