Which method is considered the most accurate for estimating costs in construction?

The quantity survey method is regarded as the most accurate for estimating costs in construction because it involves a detailed breakdown of all elements required for a project. This method requires a thorough assessment of all materials, labor, and other resources necessary to complete the project. Estimators create a comprehensive bill of quantities that lists every component of the work, allowing for precise calculations based on current market rates and specific project conditions.

This meticulous approach helps to ensure that all potential costs are accounted for, reducing the risk of underestimating expenses. It also facilitates clearer communication with stakeholders regarding project scope and costs, as the details provided in the bill of quantities allow for better transparency and understanding of budget requirements.

While other methods, such as the unit cost method, rough order of magnitude, and expert judgment, may offer quicker estimates or be suitable for different contexts, they often lack the same level of detail and precision that the quantity survey method provides, making it the preferred choice for accuracy in cost estimation in construction projects.