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Rule of thumb for estimating contingencies

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Owners add contingency to a project to deal with the project overruns due to uncertainties. A large number of projects are finished with costs and schedule overruns. This is why, as a cost estimator on a capital project, it is very important to understand how to use contingency and how to evaluate it. To define it further, the contingency is added to a capital cost estimate to cover certain uncertainties and risks.
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Statistics - Range Rule of Thumb

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Statistics - Range Rule of Thumb - Tutorialspoint

House flipping is something every real estate investor has thought about trying at one point or another. In addition to picking the right property, one of the most important skills is to accurately estimate repair costs on the front end so you maximize profits on the back end. There is no perfect science to estimating repair costs. There are, however, some different rules and techniques you can use to ensure you get more accurate estimates.
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Range Rule of Thumb Calculator

Whether designing a building or developing software, successful projects require accurate cost estimates. Cost estimations forecast the resources and associated costs needed to execute a project, which helps ensure you achieve project objectives within the approved timeline and budget. Cost estimating is a well-developed discipline. By understanding the nuances of cost estimating and using standard estimation techniques, you can improve your forecasts.
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Sometimes a very rough high level engineering cost for a future project might be needed for budget approvals, initial planning, contracting strategy discussions, benchmarking of bid prices or negotiating with the engineering contractors. The rough cost could also be helpful to plan the manning level in the design office. The below tabulation shows typical indicative engineering costs for various projects with varying CAPEX values.
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