Final answer:
The dollar figure representing the cost of products that have not yet been chosen in a detailed estimate is called a contingency or allowance. Contingencies are included in the budget to cover unforeseen expenses or changes in design during a construction project. They ensure enough funding is available before the selection and purchase of specific products.
Step-by-step explanation:
The dollar figure representing the cost of products that have not yet been chosen in a detailed estimate is called a contingency or allowance.
Contingencies are amounts set aside in the budget to cover unforeseen expenses or changes in design during a construction project. These allowances are included to ensure that there is enough funding available to cover any unexpected costs that may arise before the selection and purchase of specific products.
For example, in the case of a home construction project, a contingency may be added to account for potential variations in the cost of lighting fixtures, floor coverings, and cabinetry.
This allows the project to proceed without delays or budget overruns when final product selections are made.