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The importance of the accurate project costs estimations is unquestionable. Risks connected with undervalued projects might bring severe consequences for business financial stability. The careful step-by-step approach has to be applied to deliver an accurate estimate. Many factors might go wrong during the cost estimation process, and the responsibility of the bad estimates falls onto the contractor. Project cost estimate is the time consuming and demanding process, but if done properly it enhances the chances of winning the profitable tender. There is a risk that estimation can contain errors or omissions, that the works schedule will be wrongly assessed or that mistakes will come out during the construction process.
What to do to avoid mistakes in estimations?
Estimating starts with the proper understanding of building plans. Any estimator needs to know how to reads plans and specification. Moreover, drawings have to be prepared accurately by an architect.
Invest in estimating software - doing calculations by hand is out of date, inefficient and more time-consuming. IBB Estimator offers the quality.
Enhance transparency by adequate composition - the transparent structure of the estimation’s positions allows for quick checks and better understanding. Clearly and logically structured quotation is easy to follow. It gives the quick access to quote items and prices. The best solution for the adequate structure of cost estimation is to use the software options check IBB Estimator or to include cost position in a way you manage them on site.
It is practical to use the same sets of templates or drafts for all your projects and keep your data backed up so you can use it again and again as a basis for next projects. Moreover, it allows your workforce to follow the works schedule more efficiently if they are used to your documents. IBB Estimator provides you with the properly structured templates where you can select or deselect the features that will be visible/included in your final document. IBB Estimator keeps your data secure for next cost analysis, so you will not have to search for prices again and again. IBB Estimator allows you to input your data or choose positions already computed.
Estimating in Excel might be risky as it is easy to accidentally alter the formula, delete cells or make other errors. IBB Estimator contains ready-made options fully compatible with the prices on the market, or you can change them accordingly. The system allows you for checks, amendments or additions more securely. IBB Estimator can do all the estimating work for you, or you can be in the full control of the final document. You choose the extent to which you would like to improve, alter, add or delete positions in your estimate. Store your data so you can be sure that you will be able to deliver the project within the quoted amounts. The regularly updated database gives you the certainty that the prices are in line with materials costs and labour rates.
Always allow time and cost for the more complicated position of your estimation. Underestimation may lead to problems with financial liquidity and delays. Allow proper labour rates and workload to avoid losses. If work time extends beyond the estimated, it can affect other estimating positions and have an adverse impact on the project profitability.
Taking into account the digitalisation of the construction industry, BIM and collaborative working systems, computerised estimation is a must. If you are not working with IBB Estimator yet, it's the highest time to change it.