subject: Cost Estimator: Estimating Construction And Manufacturing Costs [print this page] Have you ever encountered the word cost estimator? Perhaps you've already heard about it. You may even have several thoughts about it now. In this article, we'll take a closer look on what the term is really all about.
As in all businesses, there is a need for every company to know how much it will cost them to go into any venture. This will determine their capacity to deliver the job and more importantly, their capacity to deliver it properly. Furthermore, it also weighs the worth of the project, i. E. If it will yield maximum profit or otherwise. This calculation is called the cost of production.
In all the stages of construction and manufacturing, the cost of production is needed. It is presented in every proposal made to clients. With this production estimate, firms are able to market themselves properly with a lower charge paired with proof of the quality of their work. When in the process of building or producing, the figure is still needed for any possible adjustments that have to be made. Finally, when everything is done, a firm assesses the venture by comparing the real cost of production, its difference from the proposed estimate and the profit generated.
These individuals are well versed with qualitative measurements. When in the manufacturing world, they know their statistics very well. In construction, there are specific courses like Building Science, Construction Science and Management that train people to become effective estimators. There are also engineers and architects that have backgrounds in cost estimation.
It isn't difficult to land a job as an estimator. There is a big market out there especially since job-seekers usually go for operation oriented jobs, i. E. They veer away from the needed analytical work. This only means that with the ever existent need for construction and manufacturing, there are always job openings for a few individuals who are qualified to become estimators. What's so good about crunching numbers to estimate the production cost is that there is no need of any in-person show up in the operations floor or field. The figures are analyzed in the office and are released from there. Although highly specialized, it doesn't come with added stress.
The pay is, as in any other work, dependent on experience, the project and the firm. Cost estimators earn a decent income given the analytical and specialized nature of the work. True, it is a good job choice.
This are the reasons why a cost estimator is crucial to both the post and ongoing production of every project. They make sure that there are enough supplies within a given budget to finish a project. Without them, operations would be jeopardized.
