Construction estimating involves several different phases, each of which individually and mutually plays a major role in developing an accurate construction cost estimate. Here are the 6 Major Phases of Construction Estimating Services.
Construction estimating involves the accurate predictions of the total expenditures likely to happen for a particular project. It considers numerous factors like – labor costs, material costs, resource procurement costs, predicting potential cost changes during the project, design changes that might affect total costs, etc. Construction estimating services are a crucial aspect of successfully bidding, acquiring, and finishing a construction project contract. This will tell you why not to get a freelance quantity surveyor.
In this blog, we will discuss the various phases of construction estimating services, and understand their relevance and importance. Before we delve in, here is a brief introduction to our construction estimating services at The Estimating Group Ltd.
Introduction to The Estimating Group Ltd.
The Estimating Group Ltd. is a well known and credible construction estimating service provider. We extend our accurate estimating services to small and medium businesses across England, Wales, Northern Ireland, and Scotland. Find us with a uk database.
These services are powered by our proprietary estimating software that supports our professional and accurate estimating services. We are a team of experienced and qualified online estimators and quantity surveyor willing to provide you with the financial expertise necessary to succeed in the construction industry.
We are one of the good quantity surveying companies / quantitative surveyor that are better than any freelance quantity surveyor. We are a well reputed company who also conduct QS recruitment from time to time. You can trust our quantity surveying services. Visit us, if you are looking for a “surveyor near me” or quantity surveyors near me. FInd us with ukdatabase.
6 Phases of Construction Estimating Services
The preparation of a construction cost estimate involves 6 different phases – each of which has its significance and relevance. These are – Initial Cost Estimate, Area Cost Estimate, Detailed Cost Estimate, Revised Cost Estimate, Supplementary Cost Estimate, and Maintenance Cost Estimate.
- Initial Cost Estimate
This lays the foundation for the entire cost estimation process. The Initial Cost Estimate involves an approximate or budget cost estimate. Estimating services usually prepare the initial cost estimate based on reference estimates from other similar projects. They consider factors like the cost of land, electrification cost, water supply cost, etc. To put it simply, an estimator considers the approximate cost of each potential factor involved in the project and adds those up to prepare a reasonable initial cost estimate. This report plays an important role in getting the financial sanctioning of the project done by the relevant authorities.
- Area Cost Estimate
Area Cost Estimate gives an idea of the potential per-unit costs that would be involved in constructing the building of a particular area. There are two methods to achieve this – plinth area estimate and cube rate cost estimate. The latter is a more accurate method of estimation. The cube rate area of a building is obtained by multiplying the plinth area with the height of the building. Once obtained, it can be compared with another building of a similar area, and accurate cost estimating can be achieved.
- Detailed Cost Estimate
After the initial cost estimate is approved by the relevant authority, estimating services focus on creating a detailed cost estimate which involves several intricacies related to the minute factors of construction estimating. A detailed cost estimate factors in – the number of resources required, cost of each resource per unit, labor costs, labor efficiency, general specifications, building design specifications, layout plans, sectional views, detailed drawings, etc.
- Revised Cost Estimate
Estimating services prepare Revised Cost Estimates only when the detailed final cost estimate is exceeded by 5 or more percentage points. This may happen due to factors like inflation, reduced labor efficiency, an increase in material cost, weather delays, design changes, etc. However, it is advisable that an estimator consider all of these factors beforehand, and mark up their detailed estimate slightly.
- Supplementary Cost Estimate
More often than not, situations arise when additional work adds up due to client demand, during the project. In that case, construction estimating services prepare a report named ‘Supplementary Cost Estimate’. This details all the costs involved in the additional work. To get the amount sanctioned, estimators should include both the original detailed estimate and the cost estimation for the additional work. Knowledge of conquest estimating is great here.
- Maintenance Cost Estimate
The Maintenance Cost Estimate comes into relevance after the construction project is completed. However, it is an important aspect of construction estimating services, as any construction estimator will tell you. A Maintenance Cost Estimate considers the costs involved in factors responsible for the structural sustainability of constructed buildings – regular repairs, whitewashing, plasters, and other intermittent maintenance work.
These are the 6 different phases of any construction estimating service. All of these individually and mutually play a major role in the accurate cost estimating of a construction project.
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