The components of an estimate

- [Instructor] There are a few distinct components…of an estimate.…They are, the take off of the estimate is the process…of counting, measuring, or otherwise extracting data…from the contract documents…in order to quantify and cost it.…The take off is normally done…on a columnized take off sheet, like you see here.…The extension of the estimate…is the process of calculating the take off items…into meaningful financial data.…This is also done on the take off sheet.…

The recap, or recapitalization of an estimate…is a worksheet that adds all the financial calculations…or extensions together to derive a price.…Think of it as a summary of your work.…This is an example of a bid recap sheet.…Other worksheets or calculations may be used…for certain aspects of the project.…For instance, you may use one to calculate…the indirect costs of the project such as tools,…delivery costs, insurance, et cetera.…

You may refer to these worksheets…with whatever definition you like.…But in the end, they are essentially extensions,…and you can think of them that way.…