Construction Cost Estimating

Part 1: Understanding and Evaluating Construction Estimates - Understanding and evaluating construction estimates is for everyone who deals with buildings or construction. Construction projects are VERY expensive (most people spend 2050% of their income on their residence), and yet so few people have the skill to analyze the fairness and value of construction costs. Therefore, being able to understand, summarize and analyze construction costs is a very skill that can save or make lots of money. Construction cost estimating is a profession with specialized skills, training, education, and certifications; but it's not rocket science. And there is some math, so it's scary to a LOT of people. There are a lot of moving parts in a big construction cost estimate: designers, insurance, labor, materials, equipment, subcontractors... The list can go on and on.

Part 2: Budgeting and Estimating - The process begins with deciding on the level of detail and exactitude required. It continues with deciding on and organizing the elements that will be included in the estimate, so that the scope of work and methods of construction can be documented and easily referenced, summarized and understood. Application of prices to the scope and method of construction is next. Ultimately an estimator will format, coordinate peer review, finalize and publish the completed estimate. And often the estimator or another professional will summarize, analyze or compare budgets and estimates for the purpose of quality decision-making.

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