Estimating Sheets

 
 
 

Construction Estimating and Guessing

The task of estimating construction costs requires prudent judgment. Estimating project cost is a complex process of predicting the cost through quantitative analysis. The construction cost is estimated after detailed analysis of cost of labor and materials. This analysis differs from the preliminary estimate in construction bids which takes into account volume and area.

Issues with Cost Estimation: Estimating construction costs is critical to construction bids because it shows if the estimated cost is really the actual cost. Ideally, an estimate that is conceptually developed should be closer to the actual cost. When different parties prepare a detailed estimate, it is important that their estimates are reconciled before assessing them. The task of reconciliation needs to be done consistently from one phase of a project to the next.

It is important to focus on minor details while estimating construction costs, while the estimator needs to be aware of the larger picture. More specifically, the way materials are used in construction is critical to construction bids. It helps to relate to details including specifications especially the ones not drawn and documented in the actual construction process. Some of these include formwork, excavation, and false work among others. It helps to understand construction disciplines such as trenches and plenum spaces.

 

Construction Costs - Break down: Estimating construction costs is not a one-time affair but varies with the life cycle of construction bids and projects. The first item to take into account is the capital cost associated with the initial facility. It includes land acquisition, architectural or engineering design, planning and feasibility studies, tax or insurance while construction is on, field supervision, construction financing, inspection, testing, as well as furnishings and equipment.

In addition to the cost heads identified above, the maintenance and operation costs during the life cycle of a project needs to be taken into account in estimating construction costs. So, the construction bids must account for applicable land rent, if any, apart from other costs like utilities, financing costs, taxes and insurance, regular renovations, material and labor costs in repairs, maintenance, as well as operating staff.

Each of the cost components identified above depend on a number of factors including size, location, and the nature of the project.

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