Construction Cost Estimating - The Estimating Process

[@ConstructIQ]

Free estimating course: courses.construct-iq.com/courses/costestimatingandmanagement

[@TheFamousMockingbird]

Estimating is a brutal job. My old man did it for 35 years or so and when he was explaining the scope of the bid he won for a Harrahs casino in New Orleans I finally understood why he literally flew home Friday after work and flew back Sunday for four years just so get on project done, not till I was older could I imagine the stress of working that long on a billion dollar bid and all the things required. Meticulous

[@bman6198]

​@Thomas B It requires you to understand both the engineering and financial side of a project's life cycle. 99% of people cant handle the mental load of facilitating 10's of millions of dollars.

[@daveneedham4443]

A construction design estimator not only calculates design costs, he/she looks into those design details, to head off design problems before the problems get to the construction phase.

[@ClassicIndians]

👍🏻👍🏻

[@ConstructIQ]

Thanks, I've done some newer (better) videos if you are interested

[@Anya-vf5tv]

thank you engr!

[@ConstructIQ]

You are welcome!

[@Anya-vf5tv]

keep sharing knowledge

[@ConstructIQ]

Thank you, I will

[@AceCPAsBookkeeping]

TLDR: Construction cost estimating involves breaking down the work, identifying deliverables, and quantifying costs for labor, materials, and subcontract in order to submit an accurate estimate to the client and avoid financial losses. 00:00 🏗 Learn construction cost estimating from an experienced project engineer with practical skills and practice activities. 00:53 🏗 Construction cost estimating process involves determining direct and indirect costs, summarizing the estimate, and applying a markup for profit. 02:22 🏗 Develop work breakdown structure, quantify costs for labor, materials, and subcontract, determine indirect costs, apply markup, and submit estimate to client. 04:00 🏗 Plan and estimate costs for construction projects by breaking down the work, identifying deliverables, doing quantity takeoff, establishing delivery methodology, and focusing on procurement and project schedule. 05:39 🏗 Estimating construction costs involves identifying scope, considering delivery methodology, estimating indirect costs, and identifying risks and opportunities to determine contingency funds needed. 06:41 🏗 Create a project organization chart to determine necessary resources, quantify insurances and securities, and review and translate the estimate for client submission. 07:33 💰 Ensure accurate cost estimation to avoid financial losses and maintain cash flow positivity by strategically filling out the pricing schedule and spreading indirect costs across direct costs. 09:01 💡 Use purpose-built estimating software like Candy for structured cost estimates, but Microsoft Excel works for simpler projects, just be cautious of potential mistakes.

[@gentlestrokes2139]

Hello, I'm not an engineer but Iam pretty good with math. I am trying to make an estimation for a small project in my yard. I would like to know Where do you find the rate and the manpower cost for your country??

[@ConstructIQ]

Hi, ChatGPT is actually a really good resource for this. For example, you can ask, "what is a typical per hour rate for a carpenter in australia?" or "how many m3 of dirt can a 6 tonne excavator move in one shift?"" That is the easiest way if you are just doing a small project like that. You can also ask experts in your industry, for example if it is a landscaping project, you could reach out to somebody you know who is a landscaper

[@gentlestrokes2139]

Thanks, I didnt think about it...@@ConstructIQ

[@hungle5776]

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[@ConstructIQ]

Get access to a free cost estimating spreadsheet: courses.construct-iq.com/pages/project-cost-estimating-spreadsheet

[@user-kf5sp5oe3w]

| ~ APPROXIMATE SHARP

[@kathygarcia8976]

dumb question but how good does one have to be in math to do this?

[@supreme7057]

We use programs that calculate everything. You don't truly need to know advanced math, but knowing how to convert units might be helpful on the job site.

[@pranayakhadka3507]

Well this is related to cost accounting

[@karinabourne3465]

I’m from the generation that can’t do maths without calculators. Fake it till you make it and I won my first project

[@bman6198]

Depends on what level you're at. Subcontractor estimators dig into the smaller details which result in you doing more math and calculations. General contracting is more about facilitating bids, qualifying your subs, coordinating with the operations team, etc. But really, you should have great math skills regardless because as a GC you'll also be factoring in fixed costs incurred from your firm to do the job.

[@karinabourne3465]

@@bman6198 my maths is bad is there still any hope for an average mathematical

[@oananh9835]

the background music is too loud.

[@marv8461]

your video is very lengthy and wordy

[@timothyfairley7503]

Yeh. This is an older one. I’ve got some newer shorter ones kzbin.infoDaB03mNMe0Q?si=3wO1jl2dXOZ_cskg

[@sunyquynh6157]

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[@tiepthikinhdoanh2tiepthiki467]

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[@lannguyen-ww5jr]

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[@stephaniebrigitte2480]

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