ABSTRACT
In the Code of Estimating Practice the Chartered Institute of Building defines estimating as ‘the technical process of predicting costs of construction’ and tendering as ‘a separate and subsequent commercial function based on the estimate’ (CIOB, 1997). At first sight the production of an estimate might appear to be a precise technical and analytical process. However, in reality it is often a subjective process based on knowledge and experience of the key participants.
