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Thursday, May 29, 2014

Common Cost Estimation Practice Traits

There are various issues that must be considered to avoid construction risks and some of the common cost estimation practice traits that must be followed in order to enhance the entire process are given below-

Consistency- Methods that are consistent with the industry standard classification systems such as the UniFormatT or CSI MasterFormatT systems as well as in logical order should be employed. The methods that meet the specific requirements of the client should be used. Employing consistent methods helps different estimators to complete various parts of the quantity survey and can also be continued later by another cost estimator. Through consistency cost fluctuation throughout the different project stages can be easily identified. This survey helps in creating the final account summary.

Documentation- Documentation is a crucial part of cost estimation practice. Documentation of all the segments of estimation should be done in a consistent, logical, precise and legible manner. If any specific detail is found to be vague, estimators should review the original estimate for reference. Clarity in documentation enhances its importance to the reader and turns out to be of great help in matters like settlements of claims, change order preparation and review of past estimates.

Verification- For easy and accurate verification, the quantity survey must be carried in a logical and methodical form which works as proof of the accuracy of any portion of the survey.

Evaluation- Evaluation of the bids must be done whenever the estimate involves use of bids from subcontractors. This helps in the scope and responsiveness to the project. Past performance records of the subcontractors submitting bids must be over viewed in this context as this would aid in determining the level of competence as well as the standard of performance.

Published By
Arka Roy

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