Which task is NOT performed in a Fair Cost Estimate?

The task that is not performed in a Fair Cost Estimate is the evaluation of subcontractor bids. A Fair Cost Estimate focuses on determining a reasonable and justifiable cost for a project based on various inputs such as plans and specifications, established unit prices, and the overall calculation of what a fair cost should be given the project requirements.

While reviewing plans and specifications helps ensure that all aspects of the project are considered, and establishing unit prices aids in determining the cost of materials and labor, calculating the fair cost estimate itself brings these components together to derive a comprehensive estimation of project costs. Evaluating subcontractor bids, however, typically occurs in the bidding or procurement phase after the Fair Cost Estimate has been established. This evaluation involves comparing the prices and qualifications of different subcontractors and is part of a different process focused on selecting the best contractor for the job rather than developing a fair cost estimate.