What does a Cost Estimator do?
Prepare cost estimates for product manufacturing, construction projects, or services to aid management in bidding on or determining price of product or service. May specialize according to particular service performed or type of product manufactured.
- Analyze blueprints and other documentation to prepare time, cost, materials, and labor estimates.
- Assess cost effectiveness of products, projects or services, tracking actual costs relative to bids as the project develops.
- Consult with clients, vendors, personnel in other departments or construction foremen to discuss and formulate estimates and resolve issues.
- Confer with engineers, architects, owners, contractors and subcontractors on changes and adjustments to cost estimates.
- Prepare estimates used by management for purposes such as planning, organizing, and scheduling work.
- Prepare estimates for use in selecting vendors or subcontractors.
- Review material and labor requirements to decide whether it is more cost-effective to produce or purchase components.
- Prepare cost and expenditure statements and other necessary documentation at regular intervals for the duration of the project.
- Prepare and maintain a directory of suppliers, contractors and subcontractors.
- Set up cost monitoring and reporting systems and procedures.
- Establish and maintain tendering process, and conduct negotiations.
- Conduct special studies to develop and establish standard hour and related cost data or to effect cost reduction.
- Visit site and record information about access, drainage and topography, and availability of services such as water and electricity.