What is the form of construction estimating in which a fixed price is given for the entire project called?

The form of construction estimating in which a fixed price is assigned for the entire project is known as the lump sum method. This approach is favored for its simplicity and predictability, as it provides both the contractor and the client with a specific budget for the whole project at the outset.

In the lump sum method, all costs associated with labor, materials, equipment, overhead, and profit are included in this fixed price. This means that once the contract is signed, the contractor is responsible for completing the project according to the terms and specifications laid out in the contract without the prospect of additional compensation unless the scope of work changes.

This method is particularly effective for projects where the scope is clearly defined, enabling the contractor to estimate the total cost with greater accuracy. It can provide peace of mind for the client, as they are aware of the total expenditure upfront, devoid of surprises that might arise from fluctuating costs during the construction process.

In contrast, other methods like the unit price method break costs down into per-unit prices for each part of the job, which can lead to variations in total cost depending on quantities used. The time and material method charges based on the actual time spent and materials used, typically resulting in less predictability. Lastly,