Construction Cost Estimating

Introduction

In this article, I  am going to tell you about construction cost estimating like what is construction cost estimating , types of this , projects and many more. So let’s start it step by step.

What is Construction Cost Estimating ?

Construction cost estimating is the process of forecasting the cost of building a physical design. Of course, builders and clients both worry about the financial impact of cost overruns and failing to complete a project. That’s why they devote time and effort to estimating how much a project will cost before deciding to move forward with it. Clients considering large projects often seek multiple cost estimates, including those prepared by contractors and those calculated by independent estimators.

It covers the project scope and  feasibility, project construction costs, and allocate these costs as well as project completion.

Cost Estimate Types

Various projects and operations have distinct types of cost estimating, which vary in their composition and preparation methods. Some of the major areas include:

• Construction cost (i) detailed construction estimate (ii) abstract construction estimate
• Manufacturing cost
• Total delivery cost
• Software development cost
• Aerospace mission cost
• Resource exploration cost
• Facility operation cost
• Facility maintenance and repair cost
• Facility rehabilitation and renewal cost
• Facility retirement cost

Cost Estimation Methods in Construction

There are 3 types of construction cost estimating.

• Estimating with unit rates. A unit-rate contains the average amount of resources you need to install one unit
• Resource-based estimating. When an MTO is available it makes sense to use unit-rates for your estimates
• Factor estimating

Estimate Cost of Construction Projects

Following points help you in project cost estimating.

• cost of similar projects
• Material costs
• Wage Rates
• Site Conditions
• Inflation Factor
• Bid Timing
• Project schedule
• Quality of plan & specifications
• Granting Agency
• Insurance Requirements
• Size of Project
• Value Engineering
• Judgement

Conclusion

In this article we have discussed about the construction cost estimating. we read about the projects of this cost estimating.