Estimating
Estimating Overview
Our Estimating team has years of experience in the construction field. We start estimating a project with a structured, multi-step process combining technical analysis, historical data, and risk management to forecast project costs and resources. We start by thoroughly defining the scope in a Bill of Quantities to break down work packages into detailed material, labor, and overhead costs. We then apply unit prices based on current market rates and add contingency allowances for risks.
Process Elements
- Defining Scope & Requirements: Conducting a detailed analysis of project specifications, drawings, and plans to understand the project deliverables.
- Estimating Methods: Using bottom-up (detailed) for detailed design, based on the project’s maturity.
- Resource Analysis: Calculating labor hours, material costs, equipment usage, and vendor quotations.
- Risk & Contingency: Factoring in unforeseen expenses, market volatility, and potential delays.
- Review & Validation: Ensuring accuracy through expert feedback and benchmarking against historical data or past project records.
Bill of Quantities
Involves systematically quantifying all materials, labor, and equipment needed for a project based on drawings and specifications. We break down the project into detailed work items—such as steel cutting, welding, finishing, assembling and cleaning—assigning specific units of measurement to each component/part to create a precise, standardized list. We then apply current unit rates—encompassing material costs, labor, plant, overheads, and profit—to calculate the total cost per item, providing a transparent basis for competitive tendering and final project budgeting.
Key steps in this process include:
- Take-off: Measuring exact quantities from technical drawings, ensuring accuracy.
- Item Description: Writing detailed descriptions for each item, referencing specifications to ensure clear understanding of the work required.
- Rate Analysis: Calculating unit rates by assessing material costs, labor hours, and equipment needs.
- Summary & Review: Compiling the items into a structured document and verifying totals for accuracy.
