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To establish a Fair Cost Estimate, determining the quantities of applicable units is essential. This involves accurately assessing and quantifying the various components and resources that will be required for a project, such as materials, labor, and equipment. Without this foundational step, it is challenging to arrive at an accurate estimate, as it allows for a detailed breakdown of costs based on the specific needs of the project.

Accurate quantities are vital for calculating the total cost of a project, as they directly influence material costs, labor hours, and overall budgeting. This quantification helps in ensuring that all necessary resources are accounted for, ultimately leading to a more reliable and fair cost estimate. Establishing the right quantities from the outset enables project managers to avoid potential cost overruns and to effectively allocate resources throughout the project's lifecycle.