How to select a right Professional Cost Estimator for a building construction project

It is common knowledge that Corporates involved in the construction industry to perform a cost estimation on a building they intend to build. They also have to make sure that the building is completed within the estimated time and budget. A Civil Engineer with the intention to sit for the PE Exam should be aware of the role of cost estimation in a construction project. A PE Review quickly brushes up various vital and important numerical problems that appear in the PE Civil Exam for successfully passing PE Exam.

Here are few steps on how a Cost Estimator is selected and how an estimation is arrived at for a building construction project.

Pick the Right Cost Estimator for the Project

There are many ways a Cost Estimator can be engaged to perform the building cost estimation. They could be contractual, an individual selected from among the construction team, or externally employed short term Estimator or project-specific estimator.

Clear Guidelines for Cost Estimation Fair Practices

Construction companies wishing to bid for a construction contract will make sure that Cost Estimator is well aware of all the common and fair practice traits of cost estimation. The cost estimation should be ethical with integrity, of sound judgment, right professional attitude, and accurate. A PE Review Course is a quick recap of various topics that NCEES has marked in its Professional Engineering Exam specifications as pertinent topics for an engineer to be aware of to become a Professional Practice Engineer. The topic cost estimating forms a part of the initial steps involved in Construction Project Plan. 

Cost Estimation Involves Multiple Levels

There are nearly 5 levels of Cost Estimation. At each level the Cost Estimator gathers the required historical, current and future data to draw up the cost estimation for the building. This ensures that project does not run into budget crisis for unpredicted production costs.  

Rudiments of Cost Estimate

The Cost Estimate is based on the following basic items such as Quantity Takeoffs, the expected number of labor hours, the expected labor rates for project completion, Cost of raw and other required relevant materials for the building, and equipment costs. In case, if the company is subcontracting a task in the project, then, it should also include quotes from the subcontractors for the relevant tasks. 

Advantage in Knowing about Emerging Trends

It is an added advantage to be well-versed in the emerging trends such as use of computers and specialized application for performing complex cost estimation on the building. A well-done cost estimation stands a higher chance of being accepted by the Organization placing a bid for the construction project. A Civil Engineer taking the PE Exam Review can take it up as an interest to become aware of current trends in the cost estimation procedures. 

Proper Units and Unit Prices

A Cost Estimator should make sure that proper units and unit prices are followed while performing the cost estimation of the construction project. A well-planned and structured estimate is capable of ensuring a successful project within budget.