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Construction Cost Estimating Factors

Job Order Contracting

Construction Cost Estimating Factors 2022 – Construction Cost Estimating Factors that determine validity, transparency, and level of cost management capability. An estimate is no better than its basis. An estimate is a prediction and carries uncertainty. An estimate is a decision-making tool.

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Valid Construction Cost Estimate Creation

Job Order Contracting

Valid construction cost estimate creation is the goal of every professional estimator. The reason is simple, an estimate, by nature, is an approximation. Using the final construction cost, for example, is just plain silly as there are far too many variables involved in the outcome. and oversight groups.

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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. applied to a outdated cost estimate will introduce significant error. Primary data sources should be used whenever possible.

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Collaboration and informed decision-making in the construction industry

Job Order Contracting

Improving construction cost estimating requires collaboration, transparency, and a robust process. Relying solely on contractor or subcontractor costs, especially lump sums without collaborating on a detailed Scope of Work (SOW), will not lead to verifiable construction costs. Check it out!

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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.

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Construction Cost Management Capabilities 2023

Job Order Contracting

Construction cost management capabilities are critical to the success of any repair, renovation, maintenance, or new build activity. That said 80%+ of all projects are late or overbudget largely due to an inadequately detailed and poorly communicated Scope of Work (SOW) and associated cost estimate. 2 Is the cost estimate objective? #3

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Collaborative Construction Cost Estimating 2021

Job Order Contracting

Collaborative construction cost estimating provides guidance to organizations seeking improved cost visibility and transparency for repair, renovation, maintains and new build projects as well as overall facilities and physical infrastructure management. Workflows, forms, sign offs, etc.