Level: Intermediate
TCM Section(s)
7.3. Cost Estimating and Budgeting
Venue: 2024 AACE International Conference & Expo
Abstract: This paper offers an overview of the typical process involved in reviewing a third-party cost estimate for transparency, estimating methodology, and subsequent validation of the projected cost. Drawing on industry best practices, the paper delves into the crucial stages of receiving, and critically assessing cost estimates, ensuring that they are transparently derived and align with project specifications. It examines strategies for deciphering complex estimation methodologies, clarifying assumptions, and addressing potential discrepancies. Additionally, the paper explores methods for validating the estimate through benchmarking, expert opinions, and comparative analysis, aiming to bolster confidence in the accuracy and reliability of the estimated cost. By providing this comprehensive framework, the paper serves as a valuable guide for construction professionals, project managers, and stakeholders, enabling them to navigate the intricacies of third-party cost estimation and make informed decisions based on robust and transparent cost projections.
TCM Section(s)
7.3. Cost Estimating and Budgeting
Venue: 2024 AACE International Conference & Expo
Abstract: This paper offers an overview of the typical process involved in reviewing a third-party cost estimate for transparency, estimating methodology, and subsequent validation of the projected cost. Drawing on industry best practices, the paper delves into the crucial stages of receiving, and critically assessing cost estimates, ensuring that they are transparently derived and align with project specifications. It examines strategies for deciphering complex estimation methodologies, clarifying assumptions, and addressing potential discrepancies. Additionally, the paper explores methods for validating the estimate through benchmarking, expert opinions, and comparative analysis, aiming to bolster confidence in the accuracy and reliability of the estimated cost. By providing this comprehensive framework, the paper serves as a valuable guide for construction professionals, project managers, and stakeholders, enabling them to navigate the intricacies of third-party cost estimation and make informed decisions based on robust and transparent cost projections.