Creating a Actionable Construction Cost Estimate

A verifiable, actionable construction cost estimate that can be easily communicated to and understood by all participants and stakeholders requires a detailed, locally-researched unit price cost database, organized using a standard data architecture (example: CSI Masterfomat).??

Requirements for preparing a verifiable and actionable construction cost estimate for repair, renovation, maintenance, sustainability, or new builds:

1. Detailed scope of work that is understood by all participants and stakeholders.
2. Appropriate documentation - plans, drawings, specifications.
3. A current, locally-researched unit price line-item cost database, complete with labor, material, equipment, and productivity information and organized using CSI Masterformat.
4. Most estimates are prepared from plans and specifications, collectively known as “the contract documents.” These documents should provide the contractor with the necessary information to bid on the project.
5. Mandatory early and ongoing collaboration of owners and design-builders.

Most construction projects are late, over-budget, or completed to the dissatisfaction of one or most participants. The fundamental cause is the lack of the application of robust LEAN and integrated planning, procurement, and project delivery processes.

Risk is ever-present, however, completing 90%+ of ALL projects on-time, on-budget, and to everyone's satisfaction can, and should be, the norm.

via www.4bt.us

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