Who is Cost Estimator?
A cost estimator collects and analyses data to estimate the requirement of time, money, material, and labour to provide a service in construction or Manufacturing. Cost estimators have to visit construction sites and factory assembly lines to gather information, but primarily, they work in offices. Estimators of construction costs make estimates of the cost of building projects. For instance, they determine the entire cost of constructing a bridge or commercial retail complex by determining the costs of all possible components. Manufacturing cost estimators calculate the costs of developing, producing or redesigning a company's goods or services.
Typical day at work
What does Cost Estimator do?
A cost estimator collects and analyses data to determine how much time, money, material, and labour will be required to deliver a service, manufacture a product, or construct a building. Estimators often specialise in a specific product or business. Electronics, automobiles, buildings, bridges, ships, aircraft, software systems, government programmes, and manufacturing facilities are some examples of items that can be evaluated or studied. Every new idea or programme requires an estimate of how much it will cost and an understanding of why it will cost 'x' amount. A cost estimator can also examine something currently priced to determine why it costs more or less than the original estimate.
- A Cost Estimator should be able to identify and quantify cost factors, such as labour expenses, production, and material.
- To be able to travel to job sites to gather information on materials needed, labour required, and other factors.
- To be able to read and understand blueprints and technical documents in order to prepare estimates.
- To be able to work with engineers, architects, clients, Sales teams, and contractors on estimation.
- To consult with industry experts to discuss estimates and resolve issues.
- To be well versed with computer software to calculate estimates.
- To be able to evaluate a product's cost-effectiveness or profitability.
- To suggest ways to make a product more cost-effective or profitable.
Abilities & aptitude needed
What are the skills, abilities & aptitude needed to become Cost Estimator?
A cost estimator's job includes meeting with clients, visiting job sites, collecting and analysing data, and estimating project costs, including personnel, production time, and supplies. To succeed as a cost estimator, one should have an in-depth understanding of building and mechanical processes, a keen eye for detail, and sophisticated mathematical abilities. A top-notch cost estimator can view the overall picture and estimate all expenses correctly. Estimators meet with clients to discuss the project's scope and scale. They go to job sites to collect data on materials, labour, and other variables. Engineers, contractors, and architects are among the people they work with. They also consult with specialists in the field to determine cost estimates. They identify and quantify all of the project's cost components. Cost estimates are calculated using computer software. Their objective is to give accurate estimates so that a project may be finished on schedule and budget. During all phases of the project, they prepare and provide cost reports to clients and review expense statements.
Which course I can pursue?
Which are the best colleges to attend to become Cost Estimator?
Loyola College, Chennai
Chennai, Tamil Nadu | University of Madras, ChennaiNIRF Rank : 6
Hans Raj College, Delhi
Delhi | Delhi University,UGCNIRF Rank : 9
St. Xavier`s College, Kolkata
Kolkata, West Bengal | UGCNIRF Rank : 10
Savitribai Phule Pune University, Pune
Pune, Maharashtra | Savitribai Phule Pune University, PuneNIRF Rank : 10
Madras Christian College, Chennai
