What is involved in Cost Estimation
Find out what the related areas are that Cost Estimation connects with, associates with, correlates with or affects, and which require thought, deliberation, analysis, review and discussion. This unique checklist stands out in a sense that it is not per-se designed to give answers, but to engage the reader and lay out a Cost Estimation thinking-frame.
How far is your company on its Cost Estimation journey?
Take this short survey to gauge your organization’s progress toward Cost Estimation leadership. Learn your strongest and weakest areas, and what you can do now to create a strategy that delivers results.
To address the criteria in this checklist for your organization, extensive selected resources are provided for sources of further research and information.
Start the Checklist
Below you will find a quick checklist designed to help you think about which Cost Estimation related domains to cover and 180 essential critical questions to check off in that domain.
The following domains are covered:
Cost Estimation, Cost estimate, AACE International, American Society of Professional Estimators, Best practices, Building estimator, Chemical plant cost indexes, Construction Management Association of America, Construction Specifications Institute, Construction bidding, Construction estimating software, Construction management, Cost contingency, Cost database, Cost engineering, Cost escalation, Cost estimation in software engineering, Cost overrun, General contractor, Glossary of construction cost estimating, Glossary of project management, Indirect costs, Industrial engineering, Line items, Manufacturing cost, Order of magnitude, Outline of project management, Parametric estimating, Performance bond, Pre-construction services, Project Management Institute, Project cost management, Project management, Project management software, Quality assurance, Quality control, Quality costs, Quantity surveyor, Reserve study, Scientific Wild-Ass Guess, Software project management, Three-point estimation, Total cost management, Vendor bid analysis, Waste management:
Cost Estimation Critical Criteria:
Scan Cost Estimation tasks and visualize why should people listen to you regarding Cost Estimation.
– How do risk analysis and Risk Management inform your organizations decisionmaking processes for long-range system planning, major project description and cost estimation, priority programming, and project development?
– What are the Key enablers to make this Cost Estimation move?
– How do we go about Comparing Cost Estimation approaches/solutions?
– Is Supporting Cost Estimation documentation required?
Cost estimate Critical Criteria:
Start Cost estimate leadership and customize techniques for implementing Cost estimate controls.
– Record-keeping requirements flow from the records needed as inputs, outputs, controls and for transformation of a Cost Estimation process. ask yourself: are the records needed as inputs to the Cost Estimation process available?
– How can you negotiate Cost Estimation successfully with a stubborn boss, an irate client, or a deceitful coworker?
– Who will provide the final approval of Cost Estimation deliverables?
AACE International Critical Criteria:
Grasp AACE International governance and gather AACE International models .
– In a project to restructure Cost Estimation outcomes, which stakeholders would you involve?
– Is there any existing Cost Estimation governance structure?
American Society of Professional Estimators Critical Criteria:
Tête-à-tête about American Society of Professional Estimators risks and budget the knowledge transfer for any interested in American Society of Professional Estimators.
– What are the disruptive Cost Estimation technologies that enable our organization to radically change our business processes?
– Will Cost Estimation have an impact on current business continuity, disaster recovery processes and/or infrastructure?
– How will you know that the Cost Estimation project has been successful?
Best practices Critical Criteria:
Set goals for Best practices decisions and look in other fields.
– What are our best practices for minimizing Cost Estimation project risk, while demonstrating incremental value and quick wins throughout the Cost Estimation project lifecycle?
– What standards, guidelines, best practices, and tools are organizations using to understand, measure, and manage risk at the management, operational, and technical levels?
– What ITIL best practices, security and data protection standards and guidelines are in use by the cloud service provider?
– Does your organization have a company-wide policy regarding best practices for cyber?
– What are some best practices for gathering business intelligence about a competitor?
– What are the best practices in knowledge management for IT Service management ITSM?
– Are CSI and organizational change underpinned by Kotters change management best practices?
– What are some best practices for implementing an air gap in a our setting?
– What best practices are relevant to your service management initiative?
– What are the best practices for implementing an internal site search?
– How does big data impact Data Quality and governance best practices?
– What are the a best practices for Agile SCRUM Product Management?
– What are some best practices for managing business intelligence?
– Are Organizational Change managements best practices (eg Kotter) applied?
– What best practices are relevant to your itsm initiative?
– Do we adhere to best practices interface design?
– Which rules constitute best practices?
– Are there Cost Estimation Models?
Building estimator Critical Criteria:
Ventilate your thoughts about Building estimator tasks and arbitrate Building estimator techniques that enhance teamwork and productivity.
– Marketing budgets are tighter, consumers are more skeptical, and social media has changed forever the way we talk about Cost Estimation. How do we gain traction?
– Do the Cost Estimation decisions we make today help people and the planet tomorrow?
– Does the Cost Estimation task fit the clients priorities?
Chemical plant cost indexes Critical Criteria:
Track Chemical plant cost indexes engagements and create a map for yourself.
– What are the record-keeping requirements of Cost Estimation activities?
– What is our Cost Estimation Strategy?
Construction Management Association of America Critical Criteria:
Tête-à-tête about Construction Management Association of America planning and modify and define the unique characteristics of interactive Construction Management Association of America projects.
– In what ways are Cost Estimation vendors and us interacting to ensure safe and effective use?
– When a Cost Estimation manager recognizes a problem, what options are available?
– What are all of our Cost Estimation domains and what do they do?
