How can you validate an estimate to ensure reliability?

If you are in the process of developing an estimate, try to obtain the following information from your Client and/or Design team: 1. Program areas (by building / floor / function / etc.) 2. Massing and blocking diagrams 3. Floor plans / test-fit drawings / building elevations 4. Site plans 5. Design renderings 6. Basis of design (BOD) / Design Narratives 7. Overall master project schedule 8. As-built drawings 9. Procurement and pricing strategy There will be situations where you will be able to obtain some or most of the above, and there will be other instances, where you would hardly obtain a "back of the napkin" sketch, so be prepared!

Para validar uma estimativa e garantir sua confiabilidade, considere: Compara??o com Dados Históricos: Analise resultados anteriores semelhantes. Revis?o por Pares: Pe?a a colegas ou especialistas para revisar as estimativas. Feedback da Equipe: Consulte a equipe para insights valiosos. Análise de Sensibilidade: Avalie variáveis críticas e seu impacto. Valida??o Cruzada: Use técnicas de valida??o para modelos estatísticos. Benchmarking: Compare com padr?es da indústria. Simula??es e Modelagem: Teste em cenários hipotéticos. Feedback Contínuo: Ajuste as estimativas conforme necessário. Acompanhamento Atual vs. Realizado: Compare regularmente com os resultados reais. Documenta??o Adequada: Mantenha uma documenta??o completa do processo.

In any estimation process, assumptions serve as the foundation upon which the entire projection rests. I rigorously outline factors such as labor costs, material prices, and potential risks, ensuring transparency and accountability. For instance, in a recent construction project, specifying the assumed timeline for regulatory approvals was pivotal to the accuracy of the overall estimate. By defining the assumptions, I not only communicate potential uncertainties to stakeholders but also create a basis for ongoing evaluation and adjustment as the project unfolds. This proactive approach to assumption management ultimately bolsters the reliability of the estimate, contributing to more informed decision-making and successful project outcomes.

Clearly document all assumptions made during the estimation process. Validate these assumptions through discussions with relevant stakeholders and subject matter experts to ensure they align with the project's reality.

One thing I've found quite helpful is ensuring you've understood the client's brief and the scope well enough. Having the scope well covered without any gaps will give you confidence to rely on the estimate.

Before you send an estimate out the door, it never hurts to use historical per sq foot numbers to check if your numbers are out of line. Take into consideration type, duration, materials, and likeness then maybe add a few adjustment factors but you should be able to comfortably back into a number.

To ensure reliability in construction estimates, you can validate them by comparing against historical project data, consulting industry benchmarks, seeking input from experienced professionals, and reviewing detailed cost breakdowns. Additionally, incorporating contingency factors for unforeseen circumstances enhances the estimate's robustness. Regularly updating estimates with current market prices and refining them as the project progresses also contributes to reliability.

Historical data often useful at preliminary stage of estimate as too much reliance on historical data leads to inaccuracies in the estimation.Because estimation will have time value of the things. But it gives fair range of estimation.

Historical data can always give good benchmarks cross-checks such as productivity in respect to schedule estimates, cost data over areas in respect to the extent of quality deliveries required. However, the historical data may differs across different sectors of construction types such as data for high rises construction may differ with industrial or commercial buildings construction and so on as due to the different physical requirements & construction technologies required for those constructions. It is always good to update your construction data with ongoing projects data inputs and be aware to new technologies and market price fluctuations in order to stay at competitive edge for future project tendering

In summary, historical data serves as a foundational element for organizations, offering insights that contribute to strategic decision-making, risk management, and continuous improvement. It is a valuable asset that, when leveraged effectively, enhances overall organizational performance and resilience. Here are some key aspects of historical data: 1. Data Types: 2. Analysis and Trends: 3. Predictive Modeling: 4. Benchmarking: 5. Decision Support: 6. Risk Assessment: 7. Learning from Experience: 8. Financial Analysis: 9. Performance Evaluation: 10. Market Research: 11. Compliance and Reporting: 12. Quality Improvement: 13. Long-Term Planning:

Estimation task is always based on sound knowledge of material,accessories,labor,transportation,statutory levies,taxes,duration of project etc.Using relevant tools and excel files we can fine tune our estimations.

Use simulation tools to model different scenarios and assess their impact on project outcomes. Monte Carlo simulations, for example, can provide probabilistic estimates. When applying estimation techniques, it's important to consider the context, gather relevant data, and involve key stakeholders for their input. A combination of techniques may also be used to enhance the accuracy of estimates. Expert Judgment: Analogous Estimating: Parametric Estimating: Three-Point Estimating (PERT): Bottom-Up Estimating: Top-Down Estimating: Reserve Analysis: Delphi Method: Vendor Bid Analysis: Story Points (Agile Estimation): Machine Learning Estimation: Comparative Estimating:

Employ recognized estimation techniques such as parametric estimation, analogous estimation, or three-point estimation. Validate the chosen technique's appropriateness for your project and cross-check results with alternative methods to enhance accuracy.

