Construction management/Estimating costs in construction

Estimating costs is a branch of both engineering and accounting, and is undertaken by project engineers, project owners, and their prospective contractors. Through estimates we determine the probable cost of any project before undertaking construction. The person who prepares estimates is called a quantity surveyor, estimator or evaluator. Through estimates we can forecast costs and make any necessary changes before commencement of construction in order to maintain viability. Also we can forecast the time required for the completion of the project.