A cost estimators career is a lucrative job option. The increasing number of multi-national companies has maximized career opportunities for skilled professionals. A cost estimator has to deal with development of costs information required to decide if a product is profitable.
Upon completing the quantity investigation, the cost estimator prepare cost summary for the whole project comprising equipments, costs of labor, sub contracts, materials, taxes, overhead, markup, insurance and other costs that involved in the project. The chief estimator creates the bid proposal and then submits to the owner. The property owner or project's architect employs the construction cost estimators to track actual costs or estimate costs relative to offer specifications as the project develops.
In large companies, there is more than one estimator to execute the given tasks. Each estimator is given specific responsibility, for example, one estimator estimates excavation or concentrate and another may estimate only electrical work, some other may estimate forms, concrete, etc. In manufacturing firms, cost estimators generally are assigned to the engineering, pricing and or cost department. The responsibility of an estimator is to estimate costs accurately.
Estimators have to work with engineers to create conceptual drawings to decide the machining operations, materials, gauges, tools and things that are required. An estimator has to organize list of parts and determine whether it is capable to produce or to buy the parts. An estimator needs to interact with suppliers to carry out his/her tasks.
Job Description
The purposes and processes for estimating costs may vary considerably. For instance, the process of estimating a construction project starts with the decision to submit a proposal. Opening specification and drawings are examined and subsequently the estimator visits to the planned project site.
The other works of an estimator includes gather information on site; oversee accessibility, availability of electricity and other allied services. The estimator evaluates the drainage and surface topography. Consequently, he/she records the collected information in signed report and includes in the final project estimate.
After completing site visit, an estimator provides estimates with regard to the quantity of labor and materials to the firm to execute the job appropriately. This process is called the quantity survey. The process incorporates number of units, estimating forms and other information.
An estimator, while working for general contractors, has to estimate the cost of items. Estimators make decisions concerning sequence of physical constraints at the site, operations, crew size and equipment needs. The estimator should take other factors that multiply overall costs into contemplation comprising of foul weather, allowance for waste materials, and shipping delays.
Work Environment
Estimators work in a comfortable and spacious office. They spend most of their time in the office. They use advanced technology like computer and internet to execute their responsibilities. However, a construction estimator needs to visit worksite, which can be dirty, dusty, and sporadically unsafe.
Estimators who work in the manufacturing industry spend time on the company floor, which may be dirty, and noise. In some companies, an estimator has to travel between company's headquarters. Generally, estimators work forty hours a week however, overtime is common. Sometimes, cost estimators have to work under severe pressure and stress, especially, when they face bid deadlines. An estimator has to be very good at his/her occupation as inaccurate or wrong estimating may cause a company to loose a bid or money.
Educational Qualification
Educational requirements for cost may vary by industry. In the construction industry, employers prefer candidates who have completed bachelor's degree in construction management, construction science, or building science. However, it is possible to become a cost estimator for the candidate who has work experience in the related field. In manufacturing industry, candidates who have completed bachelor's degree in statistics, engineering, or mathematics are preferred.