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What do estimation and costing mean?
Calculating or evaluating a quantity through estimation, i.e., without using precise measurements, is known as estimation. In civil engineering and other engineering disciplines, estimating is a fundamental process.
This is typically carried out in the planning stages before a purchase or construction starts. Estimating is typically more accurate, but there are some drawbacks. For example, if your estimate depends on labour costs, you'll need to know how many man-hours it will take to complete the project.
Estimates are created using observations and past experience. The level of detail at hand and the length of time that data are accessible for analysis both have an impact on how accurate an estimate is.
Costing is the process of calculating a project's estimated cost before it is started. It can be done with an itemised list or through estimation using a construction cost calculator.
Estimating, bidding, and finalising are the three steps that make up costing. It aids in the estimation of the project's funding needs.
A "costing" typically refers to how much it will cost someone to produce one unit of something, in this case most likely construction work.
There are two categories of costings: -
Independent costing is the cost of the direct labour and material costs. This type of costing is not indicative of the total cost of the project because it only accounts for the cost of a single phase.
Cumulative costing examines the overall cost of all work phases, but it can be challenging to guarantee that estimates are accurate.
Within the construction industry, quantity surveyors and estimators have specific roles to play.
A quantity surveyor may work for the client, the contractor, or a subcontractor, and their place of employment may be an office or the actual construction site. They get involved in a project right away, assisting with the creation of work budgets and cost estimates.
While the project is still being worked on, quantity surveyors are in charge of keeping an eye on any contract changes that might have an impact on costs and producing reports that show the project is profitable.
He or she will perform the duties of a project engineer in addition to those of a quantity surveyor. In this capacity, he or she will be in charge of overseeing the project, following construction protocols, coordinating all work schedules with the principal contractor, and corresponding with the project manager and the architectural coordinator.
He or she is in charge of overseeing and ensuring that the work is progressing within the confines of the project schedules in addition to independently managing the project and motivating and leading the team.
Quantity estimation and the development of BOQ and BBS documents in accordance with drawings
• Coordinating with the Design and Construction team.
• Examine the engineering drawings and specifications, confirm that the details of the drawings have been accurately translated to the ground, and confirm that all centering and reinforcement works have been finished.
• The actual measurement of quantities as well as the observation of productivity levels.
• Ensuring that the resources are available in a timely manner.
• Conducting a cost analysis for alterations and repairs that the customer performed that fell under the project's purview.
• Making financial arrangements and conducting a review of the completed work.
• Ensure that the structure is of a high calibre, that the work is completed in accordance with the drawings and the specifications, and that no rework is required.
• Analyzing data in-depth and creating thorough status reports
• Creating daily, weekly, and monthly reports and submitting them to management
A QS may perform a number of jobs within the construction industry. Below are a few that are related to the construction site.
estimation of material quantities A QS will measure the drawings and determine how much cement, sand, aggregate, steel, brick, block, tile, paint, etc. must be purchased.
Contracts for Procurement - The QS of a Client will publish Tenders/RFQs, hold negotiations, finalise contracts, publish work orders/agreements, and so forth. The Quantity Surveyor (QS) for the Contractor will estimate the quantities and conduct a rate analysis prior to submitting a tender.
Monthly bill checking entails the Quality Assurance representative of the client reviewing the monthly invoices submitted by the contractor and the Quality Assurance representative of the contractor preparing the monthly invoices based on the work that was completed on the job site.
Material reconciliation calls for the QS to create a Reconciliation statement based on the quantity of materials received, the quantity of materials used, the balance on site, and the amount of material that was wasted.
Reports will be created, including monthly Cost reports, Progress reports, Cashflow reports, and other types of reports as required by the QS.