EXECUTIVE SUMMARY
Context
The Estimating Process in Four Steps
The Estimating Process in Four Steps
This summary provides information on the stages of estimation in order to help estimators to be accurate and efficient.
Key Takeaways
When estimating, accuracy is the goal. The purpose of an estimate is to:
A standardized estimating sequence helps increase the estimator’s speed, accuracy, and consistency. Other benefits of an estimating sequence include increased confidence in one’s work, higher levels of departmental productivity, better organization, fewer estimating omissions, and greater confidence during bid summarization.
Estimate Preparation
The Takeoff
Extension & Review
Bid Summarization
Estimate Preparation
The Takeoff
Extension & Review
Bid Summarization
Estimate Preparation
The
Takeoff
Extension
& Review
Bid Summarization
Estimate Preparation
The Takeoff
Extension & Review
Bid Summarization
Estimate Preparation
The
Takeoff
Extension
& Review
Bid Summarization
Estimate Preparation
The Takeoff
Extension & Review
Bid Summarization
A contractor’s work is judged by these documents. The consequences of failing to understand contract requirements are significant.
Contractors must install the right specified products in the right manner. The key in specification review is looking for wiring and system requirements that must be addressed during the execution of the takeoff and included in the bid summary. If you have any question about the intent of specifications or drawings, you must seek clarification. A request for information (RFI) is the estimator’s way of defending his or her estimate and scope with the contract documents.
The extension and review phase occurs after estimators have quantified everything for the project. This typically takes 10% of the estimation time. Computerized estimating software gives estimators control over consolidated takeoff totals and enables them to analyze estimates in real time.
On the extension screen, estimators can review labor percentage totals, determine risks, make adjustments, and mitigate project risks.
A proper review of the extension includes accurate material pricing, labor units adjusted for project conditions, appropriate labor column selected, quoted items identified, and percentage breakdown by systems, labor categories, installation labor factors, and material categories. The proper setup is essential for correct breakdown options. It also enables estimators to analyze, review, and create multiple bid summaries.
Checking the takeoff has five steps.
ReliaGear’s modular equipment is designed for single-person installation. This reduces labor expenses.
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