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. Henceforth, 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. There are many factors that influence construction cost estimate reports such as including current labor rates, material prices, and site constraints. Additionally, there are external factors such as macroeconomic trends and current political landscape that can influence the construction cost estimate report. We also 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 there is minimal detail 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 – in this example – the gross square footage of a residency.
All that is required to complete a ROM estimate is a project size, location, intended use of space, and level of finish.
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.
At the conceptual design stage, takeoffs become more detailed and include assembly-level quantification. In many cases, input from our estimating staff at this early stage helps to inform future design and specification choices.
At this stage of the design process, there are now architectural sketches and the primary type of construction (reinforced concrete, steel, metal or wood framing, etc.).
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. Also, there can often be multiple iterations of design development drawings and specifications.
Refine scope of work and create a detailed bill of materials.
As the project moves closer to being construction-ready, take-offs can be used as a measure of control to ensure nothing gets left out.
The final stage of design and the most detailed level of estimate. The report breaks down all the design elements into individual components. A wood framed wall now becomes a bottom plate, studs and double top plates.
In this stage of design, the plans and specifications approved for construction are complete. There is also a detailed finish schedule.
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.