How to Plan for Desired

Cost Estimate Outcome

High Quality Construction Cost Estimating

What is the Cost Estimate Desired Outcome?

What is the Cost Estimate Desired Outcome?

1.Has to be COMPLETE

What is the Cost Estimate Desired Outcome?

1.Has to be COMPLETE2.Has to be DETAILED

What is the Cost Estimate Desired Outcome?

1.Has to be COMPLETE2.Has to be DETAILED3.Has to be VALIDATED

CompleteMissing scope is probably the

major risk for cost estimating.How do we mitigate this risk?

CompleteMissing scope is probably the

major risk for cost estimating.How do we mitigate this risk? Cost estimate development

planning

CompleteMissing scope is probably the

major risk for cost estimating.How do we mitigate this risk? Cost estimate development

planning Allocate proper resources to

complete the cost estimate

CompleteMissing scope is probably the

major risk for cost estimating.How do we mitigate this risk? Cost estimate development

planning Allocate proper resources to

complete the cost estimate Collect all relevant project

information

CompleteMissing scope is probably the

major risk for cost estimating.How do we mitigate this risk? Cost estimate development

planning Allocate proper resources to

complete the cost estimate Collect all relevant project

information Develop and review the Work

Breakdown Structure before starting any cost estimating activities

CompleteMissing scope is probably the

major risk for cost estimating.How do we mitigate this risk? Cost estimate development

planning Allocate proper resources to

complete the cost estimate Collect all relevant project

information Develop and review the Work

Breakdown Structure before starting any cost estimating activities

Implement take-off and cost estimating procedures that minimize the risk of errors

Detailed

A detailed cost estimate should provide the proper level of detail

to:

Detailed

A detailed cost estimate should provide the proper level of detail

to:

Validate scope completeness

Detailed

A detailed cost estimate should provide the proper level of detail

to:

Validate scope completeness Allow for desired reporting

Detailed

A detailed cost estimate should provide the proper level of detail

to:

Validate scope completeness Allow for desired reporting

Accommodate the high and detailed level cost reviews

Detailed

A detailed cost estimate should provide the proper level of detail

to:

Validate scope completeness Allow for desired reporting

Accommodate the high and detailed level cost reviews

Allow for data feed to the preliminary construction schedule

Detailed

A detailed cost estimate should provide the proper level of detail

to:

Validate scope completeness Allow for desired reporting

Accommodate the high and detailed level cost reviews

Allow for data feed to the preliminary construction schedule

Allow for data validation

Validated

A cost estimate should never be approved without the ability to validate the data within the cost estimate.

How do we validate cost estimate data?

Validated

A cost estimate should never be approved without the ability to validate the data within the cost estimate.

How do we validate cost estimate data? By developing a proper price sourcing

strategy

Validated

A cost estimate should never be approved without the ability to validate the data within the cost estimate.

How do we validate cost estimate data? By developing a proper price sourcing

strategy By comparison against existing, in-house

similar project cost data

Validated

A cost estimate should never be approved without the ability to validate the data within the cost estimate.

How do we validate cost estimate data? By developing a proper price sourcing

strategy By comparison against existing, in-house

similar project cost data By using commercially available similar

projects cost data

Validated

A cost estimate should never be approved without the ability to validate the data within the cost estimate.

How do we validate cost estimate data? By developing a proper price sourcing

strategy By comparison against existing, in-house

similar project cost data By using commercially available similar

projects cost data By consulting with construction professionals

within the company

Validated

A cost estimate should never be approved without the ability to validate the data within the cost estimate.

How do we validate cost estimate data? By developing a proper price sourcing strategy By comparison against existing, in-house

similar project cost data By using commercially available similar

projects cost data By consulting with construction professionals

within the company If there is data within the cost estimate which

cannot be validated, it should be registered as risk and priced accordingly.

Interested to learn more?Visit us at:http://www.Emeraldgroup-learning.cahttp://LearnCostEstimating.com