Construction Cost Estimating
Precision Estimating Services is a professional consultancy specializing in providing detailed construction cost estimates. We provide our clients, both public and private institutions throughout the continental United States, with expert, data-driven advice on their construction projects. Our approach is built upon the rigorous guidelines set forth by the American Association of Cost Engineers (AACE) to create objective, reliable, and defensible assessments of probable construction costs.
Our estimating process is forward-thinking and predictive in nature. Each construction cost estimate report is influenced by many factors, including current labor rates, material prices, site constraints, in addition to external factors such as macroeconomic trends and the current political landscape. We consider market volatility, commodity prices, and the current availability of labor for a given project location.
With the majority of our client base coming from the architectural / engineering community, we have significant experience providing comprehensive cost estimating services at each level of design development. Our Cost Managers are experts at developing detailed construction cost estimates from the early conceptual programming levels – where minimal detail is shown on plans – through the schematic design, design development, and fully detailed construction document levels of design.
We assess our Client’s needs on a project-by-project basis. As a result, each deliverable we submit varies in level of granularity. To meet the specific needs of our Clients, our construction cost estimate reports are specifically tailored to create a clear understanding of probable construction costs.
The Precision Way
Cost Methodology by Design
ROM estimates are based on high-level information and very little detail. Examples include the number of rooms in a hotel or – as in this example – the gross square footage of a planned residence.
Intended use of space, project size, location and level of finish are all that is required to complete a ROM estimate.
Used to establish a baseline construction budget and better analyze a project’s feasibility.
Despite the preliminary stage of design, we are able to create detailed construction cost estimates by employing various estimating methods, including our own extensive database of historic projects.
At the conceptual design stage, takeoffs become more detailed and include assembly-level quantification. In many cases, input from our takeoff and estimating staff at this early stage helps to inform future design and specification choices.
Architectural sketches and the primary type of construction (reinforced concrete, steel, metal or wood framing, etc.) have been defined at this stage of design.
Used to refine the scope of work and to establish a more detailed project budget.
By analyzing a project’s costs through its various construction assemblies, the cost impacts of different design choices can be easily analyzed and compared.
A design development estimate is able to examine individual project components in a greater detail. For example, a wall assembly now becomes paint, gypsum board, insulation, wood framing, sheathing and stucco.
Architectural plans are nearing completion and preliminary structural and MEP drawings have been provided. There are often multiple iterations of design development drawings and specifications.
Refine scope of work and create a detailed bill of materials.
Take-offs can be used as a measure of control to ensure that nothing gets left out as the project moves closer to being construction-ready.
The final stage of design and the most detailed level of estimate. All design elements are broken down into individual components. A wood framed wall now becomes a bottom plate, studs and double top plates.
Plans and specifications approved for construction are complete and a detailed finish schedule has been provided.
Create a comprehensive cost estimate that can be used for quality control of contractor bids and progress tracking.
An estimate at the construction document stage simplifies the analysis of competing contractor bids.