Which method of estimating consists of listing all materials and labor needed for a project?

Prepare for the Contractors Business and Law Exam. Focus on essential topics with multiple choice questions, hints, and detailed explanations. Ace your exam with confidence!

The Detailed Survey Method is focused on thoroughly identifying and listing all the materials and labor requirements for a project. This method involves a comprehensive investigation into the specific needs of the project, allowing for precise estimation of costs. By detailing each element necessary for completion, including quantities and labor hours, estimators can prepare a highly accurate budget.

In contrast, the other methods each take a different approach to estimating. The Unit Cost Method aggregates costs based on predefined unit prices for particular tasks or items but may not account for every specific detail or variation in a unique project. The Square Foot Method provides an average cost based on square footage, which can simplify the process but lacks the specificity needed for detailed project planning. The Parametric Method uses statistical relationships to predict costs but again relies on broader metrics rather than detailed accounting.

Choosing the Detailed Survey Method allows for a granular view of project costs, making it the most suitable option when accuracy and detailed planning are required.

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