CONSTRUCTION COST ESTIMATING
Cost estimating is a well-formulated prediction of the probable construction cost of a specific building project. A cost estimate can be an important management tool to building planners during the design phases of a project providing information about the facility and the project budget. Staying within your budget is essential for the project to be successful. Our estimators know current industry costs and how to develop accurate estimates from the earliest conceptual estimates to detailed quantity-based construction estimates. Our estimating services start from the earliest possible point in a project in order to maximize the value of every dollar spent. Our estimating will: 1) review project scope, 2) create a definitive and realistic cost model, 3) develop design phase estimates to help control scope “creep,” 4) consider life cycle costs, and 5) monitor construction phase costs. This is the basis for complete cost control of the project.
All projects begin with an idea and end by filling a need. Most projects at conceptual design stage require changes to present an acceptable workable solution. The conceptual cost estimate is becoming more important to owners, architects, and builders. It is a tool for determining required funding and to gauge the needs of a project. This tool continues to be refined during the design stages of the project.
Types of Cost Estimate
Cost estimates fall into two groups: conceptual estimates and detailed estimates. Each can be broadly defined as follows:
Conceptual estimating or parametric estimating is the process of establishing a projects cost, often before any graphical representation of a facility has been developed.
The detailed construction estimate is the product of a process whereby the cost of a proposed construction project is predicted. The estimate is prepared by breaking down the items of work in an orderly and logical basis, determining the cost of each item from experience, and summarizing the total.