What exactly are costing and estimation?

Calculating or assessing a quantity through estimation, i.e., without using precise measurements, is known as estimation. Civil engineering and other engineering disciplines depend on estimation as a fundamental process.

 

Usually, this is carried out in the early stages of planning or before the purchase or construction process starts. Estimating is typically more accurate, but it has some drawbacks. For example, if your estimate is based on labour costs, you'll need to know how many man-hours it will take to complete the project.

Observations and past experience are used to develop estimates. The level of detail available and the length of time that data are accessible for analysis both play a role in how accurate an estimate will be.

Predicting a project's cost before it is finished is the process of costing. A construction cost estimator or an itemised list can be used to complete the task.

Estimating, bidding, and finalising are the three stages of costing. It assists in estimating the project's financial requirements.

In most cases, "costing" refers to the price that will be incurred to produce one unit of a particular good or service, in this case, most likely construction work.

Costings come in two flavours: -

The cost of direct labour and material expenses is known as independent costing. This method of costing does not accurately reflect the cost of the entire project because it only accounts for the cost of a single phase.

Cumulative costing - although it can be challenging to guarantee that estimates are accurate, this method of costing examines the overall cost for all work phases.

The construction industry assigns quantity surveyors and estimators particular roles and responsibilities.

A quantity surveyor's employer could be the client, the contractor, or a subcontractor, and their workplace could be an office or the construction site itself. They get involved in a project from the beginning, assisting in the creation of work budgets and cost estimates.

 

In addition to producing reports that show the project's profitability while work is still being done, quantity surveyors are in charge of keeping an eye on any contract changes that could have an impact on costs.

 

He or she will also perform the duties of a project engineer in addition to quantity surveying. In this capacity, he or she will be accountable for overseeing the project, following construction protocols, coordinating all work schedules with the principal contractor, and corresponding with the project manager and the architectural coordinator.

 

He or she is accountable for overseeing and ensuring that the work is progressing within the bounds of the project schedules in addition to independently managing the project and inspiring and leading the team.

 

Quantity estimation, as well as the development of BOQ and BBS documents in accordance with drawings

 

• Assisting the design and construction team in coordination.

 

• Examine the engineering specifications and drawings, as well as make sure that all centering and reinforcement work has been finished and that the drawing's details have been accurately translated to the ground.

 

• The precise measurement of quantities as well as the observation of productivity levels.

 

• Ensuring that resources can be accessed quickly.

 

• Conducting a cost analysis for alterations and repairs that were made by the customer and fell under the project's purview.

 

• Making financial arrangements and conducting an evaluation of the work that has been completed.

 

• Ascertain the high quality of the structure, the accuracy of the work in relation to the plans and the specifications, and the absence of any rework.

 

• Analyzing outcomes in-depth and creating thorough status reports

 

• Creation of Daily, Weekly, and Monthly Reports and Submission of Said Reports to Management

A QS can perform a variety of tasks within the construction industry. The list below contains a few that are related to the construction site.

Calculating the materials' quantities The drawings will be measured by a QS, who will also determine how much cement, sand, steel, aggregate, brick, block, tile, paint, etc. must be purchased.
Contracts for Buying - The QS of a Client will publish Tenders and RFQs, hold negotiations, approve contracts, publish work orders and agreements, and perform other tasks as needed. The contractor's quantity surveyor (QS) will estimate the quantities and conduct a rate analysis in preparation for submitting a tender.
The client's Quality Assurance representative checks the contractor's monthly invoices that have been submitted, and the contractor's Quality Assurance representative creates the monthly invoices based on the work that has been finished on the job site.
To reconcile materials, the QS must first prepare a reconciliation statement based on the quantity of materials received, the quantity of materials used, the balance on site, and the amount of material that was left over.

Reports will be created, including monthly Cost reports, Progress Reports, Cashflow Reports, and other Report Types as Required by the QS.