What do costing and estimation mean?

Calculating or evaluating a quantity through estimation, that is, without using precise measurements, is what is referred to as estimation. In civil engineering and other engineering fields, estimating is a fundamental process.

 

This is typically done in the planning stages before a purchase or construction starts. Estimating is generally more accurate, but it has some drawbacks, such as the requirement to know how many man-hours will be required to complete the project if your estimate is based on labour costs.

Estimates are created based on observations and prior experience. The amount of information available and the length of time that data are accessible for analysis both have an impact on how accurate an estimate is.

Costing is the process of calculating a project's cost before it is finished. You can estimate it using a construction cost calculator or with an itemised list.

The three steps of costing are estimating, bidding, and finalising. It aids in estimating how much money will be needed to complete the project.

In general, a "costing" refers to the price that will be incurred to produce one unit of an item, in this case, most likely construction work.

Costings come in two varieties: -

Independent costing is the cost of the labour and raw materials directly involved. This kind of costing is not indicative of the total cost of the project because it only accounts for the cost of a single phase.

Cumulative costing examines the total cost for all work phases, but it can be challenging to guarantee that estimates are accurate.

Within the construction industry, quantity surveyors and estimators have specific roles and responsibilities.

A quantity surveyor may be employed by the client, the general contractor, or a subcontractor, and they may work out of an office or on the actual construction site. They get involved in a project right away, aiding in the creation of work budgets and cost estimates.

 

While the project is still being worked on, quantity surveyors are in charge of keeping an eye on any modifications to the contract that might have an impact on costs and of producing reports that show the project is profitable.

 

He or she will play the roles of Project Engineer in addition to Quantity Surveyor. In this capacity, he or she will oversee the project, follow construction protocols, coordinate all work schedules with the principal contractor, and interact with the project manager and architectural coordinator.

 

He or she is in charge of overseeing and ensuring that the work is progressing within the confines of the project schedules in addition to independently managing the project and inspiring the team.

 

Quantity estimation and the development of BOQ and BBS documents in line with the drawings

 

• coordinating with the group in charge of construction and design.

 

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

 

• Accurate measurement of quantities and monitoring of output levels.

 

• Ensuring that the resources are accessible in a timely manner.

 

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

 

• Making arrangements for payment and performing an evaluation of the completed work.

 

• Ensure that the work is completed in accordance with the drawings and specifications, that the structure is of a high calibre, and that no rework is required.

 

• Conducting thorough analyses of the findings and creating thorough status reports

 

• Creating regular reports on a daily, weekly, and monthly basis and submitting them to management

A QS may play a number of roles within the construction industry. Below are a few that are connected to the construction site.

estimation of the material quantities A QS will measure the drawings and determine how much cement, sand, aggregate, steel, brick, block, tile, paint, etc. needs to be purchased.
Contracts for Purchasing - The QS of a Client will publish Tenders/RFQs, host negotiations, conclude contracts, publish work orders/agreements, and so forth. The quantity surveyor (QS) for the contractor will estimate the quantities and conduct a rate analysis prior to submitting a tender.
When a contractor submits monthly invoices, the client's quality assurance representative reviews the invoices, and the contractor's quality assurance representative creates the monthly invoices based on the work that was completed on the job site.
The QS is required to prepare a Reconciliation statement for material reconciliation based on the quantity of materials received, the quantity of materials used, the remaining amount of materials on site, and the amount of material that was wasted.

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