article thumbnail

12 Step Program for Creating Credible Construction Estimates

Job Order Contracting

The below 12 Step Program for Creating a Credible Construction Estimate is a valuable tool for any real propery owner or services provider. #1 1 Define estimate’s purpose ■ Who will use the estimate and how. Monte Carlo simulation) to develop a confidence interval around the point estimate. ■

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.

professionals

Sign Up for our Newsletter

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

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.

article thumbnail

Benefits of Local Market Cost Data to Create Estimates – 4BT

Job Order Contracting

This enables simplified data management and the ability to update estimates with various other databases as needed. #4 Our platform can manage multiple Programs, Contracts, Proposals, Estimates, Work Orders, Documents, Forms, Contractors/Subconstractors, Teams, Buildings, Graphics, Issues/Tasks, and even leverage BIM information.

article thumbnail

Preparing Independent Government Estimates – IGEs , IGCEs

Job Order Contracting

Preparing Independent Government Estimates – IGEs is fundamental to achieving best value outcomes. Most Independent Government Cost Estimates are Not Well Documented. The usefulness of an IGE to a contracting officer and other Government interest depends largely upon its supporting documentation. FAR 36.203.

article thumbnail

Pre-Bid Documents and Estimates Can’t Be Hidden Behind the Curtain in Disputed Delay Claims

Best Practices Construction Law

The contractor claimed that the City breached its contract by supplying incomplete and inaccurate contract documents, which allegedly caused delays and a two-year extension to the project completion. 12, 2021), the contractor filed suit to recover damages from the City on numerous combined waste water treatment projects.

article thumbnail

JOC Program Line-item Estimating

Job Order Contracting

NEVER accept a lump sum estimate for a workorder/project without a full detailed line-item estimate and review of line-times and quantities. Fully audit cost estimate and actual cost information. RSMeans Cost Data, This document is for construction cost reference information. Verify all aspects of the direct work (e.g.,