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How do estimation and costing work?
Calculating or evaluating a quantity based solely on assumptions—that is, without using precise measurements—is the process of estimation. In the field of civil engineering, as well as other engineering disciplines, estimating is a fundamental process.
This is typically carried out in the early stages of planning, prior to the start of the purchase or construction process. Estimating is typically more accurate, but it has some drawbacks. For example, if your estimate depends on labour costs, you'll need to know how many man-hours it will take to finish the project.
Estimates are created using knowledge of past experience and observations. The level of detail available and the length of time that data are accessible for analysis are factors that frequently affect how accurate an estimate is.
Costing is the process of determining an unfinished project's cost. An itemised list or an estimation using a construction cost calculator can be used.
Estimating, bidding, and finalising are the three steps in the costing process. It assists in estimating the amount of funding needed to complete the project.
A "costing" is typically used to describe the price that will be incurred to produce one unit of something, in this case most likely construction work.
There are two categories of costs:
Independent costing refers to the price of raw materials and labour. This method of costing, which only considers the cost of a single phase, is not indicative of the project's total cost.
Cumulative Costing: It can be challenging to ensure that estimates are accurate when looking at the total cost for all work phases.
The construction industry has specific roles and responsibilities for quantity surveyors and estimators.
A quantity surveyor may work on the construction site or in an office for the client, the contractor, or a subcontractor. They get involved in a project right away by assisting in the creation of budgets and cost estimates for the work.
Quantity surveyors are in charge of keeping an eye on any contract changes that might have an impact on costs and creating reports that show the project's profitability while the work is still being done.
He or she will perform the duties of both a project engineer and a quantity surveyor. He or she will be in charge of managing 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 making sure 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 production of BOQ and BBS documents in accordance with drawings
• Working in concert with the Design and Construction team.
• Look over the engineering drawings and specifications, verify that the details have been accurately translated to the ground, and confirm that all centering and reinforcement work has been finished.
• The actual quantification of quantities and the tracking of productivity levels.
• Ensuring that the resources are available when needed.
• Conducting a cost analysis for alterations and repairs that the customer handled within the parameters of the project.
• Making financial arrangements and conducting an evaluation of the completed work.
• Ascertain the structure's high quality, that the work was completed in accordance with the drawings and specifications, and that no rework was required.
• Carrying out in-depth analyses of the outcomes and creating thorough status reports
• Making daily, weekly, and monthly reports and submitting them to management.
A QS may perform a number of tasks related to the construction industry. The following list includes a few that are related to the construction site.
Calculating the estimated material quantities A QS will calculate the required quantities of materials, such as cement, sand, aggregates, steel, bricks, blocks, tiles, paint, etc., based on the measurements of the drawings.
Contracts for Procurement The QS of a client will release tenders and RFQs, hold negotiations, finalise contracts, issue work orders and agreements, and so forth. The contractor's quantity surveyor (QS) will estimate the quantities and conduct a rate analysis in order to prepare a tender.
The client's quality assurance representative is responsible for reviewing the contractor's monthly invoices, and the contractor's quality assurance representative is responsible for creating the monthly invoices based on the work that was completed on the job site.
In order to reconcile materials, the QS must first prepare a reconciliation statement based on the quantity of materials received, the quantity of materials used, and the remaining amount on site. The QS must then determine the amount of material that was wasted.
Reports will be created, including cash flow reports, progress reports, monthly cost reports, and other types of reports as required by the QS.