Diversas técnicas de estima??o, como paramétricas, análogas, bottom-up, top-down e three-point, podem ser selecionadas com base na adequa??o ao contexto do projeto. A aplica??o dessas técnicas em diferentes fases do projeto permite uma compara??o sistemática dos resultados, verificando sua consistência e precis?o. Essa abordagem estratégica contribui para a robustez da estimativa ao alinhar métodos específicos com a complexidade e as características únicas do projeto em quest?o.

il faut aussi ajouter à la méthode d'estimation, la Méthode des quantités qui se fait encore de différente manière. Elle change en fonction du domaine par exemple: dans la construction d'un logement et la réalisation d'une route

The practice of checks ands balance is key to estimate verification. The process includes reconciling quantities and costs with the estimator's tallies, scope of work as enumerated in drawings, trade bid breakdown with bid leveling and descoping. Peer review is an often undervalued step that should be rote for any financial document. Peer review can be executed in a bid workshop, or by separate peer reviews. Many BIM platforms can be helpful in calculating quantities that can then be cross-checked with the estimator's take-offs. It's key to clearly enumerate budgets and allowances for unclarified scope in your estimates, as well as exclusions where they are applicable.

The review is by far the best way, the key is “ who “ is in the review. At the risk of saying the same wisdom others have already written, the review participants is a major point. I like to call it a “ Go no Go “ meeting. Each facet of the bid is presented and a short discussion takes place so that those in the review that are experts in that portion can ask the right questions, offer the right advice and therefore validate the estimate. This also serves to build your team’s trust and capabilities.

Thoroughly examining each component of the estimate, including labor, materials, and potential contingencies, allows me to identify any inconsistencies or oversights. Recently, in a complex construction project, a meticulous review revealed that certain specialized equipment costs were initially underestimated. By catching such discrepancies early in the process, I was able to revise the estimate and present a more accurate projection to stakeholders. Regular and thorough review not only strengthens the overall reliability of the estimate but also instills confidence in project stakeholders by demonstrating a commitment to precision and transparency in financial planning.

The principal purpose of an estimate review process is to present information about the project and estimate in a way that allow the reviewer. to review the estimate, we have to consider identifying completeness of estimate and make sure that there is no missing scope or in consistencies. confirm that the estimate assumptions and basis are appropriate. Assess the correctness of quantities at least for major items validate unit rates,and make certain the markups applied are adequate and resaonable.

I don't have the ability to review specific estimates or data as I don't have access to external information or databases. However, I can certainly help guide you on general principles for reviewing estimates: Data Accuracy: Assumption Validation: Consistency Check: Risk Assessment: Comparative Analysis: Review Methodology: Stakeholder Involvement: Documentation Review: Remember that a thorough review process is integral to ensuring the reliability and accuracy of estimates. Regularly revisit and update estimates as project conditions evolve or new information becomes available.

Evaluate the impact of potential changes in key variables on the estimate. This analysis helps identify which factors have the most significant influence on the estimate's reliability and allows for risk mitigation strategies to be implemented.

Validate your estimate by testing in the appropriate market place. As an example solicit a "budget" quote from an experienced general contractor locally active in the geographic area of the particular project you're interested in validating.

Engage project manager as early and as often as possible in every estimation project. Consulting practicing specialist will help to eliminate estimation error, provide more accurate estimates.

Engage stakeholders throughout the estimation process to gather feedback. Incorporate relevant input and ensure alignment with project goals. Seek formal approval from key stakeholders to confirm their agreement with the estimate.

Hire competent, trustworthy, experienced partners. Also, consider the current market versus upcoming trends to give future budgeting perspectives for your client team. Hopefully you’re utilizing experienced people with valued “perspective” on, not only where budgets are today, but where they’re headed. Budgeting without considering the future costs is shortsighted.

Validating project estimates for reliability involves certain steps. ? Analyze historical data from similar projects. ? Seek input from experts to validate your estimates. ? Engage an independent reviewers and adopt an iterative approach to continuously refine and update estimates as project progresses. Validation aims to enhance credibility of estimates rather than achieving perfect accuracy. In localities with high inflation rates and highly unstable economies, the validation of estimates becomes quite tough. Recently I encountered this situation when compiling rates for non-scheduled items in project. In such contexts, it is essential to acknowledge the inherent limitations and uncertainties in estimating and validating projections.

To enhance the reliability of an estimate, carefully scrutinize labor, materials, and overhead costs. Verify data sources and assumptions, seeking input from experienced team members or industry experts. Compare the estimate to historical data and project benchmarks, and refine it based on evolving information. This meticulous validation process ensures the accuracy and dependability of the cost estimate.

Having the control autopsy data to ascertain & verify existing condition and comparison with the collected data. Recording of changes and deviations. When you find an unregistered change, it is examined in Five more multivariate analysis (eg non-destructive methods, with tests, measurements, etc.). Then it's relevant to the issue a final assessment is made with reference to the data of the existing situation, the determination of the future required actions for a new configuration with steps of design, legislative and construction actions as well as a time frame for each stage highlighting potential risks & deviations. When the above are taken into account, the provision of assessment is considered valid

All math...comments are so far..woke drivel! Better to sound good than be good! Try working in the field 30 + years With no money, or credit, building Tools, scaffolding etc.