What type of estimate is prepared after a good understanding of the project's functional components?

The Project Comparison Method is a type of estimate that is typically prepared after gaining a comprehensive understanding of a project's functional components. This approach relies on comparing the current project with similar completed projects, assessing their costs, and making adjustments based on specific differences or similarities in scope, design, location, and market conditions.

By utilizing detailed knowledge of the project's components, such as design features, materials specified, and the scale of the project, estimators can more accurately predict the costs associated with the current project. The method emphasizes learning from existing projects, providing a grounded perspective on what similar projects have actually cost, which helps in formulating a realistic estimate.

In contrast, the other methods listed serve different purposes and are utilized in different contexts. The Cost Approach focuses on the cost to build a new structure, the Assembly Method involves breaking down the project into major components and estimating each separately, and the Income Approach is more relevant when assessing property values based on income generation potential rather than functional components. Each of these approaches has its own application, but they do not provide the same depth of insight into the functional aspects of a specific project as the Project Comparison Method does.