ScrippsNews:
When the new World Trade Center in New York is finally approved, the cost estimate is likely going to be well over $1 billion? So, who figures what the estimate will actually be? The answer is cost estimators.
People in the occupation of cost estimator work up the information businesses need to determine what the cost of a project will be for feasibility and profitability purposes. In the construction industry future bids are usually based on their figures. They compile and analyze figures and issues that can impact expenses. These include materials, labor, land and special features.
Estimators are primarily found in 2 industries. Most are employed by the construction industry and most of the rest are found in manufacturing. There are many subspecialties in each.
The industry in which an estimator is employed greatly influences the methods used.
For instance, in construction an estimator typically gathers information on transportation to the proposed construction site and the availability of electricity, water and drainage. Also reviewed are preliminary drawings, specifications, equipment needs, taxes, insurance, architecture and engineering needs. Weather is also a factor that can influence cost.
In larger projects more than one estimator may be used.
After visiting the site an estimator figures the quantity of materials and labor required to complete the project. Subcontractors are often used for specialized cost estimates such as electrical work.
After everything is compiled, a cost summary for the complete project is produced by the estimator.
In the manufacturing industry estimators are often part of a particular department such as engineering or pricing with the job of compiling costs associated with making products.
These can include a completely new product or a major redesign.
The job would generally consist of looking at machine operations, tools, parts and labor expenses. An estimate for manufacturing each component of the product is usually generated.
Timing charts are often produced to determine how long it would be to setup everything for production.
In some cases computer programming is part of the project because of the need for technology, such as the use of robotics. They may be used as part of the manufacturing process or they may be used to figure estimates.
Educational requirements for estimators vary by industry and specialization. Today, most have college degrees. The more complex the specialty the more education plays a role.
In construction degrees are usually in construction management, building construction, engineering, construction science and architecture. On-the-job training and experience is important.
In manufacturing those in the occupation usually have degrees in math, engineering, operations, finance, economics or business. The use and understanding of quantitative methods is extremely needed.
For those interested in certification for their field there are programs available. Certification is usually voluntary.
Those in the occupation should have an aptitude for math and have ‘an eye for detail.’
The ability to analyze, compare and interpret is important.
The U.S. Department of Labor estimates the average annual income for cost estimators to be more than $50,000. Those in nonresidential building construction earn on average nearly $60,000.
So, if you like figures and want to work helping to develop new things, take a look at becoming a cost estimator.
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