How You Can Win in the Projects’ Competitive Bidding Battlefield
Can you win the projects’ competitive bidding battlefield?! Check this post to learn the right strategies during the competitive bidding process that makes you emerge as the winner.
5 Important Considerations for Project Bidding
Project Bidding?! What does it take to successfully bid on or embark on a capital project, whether you are a contractor or an owner? Check this post for more details on project bidding considerations.
The Cost Estimating Process Explained in 5 Simple Steps
A project lives and dies by its budget, but how do you put together a budget that will bring the project to fruition? Well, developing the project budget originates from the Cost Estimating process. What is a “Cost Estimate” in project management and how do you develop a cost estimate? This video explains the Cost […]
Key Factors To Consider In Project Cost Estimate Reviews
Cost estimate reviews are necessary for any owner for design phase estimates to ensure there is no budget overrun later. Owners would like to confirm that their design goals are realistic, and they have adequate money in their estimate that will reflect the intended project scope. AACEI’s (Association for Advancement of Cost Engineering International)Recommended Practice […]
What is Contingency Reserve in a Cost Estimate?
Summary: Have you ever reviewed a Cost Estimate of a project? Have you ever wondered what “Contingency” is in a Cost Estimate? Do you know why a contingency reserve/ fund is allocated to a cost estimate? Cost contingency is a reserved fund that is added to a base cost estimate to account for cost uncertainty. […]
How to Succeed in Cost Estimating? An interview with Ramani Sundaram
How to succeed in Cost Estimating?! This is a question that can be best answered by a senior cost estimator. I conducted an interview with Ramani Sundaram, a senior cost estimator with 25+ years experience, to share his experience as a cost estimator and provide his insights on Cost Estimating. Before I go to the […]
How Cost Escalation is measured in a Cost Estimate?
According to Wikipedia.org, “Changes in the cost or price of specific goods or services in a given economy over a period of time is defined as “Cost Escalation” [1]. Very often, the common question from an owner to an estimator is “Is your estimate in current dollars or escalated dollars?” Any cost estimate is a […]
What Makes a Great Conceptual Cost Estimate? 7 Factors to Consider
Years back, my boss used to say “You will know whether your estimate is accurate or not, only after the project is finished”. This is so true. Estimating is not an exact science and by definition, the estimated number is only a predicted outcome. Conceptual estimates start with the feasibility or order of magnitude estimate […]