Cost Estimator: A Profession to Give Security

Cost estimating is a well formulated prediction of the probable construction cost of a specific building project. In the designing phase of the project, cost estimation is an important management tool for providing information about the facility and the project budget. The conceptual cost estimate is becoming more important to owners, architects, and builders. It is a tool for determining required funding and to gauge the needs of a project.

Licensed professionals known as cost estimators prepare cost estimates. An estimator cannot be trained entirely in a classroom. The theory and science of estimating is important, but it takes experience with construction, as well as experience actually quantifying and costing work, to complete the training of an estimator. A person possessing the “art of estimating” has a good feel for the effort required to produce work, good construction experience, and knowledge of the theory and science of estimating. The less information available about a project, the more experience is required to do a cost estimate. An estimator would typically have an engineering or architectural background and be qualified by experience.

The knowledge of building technology is essential to be able to break down a building into components in a structured way and then price the different components with applicable unit rates to derive the total cost. For state or public funded projects (e.g., public libraries) there will most likely be owner-mandated limits placed on the A/E firm to design within a set budget. A professional construction cost planning and management firm will generally contract to perform a cost estimating function as a consultant throughout the various pre-design and design phases of the project. Frequently, larger architectural and engineering firms will have in-house cost estimating departments. Large construction firms may also have in-house cost estimators. Many planners chose to have two cost estimates as a check against each other, but if a single cost estimate is to be utilized, then the use of an independent cost estimator is highly recommended.