Kanat Sultanbekov on How Wrong Construction Estimates Can Make You Lose Money – Know Ways to Prevent Them!
Making cost estimates on a construction project is one of the most challenging tasks for a manager; it is a significant part of his job. The project’s profits are based on how accurately the construction manager calculates the cost estimates from the start till the end of the work and how closely this estimate matches the project’s final costs after its completion.
Kanat Sultanbekov- the costs of making wrong estimates for the project will cost one dearly
Kanat Sultanbekov is a credible and skilled construction manager from New York, known for his outstanding track record in leading proactive teams to complete construction projects in time. He successfully balances strategic planning, risk assessments, and operational processes for every project keeping in mind the optimal safety standards.
According to him, one wrong estimate on a construction project will not harm the integrity of the project; however, when you make many of them, you will lose your reputation as a trustworthy construction manager. From the above, it is evident that you must carefully consider the estimates of every project you undertake with time to avoid a bad reputation in the market.
Consider the variables
Several variables must be considered for you to deliver the proper cost estimates for the project. You must consider the costs of material and labor after making an accurate assessment of the productivity levels of your workers. At the same time, you should consider risk contingencies, overheads, etc., to determine the precise estimate of the project at hand.
Before making an estimate, conduct a site visit before submitting the bid. Remember that no two construction sites are the same, so ensure that you carefully assess the space, weather conditions, scope of work, and other factors that will affect your project’s duration and budget. If you make a few mistakes with the cost estimate, the construction project will suffer losses.
When visiting the site, take measurements, inspect its topography and collect soil bore samples if you have not taken them. Check the access to traffic and road to determine the space you need for storage, equipment, and materials delivery, with the environmental protection required on the site.
After you have conducted the visit, ask your subcontractors to pay a visit to the site so they can understand their scope of work on the project. This helps you assess their costs and make the correct estimate or bid.
According to Kanat Sultanbekov, you should accurately calculate the exact volume/number of materials and supplies you need for the construction project before the work starts. If you miss these items or do not take accurate measurements, the project will surpass your estimate and result in a considerable loss. When it comes to estimating labor costs, evaluate how many person-hours you need for the project along with the wages to each worker required to be paid on the project. This will give you a clear idea about the total amount.