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Improving the Accuracy of Early Cost Estimates for Federal Construction Projects (1990) / Chapter Skim
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Appendix D: Current Procedures for Preparing Early Estimates
Pages 33-38

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From page 33...
... . Such estimates can be prepared very easily and quickly if an estimator has the appropriate historical data—and when an owner constructs a particular type of facility on a regular basis, historical cost data related to a function-of-use unit for that facility can be accumulated easily.
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From page 34...
... In prepanag areabased estimates, the estimator must be concerned with the accuracy of available unit cost data and have the necessary estimating skills to select the most appropriate rate for the building being estimated. Judgment is required because most cost data at this level includes little information on the characteristics of the buildings included in the historical data base.
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From page 35...
... 3 0 Mechanical .25 Electrical .10 Equipment Installations .15 General Conditions .10 Total Estimated Cost $600,000 450,000 200,000 300,000 200,000 $1,750,000 The type of cost data used with the factoring method is relatively inexpensive to collect and use, and the factoring method can produce reasonably accurate estimates provided a good data base is available. The factoring method does not, however, lend itself to the type of facilities ordinarily constructed by the federal agencies.
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From page 36...
... The concept is sound and produces reasonably accurate estimates provided the algorithms and statistical data used in connection with the parameters are accurate and extrapolations of the estimates in the data base are not excessive. APPENDIX D The major advantage of paramedic estimating is that it provides detailed cost breakdowns in either Uniformat or CSI format depending on how the prototype estimates in the data base are format~iquickly and at relatively low cost with only limited analysis of the facility to be constructed.
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From page 37...
... A number of users have enthusiastically endorsed the range estimating concept (see Curran 1988~. However, several federal agencies that used range estimating on a Dial basis encountered opposition from estimators on the grounds that He range estimating process as too time-consuming and from managers on the grounds that they did not want more complexity in the decision-making process (see consulting Committee on Cost Engineering, 1983~.
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Key Terms

  • csi format
  • range estimating
  • construction cost
  • square foot
  • factoring method

  • unit cost
  • building surface
  • consulting committee
  • probabilistic estimating
  • cost engineering

  • parametric estimating
  • estimates based
  • detailed estimates
  • estimated cost
  • unit costs

  • estimating purposes
  • detailed cost
  • building types
  • average unit
  • budget estimates

  • specification format
  • uniformat elements
  • uniformat approach
  • developing estimates
  • regular basis

  • building volume
  • historical cost
  • estimates provided
  • cost management
  • drawing estimates


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