Chennai | University of MadrasNIRF Rank : 13
PSG College of Arts and Science, Coimbatore
Coimbatore, Tamil Nadu | Bharathiar University, CoimbatoreNIRF Rank : 17
Kirori Mal College, Delhi
Delhi | University of DelhiNIRF Rank : 18
Punjabi University, Patiala
Patiala, Punjab | UGC, NAAC.AIUNIRF Rank : 18
Sri Venkateswara College, Delhi
Delhi | Delhi UniversityNIRF Rank : 19
Banasthali Vidyapith, Banasthali
Jaipur, Rajasthan | UGCNIRF Rank : 19
SVKM`s Narsee Monjee Institute of Management Studies, Mumbai
Mumbai, Maharashtra | ?AACSB?, ?AMBA?, ?UGC?, ?AIUNIRF Rank : 20
Siksha 'O' Anusandhan, Bhubaneswar
Bhuvaneshwar, Odisha | Biju Patnaik University of Technology,UGC,NAACNIRF Rank : 21
Symbiosis International University, Pune
Lavale, Maharashtra | Symbiosis International University, PuneNIRF Rank : 22
PSGR Krishnammal College for Women, Coimbatore
Coimbatore, Tamil Nadu | Bharathiar University, CoimbatoreNIRF Rank : 22
Rashtrasant Tukadoji Maharaj Nagpur University, Nagpur
Nagpur, Maharashtra | UGC,AIUNIRF Rank : 29
Scott Christian College, Nagercoil
Nagercoil, Tamil Nadu | Manonmaniam Sundaranar University, TirunelveliNIRF Rank : 30
Women`s Christian College, Chennai
Chennai | University of MadrasNIRF Rank : 32
Thiagarajar College, Madurai
Madurai, Tamil Nadu | Madurai Kamaraj University, MaduraiNIRF Rank : 34
Loyola Institute of Business Administration, Chennai
Chennai, Tamil Nadu |NIRF Rank : 36
Lovely Professional University
Delhi | University Grants Commission (UGC)NIRF Rank : 38
Shanmugha Arts Science Technology and Research Academy, Thanjavur
Thanjur, Tamil nadu | NAAC, UGC, NAAC-ANIRF Rank : 38
St. Joseph's College, Tiruchirappalli
Tiruchirappalli, Tamil Nadu | Bharathidasan University, TiruchirappalliNIRF Rank : 39
Maharishi Markandeshwar University, Mullana
Mullana, Haryana | Maharishi Markandeshwar University, MullanaNIRF Rank : 41
Alliance University, Bengaluru
Bengaluru | UCCNIRF Rank : 42
Motilal Nehru National Institute of Technology, Allahabad
Allahabad, Uttar Pradesh | Uttar Pradesh Technical University (UPTU)NIRF Rank : 42
Sri Padmavati Mahila Visvavidyalayam, Tirupathi
Tirupati, Andhra Pradesh | UGCNIRF Rank : 46
Vellore Institute of Technology, Vellore
Vellore | UGCNIRF Rank : 46
Sathyabama Institute of Science and Technology, Chennai
Chennai, Tamil Nadu | Sathyabama University, ChennaiNIRF Rank : 47
Amity University, Gautam Budh Nagar
NOIDA | UGC?, ?NAAC?, ?WASC?, ?AIU?, ?ACUNIRF Rank : 49
Bethune College, Kolkata
Kolkata | ?University of CalcuttaNIRF Rank : 50
Lovely Professional University, Phagwara
Phagwara, Punjab | UGC, AIU, PCI, NCTE, COA, ACBSP,NIRF Rank : 52
VELS Institute of Science Technology and Advanced Studies, Chennai
Chennai, Tamil Nadu | ?UGC NAACNIRF Rank : 52
Sri Krishna Arts and Science College, Coimbatore
Coimbatore, Tamil Nadu | Bharathiar University, CoimbatoreNIRF Rank : 53
Kurukshetra University, Kurukshetra
Thanesar, Haryana | UGCNIRF Rank : 53
St. Thomas College, Thrissur
Thrissur, Kerala | Affiliated to University of CalicutNIRF Rank : 54
Institute of Management and Entrepreneurship Development, Pune
pune | university of puneNIRF Rank : 55
Sam Higginbottom Institute of Agriculture, Technology and Sciences, Allahabad
Allahabad, Uttar Pradesh | UGC, ACU AIU IAU IAUANIRF Rank : 56
Sacred Heart College, Ernakulam
Thevara, Kochi | Mahatma Gandhi University, KottayamNIRF Rank : 57
Koneru Lakshmaiah Education Foundation University(K L College of Engineering), Vaddeswaram
Guntur, Andhra Pradesh | University Grants Commission, All India Council for Technical EducationNIRF Rank : 58
Stella Maris College for Women, Chennai
Chennai | University of MadrasNIRF Rank : 58
St. Joseph`s College of Commerce, Bengaluru
Bengaluru, Karnataka | Bangalore University, BangaloreNIRF Rank : 61
St. Teresa's College, Ernakulam
