Cost Estimator
Cost Estimator
Code: 2B5 Division: Construction & Property Division Department: Construction Management Reports To: Construction Project Manager Related Roles: Construction Scheduler, Procurement Specialist, Financial Analyst
Role Summary
The Cost Estimator is responsible for forecasting the costs of construction projects and managing the budgeting process. This role evaluates materials, labor, and equipment expenses to develop accurate cost estimates that align with project requirements and organizational goals. The Cost Estimator works closely with procurement and finance teams to control costs, identify potential savings, and ensure that projects remain within budget.
Key Responsibilities
Task Group 1: Cost Estimation
Prepare detailed cost estimates for materials, labor, equipment, and overhead based on project specifications.
Analyze blueprints, project plans, and technical documents to identify all cost components.
Use estimation software and historical data to improve the accuracy of cost forecasts.
Task Group 2: Budget Management
Develop and manage project budgets, ensuring alignment with financial goals and constraints.
Track project expenditures and identify variances from the approved budget.
Recommend adjustments to budgets based on changes in project scope or market conditions.
Task Group 3: Collaboration and Reporting
Coordinate with procurement teams to obtain up-to-date pricing for materials and equipment.
Collaborate with Construction Project Managers and Finance teams to provide financial insights and updates.
Prepare and present detailed cost reports and recommendations to stakeholders.
Skills and Qualifications
Required Skills
Proficiency in cost estimation tools and software (e.g., RSMeans, PlanSwift, or similar).
Strong analytical skills to assess and forecast project costs accurately.
Excellent communication skills for collaborating with cross-functional teams and presenting financial reports.
Preferred Skills
Familiarity with procurement processes and construction supply chains.
Experience with cost control and value engineering techniques.
Qualifications
Bachelor’s degree in Construction Management, Civil Engineering, or a related field (or equivalent experience).
Minimum of 3 years of experience in construction cost estimation or budget management.
Certification in cost estimation (e.g., AACE Certified Cost Professional) is a plus.
Performance Metrics
Accuracy of initial cost estimates compared to actual project costs.
Percentage of projects completed within budget.
Stakeholder satisfaction with cost reporting and insights.
Key Activities
Review and analyze project plans and specifications to prepare accurate cost breakdowns.
Research and maintain up-to-date pricing for materials, labor, and equipment.
Monitor financial performance throughout the project lifecycle and recommend cost-saving measures.
Tools and Resources
Cost estimation software (e.g., RSMeans, PlanSwift).
Financial tracking tools for monitoring expenditures and budget adherence.
Data visualization tools for creating clear and actionable cost reports.
Advancement Path
Promotion to Senior Cost Estimator or Project Cost Manager.
Opportunities to transition into roles such as Financial Analyst or Procurement Manager.
Work Environment
Primarily office-based, with occasional site visits to assess project needs.
Regular collaboration with project managers, procurement teams, and finance departments.
Involvement in high-pressure decision-making to address budget challenges.
Supplemental Roles
Estimation Assistant – 2B5-S1
Summary: The Estimation Assistant supports the Cost Estimator in preparing cost estimates and tracking project budgets. This entry-level role provides hands-on experience in construction finance and cost management.
Key Tasks:
Assist in gathering data on material, labor, and equipment costs.
Input cost data into estimation software and generate preliminary cost breakdowns.
Monitor project expenditures and flag discrepancies for review.
Maintain organized records of cost estimates, budgets, and financial reports.
Skills and Qualifications:
Basic understanding of construction cost components and budgeting principles.
Proficiency with estimation tools or a willingness to learn (e.g., RSMeans, PlanSwift).
Strong organizational and data management skills.
Performance Metrics:
Accuracy and timeliness of data input and cost reports.
Contribution to resolving cost-related challenges effectively.
Feedback from the Cost Estimator and project teams.
Advancement Path:
Promotion to Cost Estimator after gaining necessary experience and technical skills.
Opportunities to specialize in procurement or project finance management.
Work Environment:
Office-based with occasional collaboration at construction sites.
Hands-on exposure to estimation tools and cost management processes.
Additional Information
The Cost Estimator ensures that Built By DAO’s projects are financially feasible and aligned with budgetary goals. The Estimation Assistant provides essential support while building foundational skills in construction cost management. Together, these roles help maintain financial discipline and contribute to the successful completion of all projects.
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