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Duties Of Cost Estimators

Cost estimation is the art of assigning value. It is also a science making use of a wide range of techniques to predict the costs of activities and assets. There exist a wide range of methods, applications and names for estimates. It might seem like a forest full of definitions out there.

Cost estimation is part of the cost engineering profession. It is used to predict the quantity, cost and price of the resources required by the scope of a project. A project might be any process that is started to perform work activities and/or create assets. The accuracy of the estimate depends heavily on the level of project scope definition: as the design and conditions of the project become better defined, so do the estimated values...this and more at - Cost Management.

Job Duties for a Cost Estimator

Consult with clients, vendors, personnel in other departments or construction foremen to discuss and formulate estimates and resolve issues.

Confer with engineers, architects, owners, contractors and subcontractors on changes and adjustments to cost estimates.

Prepare estimates used by management for purposes such as planning, organizing, and scheduling work.

 Prepare estimates for use in selecting vendors or subcontractors.

Review material and labor requirements, to decide whether it is more cost-effective to produce or purchase components.

Prepare cost and expenditure statements and other necessary documentation at regular intervals for the duration of the project.

Read more - .planner.com

Cost estimators typically do the following:

Identify factors affecting costs, such as production time, materials, and labor

Read blueprints and technical documents in order to prepare estimates

Collaborate with engineers, architects, clients, and contractors

Calculate, analyze, and adjust estimates

Recommend ways to reduce costs

Work with sales teams to prepare estimates and bids for clients

Maintain records of estimated and actual costs

Accurately estimating the costs of construction and manufacturing projects is vital to the survival of businesses. Cost estimators provide managers with the information they need in order to submit competitive contract bids or price products appropriately.

In building construction, cost estimators use software to simulate the construction process and evaluate the costs of design choices. They often consult databases and their own records to compare the costs of similar projects...Read more -  collegegrad.com

Salary

Professionals in the field made on average from £47,800 to £52,200 in 2008, and from £48,200 to £52,700 in 2009, according to figures from jobs posted on CareerStructure.com.

Hours and environment

Overnight stays are rare, but you may well need to travel to meet clients on site. Protective clothing is normally compulsory for such visits.

Skills and interests

Estimating has the potential to be an exciting and well-paid career, and it involves a range of skills and interests.

Organisational and presentational skills are crucial, and estimators also have to be able to meet tight deadlines. Estimators also need an appreciation of data confidentiality, and to be aware of things like price trends, regulations and exchange rates.

Industry

“I think there will always be a need for talented individuals who are willing to be flexible, learn quickly and work on different types of jobs.”

Entry

Most people go into estimating work with some experience in the same industry as an administrator, technician or surveying assistant.

But you could also study for a BTEC HNC, HND or degree first. Structural engineering, civil engineering or construction are all relevant subjects, and these courses cover contract tendering, estimating and buying...to know more, go to - www.careerstructure.com.

Utilising commercial construction estimating services gives the contractor an excellent edge by making good estimates. Profit-generating estimates allow builders to do what they do best.