Cost Estimators
Additional Information
Duties
Calculating costs is often done in this way:
- Determine the expenses that are influenced by the time, materials, and labor involved in the production process.
- Prepare estimates by studying blueprints and other technical materials.
- Engineers, architects, clients, and contractors may all benefit from working together.
- Analyze, calculate, and fine-tune predictions.
- Suggest ideas to save money.
- Prepare estimates and proposals for clients with the help of sales staff.
- Maintain a record of both anticipated and actual expenditures.
A company's existence depends on its ability to accurately estimate the costs of building and manufacturing projects. Managers rely on cost estimators to help them make competitive contract bids or price their goods correctly.
Estimators use production processes to estimate the amount of time, money, and labor required for a given project. Their estimations take into consideration a wide range of variables, such as material waste, poor weather, shipment delays, and other factors that might raise expenses and decrease earnings.
Building cost estimators utilize software to model the construction process and analyze the cost of design options in order to estimate costs. The cost of similar projects is frequently compared using databases and internal information.
Cost estimators can take a variety of forms.
Estimates for building, road, and other construction projects are prepared by construction cost estimators. They can figure out the whole cost of a bridge or a retail mall, or they can figure out the price of a single component, like the foundation. Their estimates may include expenses for raw materials and labor, as well as an estimate of when the project will be completed. Contractors and engineering organizations employ a significant number of construction workers.
Manufacturers use manufacturing cost estimators to estimate the cost of creating, producing, or revamping a company's products or services. An estimator employed by a home appliance manufacturer, for example, may assist managers in making choices concerning the assembly of a new dishwasher by determining its manufacturing costs.
Education
Bachelor's degree holders are often preferred by employers.
A bachelor's degree in a construction- or engineering-related subject is usually required of construction cost estimators. The majority of manufacturing cost estimators require a degree in business or finance.
Training
This on-the-job training may involve teaching in building information modeling (BIM), computer-aided design (CAD), or other industry specific tools, as well as the use of cost assessment methodologies and software.
A Related Occupation's Work Experience
A bachelor's degree isn't required for some building cost estimators, especially those without a bachelor's degree. Some building cost estimators are only qualified after a long period of expertise in the field.
Qualities that may matter
Critical thinking abilities. Construction and manufacturing processes need to be compared to determine which are the most cost-effective.
A stickler for the smallest of details. Minor adjustments can have an enormous impact on a project's or product's total cost.
Skills in math. For construction projects, cost estimators must have outstanding arithmetic abilities in order to estimate labor, material, and equipment costs.
The ability to manage your time. To reach their deadlines, cost estimators must be proactive and efficient.
The ability to write. Writing abilities are essential for cost estimators, who typically assist managers in making production choices by preparing detailed reports.
Pay
The median annual wage for cost estimators was $77,070 in May 2024. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $46,330, and the highest 10 percent earned more than $128,640.
Job Projections
Employment of cost estimators is projected to decline 4 percent from 2023 to 2033.