Remove Budget Remove Estimating Remove Procurement Remove Risk
article thumbnail

Credible Construction Estimate Core Elements

Job Order Contracting

A credible construction cost estimate is required prior to engaging in procurement. The follow elements are common to a credible construction cost estimate. Credible Cost Estimate Core Elements #1 Objectivity – The information used and those invovled in the creation of the construction cost estimate must be objective.

article thumbnail

Validity of a Construction Cost Estimate – Public Sector

Job Order Contracting

The validity of a construction cost estimate, the most important aspect, is often overlooked and resulting in billions of dollars was every year. A construction cost estimate must be independently validated. Key Principles There are key principles that should be adhered to when preparing a construction cost estimate.

professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

RELIABLE Construction Cost Estimating

Job Order Contracting

Reliable construction cost estimating is important to real property owners, facilities management professions, architects, and engineers. If a job is estimated correctly all parties should have a detailed understanding of the scope of work, costs, time, labor, and materials required.

article thumbnail

8 essential steps for effective project cost estimation and budgeting

Fieldwire

Estimating project costs correctly and managing the budget accordingly are just as vital. All subcontractors make project cost estimation and budgeting errors. Follow these eight essential steps to estimate project costs and budget funds effectively to prevent grave miscalculations.

article thumbnail

Tired of Late, Over-Budget, and Just Plain LOUSY Facilities Repair & Renovation Outcomes?

Job Order Contracting

If you are Tired of Late, Over-Budget, and Just Plain LOUSY Facilities Repair & Renovation Outcomes, then do these 3 steps! Ensure robust nontechnical risk management by developing long-term relationships with well defined roles, responsibilities, workflows, information requirements, and deliverables. I’d Like to Learn More.

Budgeting 178
article thumbnail

MasterFormat Construction Cost Estimating

Job Order Contracting

MasterFormat Construction Cost Estimating drives cost visibility, transparency, and best value outcomes. Uniformat level and/or assembly level, or building level cost data is useful for budgeting purposes only, and should not be used for bidding, procurement, and execution actual projects with builders, construction managers, etc.

article thumbnail

LEAN construction cost estimating

Job Order Contracting

LEAN Construction Cost Estimating Drives Optimal Performance. Eighty percent (80%) of all construction projects are late, over-budget, or incorrectly completed. Shared risk/reward. In some cases an independent owner estimate may even be a requirement. Early and ongoing participation. Common data environment.