4.4 - Applying Estimating Methods

Question 1

What are the main resources for preparing estimates?

Answer 1

• Cost Consultants (Quantity Surveyors, Construction Managers/Experts)
• Consumer Price Index (CPI publications)
• General Publications

Question 2

What are the advantages and disadvantages of Quantity Surveyors?

Answer 2

Advantages:
- Independent
- Accurate
- Up to date information that is extensive across many building types
- Based on similar projects
Disadvantages:
- Unit costs are historic and not real-time data
- Detailed cost information may be limited to major trade divisions

Question 3

What are the advantages and disadvantages of Construction Managers and Experts?

Answer 3

Advantages:
- Information will be current
- Accurate for unit costs
- Sources usually monitor trends or are aware of dynamics that affect costs
Disadvantages:
- Knowledge may be specialized and not always applicable to specific projects
- May be less reliable due to self interest or commercial motives

Question 4

What are the advantages and disadvantages of Consumer Price Index Publications?

Answer 4

Advantages:
- Useful as a guide to show trends
- Easy to read and analyze
Disadvantages:
- Usually not up to date

Question 5

What are the advantages and disadvantages of General Publications?

Answer 5

Advantages:
- Comprehensive, reliable data
- Assembled by real projects and supplied by owners and contractors
Disadvantages:
- The costs shown can vary significantly depending on detail, completeness and ease of use