Cost Estimators
Cost estimators prepare cost estimates for product manufacturing, construction projects, or services to aid management in bidding on or determining the price of a product or service. They may specialize according to a particular service performed or type of product manufactured.
A cost estimator job description includes collecting and analysing data, to estimate how much time, money, material, and labour may be required to provide a service, manufacture a product, or construct a building. Cost estimators calculate how a product or service will be manufactured, constructed, managed and priced.
House building cost estimators work in non-residential building construction or for building equipment contractors. They don't directly counsel businesses on making investment decisions but analyse data to estimate the time, resources and labour required for construction projects.
For a perfect career in estimating and costing in civil engineering, one needs a bachelor’s degree in engineering, construction management, or similar fields with related work experience in accounting, finance, business or economics. Courses in engineering, physical sciences, mathematics or statistics are preferred and it is advisable to gain on-the-job training.
Estimator jobs require evaluating a product’s profitability or cost-effectiveness, meeting clients, engineers, architects, and contractors on estimates, reading technical documents or blueprints, using computer software to input data and calculate estimates, and recommending ways to make an existing product more cost-effective or profitable.
To be successful and eligible for a cost estimator salary in India, one should have in-depth knowledge of construction and mechanical processes, a good eye for detail, and advanced mathematical skills. A top-class cost estimator sees the big picture of a project and accurately estimates all costs.
Qualifications
Every career requires an element of study and academic qualification, and there can be several study routes and pathways you can take. In following any academic pathway you will study subjects that contribute to the specialised knowledge required to achieve your career goals. These qualifications provide a future employer with the evidence that you have the desired knowledge, understanding and experience of their industry, so it’s important to consider the various types of qualifications available to you and to understand how they can boost your career and create opportunities for you.
- B.E. Engineering
- B.Tech Construction Management
- BBA Accountancy
- B.Sc. Economics
Tasks
- Analyze blueprints and other documentation to prepare time, cost, materials, and labor estimates.
- Assess cost effectiveness of products, projects or services, tracking actual costs relative to bids as the project develops.
- Consult with clients, vendors, personnel in other departments, or construction foremen to discuss and formulate estimates and resolve issues.
- Confer with engineers, architects, owners, contractors, and subcontractors on changes and adjustments to cost estimates.
- Prepare estimates used by management for purposes such as planning, organizing, and scheduling work.
- Prepare estimates for use in selecting vendors or subcontractors.
- Review material and labor requirements to decide whether it is more cost-effective to produce or purchase components.
- Prepare cost and expenditure statements and other necessary documentation at regular intervals for the duration of the project.
- Prepare and maintain a directory of suppliers, contractors and subcontractors.
- Set up cost monitoring and reporting systems and procedures.
Progression Routes
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