What is the value of construction cost estimating software?īecause cost estimates include direct costs, indirect costs, and a certain amount of “padding” for what-if scenarios, many refer to cost estimation as an “art of predicting.” When a contractor receives a bid solicitation, seasoned estimators rely on their expertise to develop an approximate cost. However, when a contractor’s estimate on a project is too high, contractors run the risk of non-selection. When a contractor’s estimate on a project is too low, contractors run the risk of jeopardizing their profits. On the other hand, contractors use cost estimation to develop bids for selection. Owners and architects use cost estimation to establish an approximate budget for the project. What features are important in cost estimating software?Ĭost estimation analyzes many different factors of a project to forecast the cost to build a project.What is the value of construction cost estimating software?.
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