Which of the following is NOT one of the basic steps of estimating?

The correct answer is that budgeting is not considered one of the basic steps of estimating. When it comes to estimating in cost management, the basic steps typically include taking off, costing, and pricing.

Taking off refers to the process of measuring and quantifying materials and labor required for the project based on the drawings and specifications. This step is essential because it establishes the foundational data needed for the subsequent steps.

Costing involves determining the cost of the identified quantities from the taking off phase. This may include analyzing historical costs, labor rates, and material prices to generate an accurate cost estimate.

Pricing, on the other hand, focuses on determining the prices to be charged for the work or materials based on the costs calculated in the costing phase. It may also take into account market conditions, competition, and profit margins.

Budgeting, while related to the overall financial planning and control process for a project, occurs after the estimating phase. Budgeting involves allocating the total estimated costs into various categories and timelines for project management purposes. Therefore, it is not classified as one of the core steps in the estimating process.