Final answer:
A component estimate, also known as a detailed estimate, involves calculating the costs of individual components of a complex structure like a house, by analyzing blueprints and using mathematical models to add up the individual costs.
Step-by-step explanation:
The kind of estimate described in the question is known as a component estimate or detailed estimate. This type of estimation breaks down a complex structure, such as a house, into individual components like walls, roof, windows, and doors. Each component's cost is then calculated separately.
For example, when constructing a house, the cost of the walls would be estimated by calculating the area (length times height) and subtracting the space taken up by windows or doors. Then, the cost per unit area of wall material can be multiplied by the wall area to get the total cost for the walls. Similarly, other components such as the roofing material, flooring, and fixtures are estimated based on their individual quantities and costs.
In practical terms, mathematical models can be created to estimate these costs. Key to this process are the blueprints which detail the size, type, and placement of each component. Using mathematical models, one can generate a rough estimate of the total cost by adding together the cost of all these components.
This method of estimation is especially important during the design and planning phases of a building project to predict costs effectively.