Importance of Estimating

 Estimating is a crucial aspect of any organization, particularly when it comes to manufacturing and bidding for tenders. It involves the process of predicting the cost and time required to complete a project or produce a product. Accurate estimation is necessary for any organization to compete in the market, maximize profits and minimize losses.

Overestimating or underestimating can both be harmful to the organization. Overestimating can lead to an increase in costs, making tenders unattractive to potential customers, while underestimating can lead to heavy losses for the organization. Therefore, it is important that the staff responsible for estimation is well-qualified, experienced, and trained in this profession.

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In the case of a company planning to manufacture lathe-chucks, for example, accurate estimation is crucial. The company might find that the market price for lathe-chucks is approximately 150 dollars. However, the estimated price for the manufacture may be more than this value. If this is the case, the company may send the drawings back to the design function to find an alternate design that can reduce the price. If reduction of price is not possible, the idea of manufacturing the chucks would be dropped to avoid losses.

Estimation is particularly important in the manufacturing industry. Before starting actual production, manufacturers must estimate the cost of raw materials, labor, machinery, and other resources required to produce a product. Accurate estimation helps manufacturers to plan and allocate resources effectively, resulting in timely and cost-effective production. Moreover, it helps manufacturers to set prices that are competitive, attractive to customers, and profitable for the organization.

Estimation is also important in the tendering process. Before bidding for a project, organizations must estimate the cost and time required to complete the project. Accurate estimation can help organizations to bid for tenders with confidence, knowing that they can deliver the project within the estimated cost and time. Overestimating can lead to a loss of the tender to competitors, while underestimating can result in heavy losses to the organization.

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To ensure accurate estimation, organizations must have a well-structured estimating process. The process should involve thorough market research, including analysis of market trends, prices of raw materials, and the cost of labor. In addition, the process should involve a detailed analysis of the project requirements, including technical specifications, project duration, and required resources. A well-structured estimating process helps organizations to identify and manage risks, avoid costly mistakes, and maximize profits.

In conclusion, accurate estimation is crucial to the success of any organization. It helps manufacturers to plan and allocate resources effectively, set competitive prices, and maximize profits. It also helps organizations to bid for tenders with confidence, knowing that they can deliver the project within the estimated cost and time. Accurate estimation is essential for organizations to remain competitive in the market, avoid losses, and maximize profits.