Cost Estimator

Cost Estimators 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.

Some of the job titles of this field are Acquisition Cost Estimator, Analyst, Construction Estimator, Cost Analyst, Cost Consultant, Cost Engineer, Cost Estimating Analyst, Cost Estimator, Estimating Specialist, and Estimator.

Occupation specific Information

Tasks:

·         Analyze blueprints and other documentation to prepare time, cost, materials, and labor estimates.

·         Confer with engineers, architects, owners, contractors, and subcontractors on changes and adjustments to cost estimates

·         Collect historical cost data to estimate costs for current or future products.

·         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.

Occupational Requirement

Work Activities

·         Estimate costs of goods or services.

·         Analyze business or financial data.

·         Confer with others about financial matters.

·         Assess the cost effectiveness of products, projects, or services.

·         Monitor financial indicators.

Education & Experience Requirement

Education

M.Tech/Post graduate diploma in construction management

Related Experience

A considerable amount of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant must complete four years of college and work for several years in accounting to be considered qualified.

Job Training

Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.

Skills Required

Mathematics — using mathematics to solve problems.

Reading Comprehension — Understanding written sentences and paragraphs in work-related documents.

Speaking — talking to others to convey information effectively.

Active Listening — giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.

Critical Thinking — using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions, or approaches to problems.

Knowledge Required

Mathematics — Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications

Economics and Accounting — Knowledge of economic and accounting principles and practices, the financial markets, banking, and the analysis and reporting of financial data.

Computers and Electronics — Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.

Engineering and Technology — Knowledge of the practical application of engineering science and technology. This includes applying principles, techniques, procedures, and equipment to the design and production of various goods and services

Building and Construction — Knowledge of materials, methods, and the tools involved in the construction or repair of houses, buildings, or other structures such as highways and roads

Worker Characteristic

• Conventional — Work involves following procedures and regulations to organize information or data, typically in a business setting. Conventional occupations are often associated with office work, accounting, mathematics/statistics, information technology, finance, or human resources.

• Enterprising — Work involves managing, negotiating, marketing, or selling, typically in a business setting, or leading or advising people in political and legal situations. Enterprising occupations are often associated with business initiatives, sales, marketing/advertising, finance, management/administration, professional advising, public speaking, politics, or law.

Related Occupation

·         Architectural and Engineering Manager

·         Civil Engineering technologists and Technicians

·         Construction Managers

·         Industrial Engineers

·         Logistic Engineers