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Business & Economics :: Cost Engineering

August 1, 2006

Making Sense of Your Project Cost Estimate

Using different estimation levels, determined throughout the engineering phase of a project, can save time and avoid surprises when it comes time to bid

John C. Lagace Jr., Commonwealth Engineering and Construction Co.

If your estimate for a project's capital cost is too high or too low, incomplete or wrong, a poorly developed scope is the mostly likely cause. In almost all cases, project cost estimating is more accurate than the scope used to develop the estimate. (To develop a good project scope, please refer to "Get Your Scope Straight for Project Success," CE, February, pp. 36-38). Yet good scope definition is only part of the answer....

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