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Estimating and purchasing cost control - Essay Example
Engineering and Construction
Pages 10 (2510 words)
Estimating and Purchasing Cost Control By [Name of Student] [Name of Institution] 3320 Words [Date] Introduction The construction and engineering sector is among the many sectors to which cost estimation is rather vital. The work of cost estimation in the construction industry is often done by general contractors or subcontractors whose responsibilities include the preparation of perfect cost estimates for the bidding process in construction to win a given contract (Garold & Trost, 2001)…
In this approach, the design package is reviewed and fully comprehended followed by the performance of a quantity survey of the scope of the project in question. In case little or no design and plan information is available, the Order-of-Magnitude Estimates approach is highly recommended. However, it is imperative that the contractor ensures he/she has all the requisite information to ensure accurate estimation of the cost of a construction project. This paper explores the type of information useful in the estimation of the cost of redeveloping a storey building near a river and the implications of the absence of competition in the cost estimation and the bidding processes for the contract. Information for Construction Project Cost Estimation There are several factors on which the successful completion, accessibility and utilization of a construction project hinges. These factors include the level or quality of engineering work that goes into a project and the survival of the contracting business that accompanies a project. ...
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