The process of preparing a construction cost estimate requires pulling together a lot of information. In order to be complete, cost estimating is much more than simply the application of unit prices from historical or published cost data against quantity takeoff from a set of drawings. Rather, truly accurate estimating requires that the project is "built" through the estimate before the actual project is built in the field. The keys to pulling this off include a detailed scoping of the construction work and the use of cost data that is trustworthy and up to date. As such, an organized, measured approach to estimating is required that follows the trail of design information as it is developed and the updating of cost data as a project proceeds through the design and construction phases. Staying on top of this process helps keeps cash flow positive for those doing the estimating as well as the rest of the project team and building owner. Information gleaned from the estimates as they are performed also allows for quick shifting of resources if necessary to produce an end result that is on budget and on time.
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