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    The key ingredients for a sound cost estimate are accurate technical information, realistic take-offs for materials, labor, and costs, and a thorough review. Common sense, experience, and hard work in project scoping and planning are more important than the estimating technique used. Simple techniques are adequate for small projects, but detailed estimates prepared with effort are generally more accurate than quick estimates.

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    The key ingredients for a sound cost estimate are accurate technical information, realistic take-offs for materials, labor, and costs, and a thorough review. Common sense, experience, and hard work in project scoping and planning are more important than the estimating technique used. Simple techniques are adequate for small projects, but detailed estimates prepared with effort are generally more accurate than quick estimates.

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    8 views1 page

    2 - Drawings.: 3 - Specifications

    Uploaded by

    sivavalai
    The key ingredients for a sound cost estimate are accurate technical information, realistic take-offs for materials, labor, and costs, and a thorough review. Common sense, experience, and hard work in project scoping and planning are more important than the estimating technique used. Simple techniques are adequate for small projects, but detailed estimates prepared with effort are generally more accurate than quick estimates.

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    of 1

    108

    Chapter 10

    Accurate and complete technical information: 1. Process description and tlowsheets. 2 . Drawings. 3. Specifications. 4. Site information. Reasonablyaccuratetake-offs: 1. Materials. 2. Hours. 3. Labor rates. 4. Indirects. Realistic unit pricedwork hours. Thorough and systematic review of all items with potential cost impact. Realisticexecution pladschedule.
    of a sound estimating approach

    The main ingredients importance:


    - Hard work.
    -

    are. in order of

    Common senseand experience. Estimatingtechniqucsisystems.

    The common sense and hard work applied to thorough prqject scoping and good execution planning will determine the quality of the estimate regardless of the estimating technique used. They can only be provided by the estimators a n d o r project managers/engineers.Estimatingtechniques are. of course,important. especiallywhen they alsoprovide a database. However, they are no substitute for hard work and experience. As mentionedbefore. estimating techniques range fromvery simple to very sophisticated. There is a niche for cach technique. However. simple ones are normally quite adequate for small projects.
    0

    Sometimes it s e e m that accuracy has little to do with the effort and sophistication of the resources appliedto thepreparation ofestimates. Occasionally a 15 minutc, back-of-an-envelope estimateturns out to be more accurate than a detailed estimate prepared after weeks of engineering using complicated and expensive techniques. However. these are extreme cases,and a back-of-an-envelope estimate shouldnot be relied upon for appropriation nor for cost tracking orcontrol.

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