In what type of estimate are costs based on 100% completed plans and specifications?

The type of estimate where costs are based on 100% completed plans and specifications is known as a detailed estimate. This estimate is typically the most accurate type of cost estimation because it considers all project specifics, including materials, quantities, labor, and overhead costs, as indicated in the finalized construction documents. A detailed estimate allows project managers and stakeholders to develop a precise financial plan, ensuring that all elements of the project have been thoughtfully accounted for.

This thoroughness helps to avoid unforeseen expenses during construction, as it relies on the finalized set of drawings and specifications that define the scope of work in detail. As a result, the detailed estimate serves as a solid foundation for bidding and contractual agreements, ultimately aiding in effective project management and execution.