How do you balance accuracy and speed when preparing an estimate for a tight deadline?

Firstly check that yo have all relevant documentation from the client, prepare the documentation to send to contractors and suppliers quickly so that you get their response back quickly. While estimating the project any elements that are unsure check with client so accurate information is provided so accurate costs can be provided. Once you receive back subcontractors and suppliers costs make sure they’re no ambiguities in their costs, make sure other members of the project are kept informed before providing the finished estimate. The main issue is your own time management must be good.

In my experience, knowing the scope is one of the most crucial components of starting an estimate. All applicable project documents need to thoroughly checked. Missing one item that was stated in the plans or specifications could have a significant impact on your estimate - sometimes as much as tens of thousands of dollars.

Understand Project Requirements: Quickly gather and thoroughly understand the project's scope to avoid missing critical elements. Prioritize Key Components: Focus on the major cost drivers first, such as materials, labor, and key subcontractor services.

Historical Data: Leverage data from previous similar projects for a quick and accurate baseline. Vendor Quotes: Utilize pre-existing relationships with suppliers and contractors to get fast, reliable quotes.

Parametric Estimating: Use parametric estimating techniques for rapid calculations based on project parameters. Analogous Estimating: Compare with similar past projects to quickly generate a ballpark figure.

Estimation Software: Utilize specialized software tools that streamline the estimation process and improve accuracy. Spreadsheet Templates: Develop and maintain detailed spreadsheet templates for different types of repairs to speed up calculations.

Have a quick review session with a colleague or supervisor to catch any potential errors. Start with a rough estimate and refine it as more detailed information becomes available.

Tight deadlines and urgency are part of being an estimator. The key is in Pareto's Principle, which suggests that 80% of the impact comes from 20% of the effort. As an estimator, focus on the critical items that significantly affect the project's cost and timeline—these are your "A" priorities. Spend the most time on these high-impact areas, such as major materials, labor costs, and critical subcontractor quotes, as they will drive the overall estimate’s accuracy. The key to success is putting a plan together early (and follow it), with a focus on items that will move the needle. By prioritizing high-impact areas and addressing them, you balance accuracy and speed, ensuring a reliable estimate even under tight deadlines.

This article makes it sound like every case is best case scenario. It does not take into account phase of design (Conceptual, SD’s, DD’s, CD’s). Depending on the phase of the design you might be very limited on information and have to rely on historical data and experience to fill the gaps. There may also be requirements by the owner for method and formatting of the estimate that may be different than traditional methods. This article is educational but it is devoid of real world applications and situations. It sounds more like something that you might be read in a text book in construction management course.