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Construction Estimating is an Essential Function of ALL Construction and Remodeling Companies.

Process of determining to price for projects and scopes of work that the company is asked to bid by its customers and prospects.

Develops the pricing for contracts and in turn helps establish the basis for construction contracts.

Used to link all disciplines/functions within the company together to focus the company on successfully completing the project.

Factors Affecting Cost Estimates of a Project

Preparation of a construction cost estimation contains many variable factors. Every variable has to be correctly estimated based on proper study, past experience and research to a calculate total project cost of construction.

There are many factors which affect the construction cost estimate and have significant impact on project cost and they are as following:

1) Similar Construction Projects: For the construction estimate, the best reference will be similar construction projects. The final cost of those similar projects. The final cost of those similar projects can give the idea for the new construction project cost calculation. The final cost of the past projects needs to be factored with current construction cost indices.

2) Construction Material Cost: Construction material cost consists of material cost, shipping charges, and taxes applicable if any. So, it is important to consider all these variations while calculating construction material costs.

3) Labor Wage Rates: Labor wages vary from place to place. So, the local wage rate should be considered in the calculation. If the project has to be started after several months of estimating the project cost, the probable variation in wage rates has to be considered in the calculation.

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