Valid construction estimates are based on processes and procedures, however, most organizations rely upon dated, ineffective methods.
Cost and time estimates are imperative to the success of any construction project, both during construction and throughout the project life.
Whether a repair, renovation, maintenance, sustainability, or new build project, certain fundamental processes and information are REQUIRED to create a valid construction estimate. Here is an outline of those requirements:
#1. An experienced professional cost estimator that is involved throughout the project planning, procurement, and project delivery life cycle and relies upon current best management practices versus inefficient traditional methodology.
#2 Detailed line item estimating. Line-item estimating is the only method that provides a result that can be used for procuring a project of any size. Failure to adopt this method results in an associated lack of cost visibility, transparency, and management capability.
#3 Current, locally researched cost database inclusive of all required labor, material, and equipment. A national average cost database, area cost factoring, economic cost factoring, historical cost data, systems level estimating, and parametric estimating are insufficient when moving to the procurement stage.
Valid construction estimates are critical to efficient construction project management and best value outcomes.
via Four BT, LLC – www.4bt.us – Robust, integrated construction planning, procurement, and project delivery solutions.
