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Estimating As A Competency in Capital Projects

Event Date

Jun 30, 2009

Type

Conference Presentation - Implementation

Research Team

RT-253

Slides

Topic

Estimating as a Competency in Capital Projects

DOCUMENT DETAILS

Abstract

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Abstract

Cost estimating is a critical function for successful capital or maintenance projects, and reliable estimates depend heavily on the competency of cost estimators. Owners depend on accurate data to make business decisions, which can heavily impact the profitability of the company. Architectural/engineering and construction firms depend on finely honed numbers to support their ability to provide proposal that both support a competitive position and at the same time minimize downside risk. Extensive research has identified a potential shortfall of skilled estimators in the near future, mainly due to attrition and the small numbers of recruits’ backfilling these positions. It was further identified that the estimator recruitment process was not effective due to the perceptions or lack of understanding in the market place with regard to career paths available in the field of estimating. RT-253 performed an extensive survey of industry experts regarding estimates and the role of the estimator in accurate estimating. Several of the key conclusions and recommendations of the research include: The skill, knowledge, and personal traits of a highly skilled estimator are critical factors in the development of accurate estimates. Companies should perform a gap analysis between the current and desired level of their estimating competencies. As the pool of highly skilled estimators becomes more scarce and market condition will encourage poaching of these skill sets, it will be imperative that companies develop methods to retain qualified estimators. Training techniques for current and future estimators must be improved. The industry needs to leverage the experience of the remaining highly skilled estimators to develop training and mentoring programs. There is a need to find and connect with new sources of cost estimators.

Filters & Tags

Knowledge Area

Professional Development, Project Controls

Project Phase

Feasibility, Concept, Detailed Scope, Detailed Design (Engineering), Procurement, Construction, Commissioning & Startup, Handover & Closeout

Project Function

Project Management, Architects & Engineering, Project Controls, Construction, Quality Management

Industry Group

Light Industrial, Heavy Industrial, Buildings, Infrastructure

Research Topic

Estimating as a Competency in Capital Projects

Keywords

Estimator Training, Estimator Evaluation, Estimator Skills, Estimator retention, Estimator Career Path, Estimator Compentency, Estimator Attrition, rt253