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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. Credible Cost Estimate Core Elements #1 Objectivity – The information used and those invovled in the creation of the construction cost estimate must be objective.

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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.

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Construction Cost Management = Transparency and Credibility

Job Order Contracting

Construction Cost Management = Transparency and Credibility. Is your construction cost estimate… Comprehensive? Well-documented? An estimate is no better than its basis. An estimate is a prediction and carries uncertainty. An estimate is a decision-making tool. FACTORS IMPACTING AN ESTIMATE.

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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.

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JOC Program Line-item Estimating

Job Order Contracting

Cost management involves different risks for all the parties involved, which highlights the need to manage risks properly. 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.

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Best Construction Cost Estimating Solution

Job Order Contracting

Here is a recommended list of considerations if you are seeking the best construction cost estimating solution for your organization. Collaborative environment – Even if there is only one estimator, it is critical to share current, actionable information with multiple internal and external parties. and Detailed BIM Information.

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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.