Construction project estimating has always been a time-consuming task with tight deadlines and intense stress. To manage this process more effectively, most construction companies establish a database of estimating information that can be reused, repeated and repurposed for each new project.
This consolidated data is known as a master or reference estimate and is improved upon constantly thanks to feedback from on-site project teams. By using a master reference for your estimates, you can enjoy substantial time savings and improved pricing accuracy.
To reuse your estimating data efficiently, it is vital to have an accurate template from which to work. This requires that the original estimate, upon which all others will be built, is developed using first principles resource-based pricing. This methodology considers the cost of every component of an item on a bill of quantities (BOQ) and not just the completed item.
For example, when pricing a brick wall you cannot simply put a rate per metre squared on the estimate, you need to build up that rate per metre squared using bricks, sand, cement and labour. Producing your first estimate in this manner can be time-consuming but once completed will provide an accurate base from which to work going forward.
Repeating estimate data is also a useful trick to save time when pricing repetitive items. For example, when pricing an estimate with two identical blocks you can simply repeat the rates you used for the first block.
Repurposing estimate data is the process of using information from a similar project to accommodate a new item on another.
For example, you may have a four-to-six-metre bulk excavation on a previous estimate but your new estimate calls for a six-to-eight-metre bulk excavation. In this instance, the required resource will be the same but with lower productions.
To repurpose this data, you simply take the estimating information from the first bulk excavation and adjust the production to accommodate the second. In this way, you save considerable time while ensuring the accuracy of your estimate remains high.
Enjoy Effortless Estimating
Designed to streamline the estimating process by automatically consolidating your project data, dedicated construction software—like Candy from Futureworx—gives you the ability to reuse, repeat and repurpose this information when pricing new estimates: for greater time savings and guaranteed accuracy.
Written by: Marnus Janse Van Rensburg