Cost Estimator

Overview

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.

Courses

Which course I can pursue?