ABSTRACT
Cost is one of the most critical project attributes that must be controlled by the project manager and superintendent. Construction costs are estimated to develop a budget within which the jobsite team must build the project. Cost estimating is the process of collecting, analyzing, and summarizing data in order to prepare an educated projection of the anticipated cost of a project. Project cost estimates may be prepared either by the project manager or by the estimating department of the construction firm. There are many good textbooks dedicated solely to the topic of estimating, including Construction Cost Estimating by Len Holm and Schaufelberger. The three major lessons to be learned in estimating is first to be organized. The second is to estimate, and estimate a lot. The third is to maintain and use historical databases of cost and productivity rates from previous projects.
