Stop Guesstimating: Tactics to Come Up with a Good Estimate

Construction projectWhen starting small to mid-size businesses that require a new construction project for the establishment, some of the most important professionals to hire are civil engineers. These professionals play many different roles in the overall completion of the construction work, with one of the most important being the establishment of civil estimate.

Estimation is no easy feat, and because of its complexity, it has resulted in many projects going way beyond their allotted budget. It takes in-depth knowledge, experience, and skills to come up with an estimate nearest the possible actual cost. Thanks to these tactics, combined with the use of reliable civil engineering estimating software, you can stop guesstimating.

Obtaining accurate data and reports

To achieve a better estimate, you have to go through the data you have. You also need to ensure, however, you have accurate data and reports. Make certain that employees’ time sheets, construction material data sheets, and other expenditures have full and complete reports on them. You need to enforce policies for each of these aspects to ensure that the final reports reflect the correct data.

On-going and post project phase accounting

Although estimation should begin even before the construction work starts, civil engineers have to continue analysing estimation-related data, because of the high possibility of changes during the project. These alterations may have something to do with the workforce, labour, materials, or last minute revisions in the design or layout of the building.

The same goes true after the completion of each of the phases of the project: you need to review and account for all the procedures and their related costs. Not only will this help keep your tables and reports up to date; it will also help prevent accounting mistakes.

The bottom line

Estimation needs not to be that extremely daunting and challenging. With the right tools in your arsenal, plus the implementation of the above-mentioned tactics, you can prevent mistakes due to guesstimating and come up with an estimate that will not go beyond 10 percent of the actual overall cost of the completed project.