Construction estimating refers to the process of predicting the costs involved in a construction project. It involves analyzing the various components of the project, such as labor, materials, equipment, and other expenses, and calculating the estimated costs of each component. The goal of such estimating is to provide accurate and reliable cost estimates that can be used for budgeting, financing, bidding, and project planning.
Construction estimating can be done at various stages of a project, from initial concept and design to final construction. The level of detail in the estimate will vary depending on the stage of the project, with more detailed estimates required for later stages.
Various methods included in construction estimating:
Quantity Takeoff:
This method involves measuring and quantifying the various components of a construction project, such as the number of materials and labor required. The quantities are then multiplied by unit prices to arrive at the estimated cost.
Cost Per Unit:
This method involves calculating the cost per unit of measure for various components of the project, such as the cost per square foot for flooring or the cost per linear foot for piping.
Parametric Estimating:
This method involves using statistical analysis to develop a relationship between a particular cost factor and other project characteristics, such as size or complexity. This relationship is then used to estimate the cost of the project.
Bottom-Up Estimating:
This method involves estimating the cost of each component of the project individually and then adding them up to arrive at the total cost.
5 technological tools that have impacted construction estimating:
Building Information Modeling (BIM):
BIM is a 3D modeling software that allows construction professionals to create detailed digital models of a building or structure. This technology has revolutionized construction estimating by enabling estimators to visualize the project in 3D and accurately estimate the material and labor costs.
Estimating software:
There are several software programs specifically designed for construction estimating, such as PlanSwift, ProEst, and On-Screen Takeoff. These software programs allow estimators to quickly and accurately calculate material quantities, labor costs, and other factors that impact the final project cost.
Cloud-based collaboration tools:
Cloud-based collaboration tools like Bluebeam, PlanGrid, and Procore enable team members to collaborate in real time, sharing information and updates on project costs, changes, and progress. This makes it easier for estimators to adjust their estimates quickly and accurately as the project evolves.
Drones and Laser Scanning:
Drones and laser scanning technology can be used to survey a construction site and create highly detailed 3D models, allowing estimators to accurately calculate quantities and costs.
Mobile Apps:
Mobile apps like Fieldwire and Bridgit allow estimators to access project plans, drawings, and specifications on their mobile devices, even when they’re on-site. This allows them to make real-time updates to their estimates and keep track of changes to the project.
5 Numerous Advantages of Construction Estimating:
Accurate budgeting:
Accurate construction estimating allow project managers and stakeholders to plan and budget for a project with greater accuracy. This can help prevent cost overruns and ensure that the project stays on budget.
Improved decision-making:
Accurate construction estimates provide valuable information that can help decision-makers make informed choices about the project, such as whether to proceed with the project, what materials to use, or which subcontractors to hire.
Competitive bidding:
Construction estimating is often used in the bidding process to compare bids from different contractors. An accurate estimate can help ensure that the winning bid is both competitive and realistic.
Cost control:
By providing an accurate estimate of the project’s costs, construction estimators help project managers and stakeholders control costs and manage the budget throughout the project’s lifecycle.
Risk management:
Construction estimates can identify potential risks and challenges that may arise during the project. This allows project managers to proactively plan for these risks and mitigate their impact on the project.
