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Cost Estimation Training Helps Save Time and Money For Construction Projects

Cost estimation is a vital process that involves creating an extensive plan for how much money a project - such as in the construction industry - is going to cost. Labour, materials, time, risk factors and inflation are all taken into account by a cost engineer and a schedule is then produced, enabling a company to decide whether or not to put in a bid for the project. While these processes are generally required by the construction and manufacturing industries, more and more companies are finding out the benefits of bringing in a professional to carry out accurate cost estimation.

A cost engineer is usually someone with prior knowledge and experience of the industry who carries out the estimation process as and when a business requires someone for the role. The services they offer include creating a schedule with specific times (say, for construction), assessing risks, and costing all required work and resources. They get brought in at the start of a project and help the company to make their decision. This process, however, is starting to change. With many companies now offering cost estimation training, it is possible for business owners to give their own employees the opportunity to specifically train for the role, meaning they don't have to rely on outside support.

This training can cover many different areas, such as the fundamentals of cost estimating, information on First-Principles estimating, three-point techniques, estimating risk, construction scheduling and much more.

The use of cost estimation software is also something that companies find incredibly advantageous, and there are many training sessions that cover the details of the most popular programs. This software enables companies to carry out precise cost estimations for their projects, and the programs include many important features such as project management reporting, authorising and producing quotations, sales and marketing analysis, and profit, overheads and contingencies. All of these features allow someone - even if they're not specifically a cost engineer - to calculate the cost and schedule the time for a large project in the most accurate way possible.

If you would like to get more information on the possibility of cost estimation training for your employees, companies like Benchmark Estimating can help you with your in-house training and estimating software needs. Founded in Australia and now with a growing presence in the UK, they have a wealth of experience with cost estimating for the construction industry.
About Author Alfred Bacon :

Benchmark Estimating are a specialist construction cost engineering practice with particular expertise in civil engineering infrastructure. Established in 1996, we provide cost engineering, <a href="" target="_blank">cost estimation training</a> and estimating software for contractors, engineering consultants, owners and other organisations.

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Article Added on Sunday, May 12, 2013
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