Your Budget Estimate - Project cost
We will prepare a detailed BOQs (Bill of Quantities) estimate indicating the cost break up like the material cost, labor cost, interior decoration, and to on. The estimate will also indicate the type of material to be used in the construction and its cost.
You know material prices change, so pay close attention to factors that can affect pricing when estimating costs.
Is demand high for a specific material or product?
Do you have specific delivery challenges?
Is the product or material custom?
Do you need the product or material faster than the manufacturer’s normal turnaround time?
Are there seasonal limitations that dictate logistics and adjustments to price?
It is also key to understand material availability and any potential scheduling delays that will have cost implications if you don’t order the materials on time. If products will have a long lead time, consider that when bidding and know you’ll need to plan accordingly during construction.
Similarly, are there products specified on the project you’re not familiar with? Perhaps the architect has selected prefabricated components or modular products. Understanding how these products are installed and the labor needed (or not needed if certain components are prefabricated) could have cost and schedule implications you’ll want to factor into your bid.
View Your Project by Cost Centers
What portions of your project are contributing to the highest percentage of overall project costs? Spend your time in these areas, ensuring the precise definition of the scope, tasks, labor, and materials needs. Make the process as seamless as possible to avoid excess cost due to mishaps. It may help to consider if there are ways to cut costs on these portions without compromising the quality of the project
Accurately Determine Equipment Needs
After planning the project in full, determine what equipment is needed to complete it. Consider the details of the equipment beforehand, such as what type and size, and make sure you have the equipment capacity that is matched to your project. Also verify that equipment that is interfacing with other equipment is the correct size, offers the appropriate capabilities and is not redundant. Having the proper equipment will ensure the job is done efficiently.
When creating your project estimate, take time to consider whether is it more cost-effective to rent or use your own equipment and small tools. This is especially true if the project will require tools you don’t already own.
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