Ernakulam Kochi, Kerala | Mahatma Gandhi University, KottayamNIRF Rank : 64
Shoolini University of Biotechnology and Management Sciences, Solan
Solan, Himachal Pradesh | UGCNIRF Rank : 65
Silver Jubilee Degree College, Kurnool
Kurnool | Rayalaseema UniversityNIRF Rank : 66
NSHM Knowledge Campus, Kolkata
Kolkata, West Bengal | Maulana Abul Kalam Azad University of Technology, KolkataNIRF Rank : 68
Farook College, Kozhikode
Kozhikode, Kerala | CALICUT UNIVERSITY, CALICUTNIRF Rank : 71
SRM Institute of Science and Technology, Chennai
Kattankulathur, Tamil Nadu | SRM University, ChennaiNIRF Rank : 73
St. Xavier's College, Palayamkottai
Tirunelveli, Tamil Nadu | Manonmaniam Sundaranar University, TirunelveliNIRF Rank : 74
V. O. Chidambaram College, Tuticorin
Thoothukudi, Tamil Nadu | Manonmaniam Sundaranar University, TirunelveliNIRF Rank : 77
PEC University of Technology, Chandigarh
Chandigarh, Chandigarh | Panjab University, ChandigarhNIRF Rank : 78
Newman College, Idukki
Thodupuzha, Kerala | MG UniversityNIRF Rank : 78
Lady Doak College, Madurai
Madurai | MKU,MaduraiNIRF Rank : 79
TKM College of Arts and Science, Kollam
Kollam | KU, ThiruvananthapuramNIRF Rank : 80
Sri Venkateswara University, Tirupati
Tirupati, Andhra Pradesh | UGCNIRF Rank : 89
Hindustan Institute of Technology and Science, Chennai
Chennai | NAAC; UGCNIRF Rank : 95
IK Gujral Punjab Technical University, Kapurthala
jalandhar | UGC, AICTENIRF Rank : 96
Sri Meenakshi Government College for Women, Madurai
Madurai, Tamil Nadu | Madurai Kamaraj University, MaduraiNIRF Rank : 97
Muthurangam Govt. Arts College, Vellore
Vellore, Tamil Nadu | Thiruvalluvar University, VelloreNIRF Rank : 98
Kongu Engineering College, Perundurai
Erode, Tamil Nadu | Anna University, ChennaiNIRF Rank : 99
Ramanujan College, New Delhi
New Delhi, Delhi | University of Delhi, DelhiNIRF Rank : 100
Sona College of Technology, Salem
Salem, Tamil Nadu | Anna University, ChennaiNIRF Rank : 101
The Northcap University, Gurugram
Gurgaon, Haryana | BCI, NAAC, UGC, MHRD, AIUNIRF Rank : 117
YMCA University of Science and Technology, Faridabad
Faridabad, Haryana | UGCNIRF Rank : 144
PES University, Bengaluru
Bengaluru, Karnataka | AICTE, NAAC, UGCNIRF Rank : 149
Walchand College of Engineering, Sangli
Sangli, Maharashtra | Shivaji University, KolhapurNIRF Rank : 153
Dr Vishwanath Karad MIT World Peace University, Pune
Pune, Maharashtra | UGCNIRF Rank : 154
Narula Institute of Technology, Kolkata
Kolkata, West Bengal | Maulana Abul Kalam Azad University of Technology, KolkataNIRF Rank : 160
Manav Rachna International Institute of Research and Studies, Faridabad
Faridabad, Haryana | Manav Rachna International University, FaridabadNIRF Rank : 164
Which industries are open for Cost Estimator?
- Accountants and Auditors
- Budget Analysts
- Claims Adjusters, Appraisers, Examiners, and Investigators
- Construction Managers
- Financial Analysts
- Financial Managers
- Industrial Production Managers
- Operations Research Analysts
Ready to become Cost Estimator?
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Are there internships available for Cost Estimator?
Take this opportunity to work under a professional who exposes you to the industry. It will allow you to have practical learning about the field and give you the contacts for future reference. Someone with experience of 6 months or 1 year is also eligible for Cost Estimation.
What does the future look like for Cost Estimator?
Looking at the current market scenario, companies would want cost-effective products, and they would want to take all possible measures to curb the cost. Hence, there is an immense need for cost estimators to collect and analyse data. Their presence becomes mandatory as they greatly assist management in price determination/ bidding.
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