CLOSE

Specials

  • Dry Construction
  • Underground Construction Solutions
  • Safety and Compliance
  • HVAC
  • Others
  • Construction and Bid Estimation
  • Green Building Solutions
  • Interior Design
  • Roofing Tech
  • Construction Demolition and Recycling
  • Flooring Tech
  • Building Information Modeling

I agree We use cookies on this website to enhance your user experience. By clicking any link on this page you are giving your consent for us to set cookies. More info

Skip to: Curated Story Group 1
constructionbusinessreview
  • Home
  • News
  • Contributors
  • Magazine
  • Conferences
  • Newsletter
  • About

Thank you for Subscribing to Construction Business Review Weekly Brief

  • Home
  • Dry Construction
  • Contributers

Recommended Insights

Aldridge Builds: Lake Shore Drive Bridge

MICHAEL MORRIS, SENIOR PROJECT MANAGER, ALRIDGE GROUP

Embracing New Technologies to Address...

William P. Silva, Director of Preconstruction,...

Construction's 'Digital Leap Year'

Richard Harpham, Vice President Software Products,...

The Designer of the Future

Justin Bowker, Vice President of Engineering,...

Sailing through Uncertain COVID times

Jarrod Sanfilippo, Group Managing Director, Burbank

Adding Dimensions to MMC

Ciaran Arthur, Strategic Development, and Leo...

Digital Greening

Neil Manthorpe, Associate Director – Design, Atkins

The Pivotal Role of BIM in the...

Jeff Buckely, BIM Program Manager, Aldridge PreFab

Aldridge Builds: Lake Shore Drive Bridge

MICHAEL MORRIS, SENIOR PROJECT MANAGER, ALRIDGE GROUP

Embracing New Technologies to Address...

William P. Silva, Director of Preconstruction,...

Construction's 'Digital Leap Year'

Richard Harpham, Vice President Software Products,...

The Designer of the Future

Justin Bowker, Vice President of Engineering,...

Sailing through Uncertain COVID times

Jarrod Sanfilippo, Group Managing Director, Burbank

Adding Dimensions to MMC

Ciaran Arthur, Strategic Development, and Leo...

Digital Greening

Neil Manthorpe, Associate Director – Design, Atkins

The Pivotal Role of BIM in the...

Jeff Buckely, BIM Program Manager, Aldridge PreFab

Technology in Cost Estimating

By Mohamed Shehata, Director, Cumming

Have you ever been trying to get an estimate finished late at night to meet that all-important deadline and wondered if there was a better way to do things? An easier way? A more efficient way? Well, there is, so don’t let your mind wander to the dark side!


Cost estimation is the most important preliminary process in any construction project. In the construction industry, cost estimation is the process of predicting the costs required to perform the work within the scope of the project. Accurate cost estimation is crucial to ensure the successful completion of a construction project. In the past, this process used to be labor-intensive, time-consuming, and involved lots of errors since various platforms were being used in order to perform the estimate—one software for quantity take-off, another for material and labor pricing, and so on.


However, the market now offers tools to streamline the estimating process by combing 2D and 3D takeoff along with the creation of an estimate into one software package. This change should allow companies to stay ahead of competitions while showing their client that they are on the cutting edge of technology. Nowadays, we should be able to take advantage of the following benefits by moving towards new systems:


1. 2D takeoff, 3D Model extraction, and estimate creation in one software program


2. Database of line items with the buildup of Labor Rates with Crews & Production


3. Live linking of 2D and 3D quantities to the estimate


4. Easily merge estimates for automatic organization and sorting


5. Easier integration with MEP estimates


6. All estimates created in multiple cost formats (MasterFormat, Uniformat, Elemental)


7. Still able to leverage the flexibility of Microsoft Excel


8. Create comparisons or track estimates throughout the life of the project


9. Standardization of estimates allowing for the creation of a Project Benchmarking Database


The application of technology in cost estimating means that consultants can spend less time on the take-off and estimating process and more on analysis


The use and application of technology in cost estimating means that consultants can spend less time on the take-off and estimating process, and can spend more time on analysis and drawing meaningful insights. Think of the 80/20 rule; traditionally, consultants have been spending 80 percent of their time conducting take-off, and only 20 percent on analysis. However, with the implementation of technology, consultants can be spending 20 percent of their time on the leg work—quantity take-off—and the rest 80 percent can be spent with clients on data analytics and cost intelligence.


Also, a lot of research is currently being done in the area of leveraging artificial intelligence (AI) for construction cost estimating. Many universities are exploring the development of a cost estimating system which integrates AI learning algorithms, probability estimation, and the knowledge-based system as a tool for forecasting the cost of building elements at the early stage of design when information about the project scope is limited. These research projects combine knowledge from the field of construction economics, quantity surveying, cost modeling, statistics, and construction technology to develop an easy to use tool that can assist in informed decision-making with regard to the costs of building elements.


The use of AI will definitely revolutionize the cost estimating process once it is fully developed, and it is our hope that all the key stakeholders in the construction industry will start to embrace more technology in their projects. 


Weekly Brief

loading
> <
  • Dry Construction 2020

    Top Vendors

    Current Issue

Read Also

The Designer of the Future

Justin Bowker, Vice President of Engineering, TDIndustries, Inc. (TD)
The Designer of the Future

Sailing through Uncertain COVID times

Jarrod Sanfilippo, Group Managing Director, Burbank
Sailing through Uncertain COVID times

Adding Dimensions to MMC

Ciaran Arthur, Strategic Development, and Leo Doherty, Project Director, Suir Engineering
Adding Dimensions to MMC

Digital Greening

Neil Manthorpe, Associate Director – Design, Atkins
Digital Greening
The Pivotal Role of BIM in the Construction Industry

The Pivotal Role of BIM in the Construction Industry

Jeff Buckely, BIM Program Manager, Aldridge PreFab
Building Information Modeling: An Owner's Journey

Building Information Modeling: An Owner's Journey

Michael J. Carrancho, PE, Chief of Engineering & Design, Smithsonian Institution

Technology and Construction: When 1+1=3... Or 4 Or 5.

Dave Zdon, Creative and Media Coordinator, Parsons Electric
Technology and Construction: When 1+1=3... Or 4 Or 5.

Diversification of Marketplace Locations: The Best Long-Term Survival Strategy

Nathan Gordon, CIO, Christmas Central
Diversification of Marketplace Locations: The Best Long-Term Survival Strategy
Loading...

Copyright © 2021 Construction Business Review . All rights reserved. |  Subscribe follow on linkedin follow on twitter

This content is copyright protected

However, if you would like to share the information in this article, you may use the link below:

https://dry-construction.constructionbusinessreview.com/cxoinsight/technology-in-cost-estimating-nwid-73.html