Savvy owners and design builders know how review construction cost estimates. The process is collaborative and involves cost estimators, facilities management, and procurement professionals.
Construction cost estimate review checklist:
[ ] The estimate assumptions and basis are appropriate.
[ ] The scope of work is sufficiently detailed to reflect the physical and functional requirements of the owner/client.
[ ] The estimate fully reflects the detailed scope of work (SOW) for the project on a line item basis using locally researched line item labor, material, and equipment costs and anticipated productivity.
[ ] Line items used and quantities are correct.
[ ] Unit rates are correct, and applied markups are appropriate, compliant with applicable regulations, and reasonable.
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A professional review of Construction Cost Estimates assures actionable information, as well as, technical and cost visibility.