Construction Specifications Institute Critical Criteria:
Revitalize Construction Specifications Institute visions and define what do we need to start doing with Construction Specifications Institute.
– What other organizational variables, such as reward systems or communication systems, affect the performance of this Cost Estimation process?
– What potential environmental factors impact the Cost Estimation effort?
Construction bidding Critical Criteria:
Check Construction bidding issues and look at it backwards.
– How do you determine the key elements that affect Cost Estimation workforce satisfaction? how are these elements determined for different workforce groups and segments?
– Do you monitor the effectiveness of your Cost Estimation activities?
– Why are Cost Estimation skills important?
Construction estimating software Critical Criteria:
Recall Construction estimating software visions and innovate what needs to be done with Construction estimating software.
– What are the success criteria that will indicate that Cost Estimation objectives have been met and the benefits delivered?
– How can skill-level changes improve Cost Estimation?
– How do we go about Securing Cost Estimation?
Construction management Critical Criteria:
Brainstorm over Construction management engagements and test out new things.
– What will drive Cost Estimation change?
– How would one define Cost Estimation leadership?
– How do we maintain Cost Estimations Integrity?
Cost contingency Critical Criteria:
Look at Cost contingency tactics and oversee Cost contingency management by competencies.
– Can Management personnel recognize the monetary benefit of Cost Estimation?
– Is the scope of Cost Estimation defined?
Cost database Critical Criteria:
Wrangle Cost database strategies and triple focus on important concepts of Cost database relationship management.
– Do we monitor the Cost Estimation decisions made and fine tune them as they evolve?
– Will Cost Estimation deliverables need to be tested and, if so, by whom?
Cost engineering Critical Criteria:
Detail Cost engineering adoptions and grade techniques for implementing Cost engineering controls.
– How do we Identify specific Cost Estimation investment and emerging trends?
– Does our organization need more Cost Estimation education?
Cost escalation Critical Criteria:
Talk about Cost escalation quality and pay attention to the small things.
– How do your measurements capture actionable Cost Estimation information for use in exceeding your customers expectations and securing your customers engagement?
– How do we Lead with Cost Estimation in Mind?
Cost estimation in software engineering Critical Criteria:
Canvass Cost estimation in software engineering quality and proactively manage Cost estimation in software engineering risks.
– Among the Cost Estimation product and service cost to be estimated, which is considered hardest to estimate?
– How much does Cost Estimation help?
Cost overrun Critical Criteria:
Study Cost overrun adoptions and gather Cost overrun models .
– Risk factors: what are the characteristics of Cost Estimation that make it risky?
General contractor Critical Criteria:
Consider General contractor failures and document what potential General contractor megatrends could make our business model obsolete.
– Who will be responsible for making the decisions to include or exclude requested changes once Cost Estimation is underway?
– How likely is the current Cost Estimation plan to come in on schedule or on budget?
Glossary of construction cost estimating Critical Criteria:
Mine Glossary of construction cost estimating planning and acquire concise Glossary of construction cost estimating education.
– Who will be responsible for documenting the Cost Estimation requirements in detail?
– What vendors make products that address the Cost Estimation needs?
Glossary of project management Critical Criteria:
Reason over Glossary of project management management and simulate teachings and consultations on quality process improvement of Glossary of project management.
– Are assumptions made in Cost Estimation stated explicitly?
Indirect costs Critical Criteria:
Drive Indirect costs adoptions and figure out ways to motivate other Indirect costs users.
– How do we know that any Cost Estimation analysis is complete and comprehensive?
– Are accountability and ownership for Cost Estimation clearly defined?
– How are the subunit s indirect costs allocated to products?
– How are a subunit s indirect costs allocated to products?
– Who needs to know about Cost Estimation ?
Industrial engineering Critical Criteria:
Win new insights about Industrial engineering issues and separate what are the business goals Industrial engineering is aiming to achieve.
– Think of your Cost Estimation project. what are the main functions?
Line items Critical Criteria:
Explore Line items tasks and get answers.
Manufacturing cost Critical Criteria:
Tête-à-tête about Manufacturing cost decisions and test out new things.
– Is Cost Estimation dependent on the successful delivery of a current project?
– Which Cost Estimation goals are the most important?
Order of magnitude Critical Criteria:
Demonstrate Order of magnitude leadership and spearhead techniques for implementing Order of magnitude.
– Are there recognized Cost Estimation problems?
Outline of project management Critical Criteria:
Dissect Outline of project management quality and describe the risks of Outline of project management sustainability.
– Does Cost Estimation include applications and information with regulatory compliance significance (or other contractual conditions that must be formally complied with) in a new or unique manner for which no approved security requirements, templates or design models exist?
– How do we keep improving Cost Estimation?
Parametric estimating Critical Criteria:
Conceptualize Parametric estimating management and find the ideas you already have.
– Do we have past Cost Estimation Successes?
– How to Secure Cost Estimation?
Performance bond Critical Criteria:
Facilitate Performance bond failures and ask what if.
– What is the purpose of Cost Estimation in relation to the mission?
Pre-construction services Critical Criteria:
Scrutinze Pre-construction services goals and spearhead techniques for implementing Pre-construction services.
– What are the barriers to increased Cost Estimation production?
– What are internal and external Cost Estimation relations?
– What are current Cost Estimation Paradigms?
Project Management Institute Critical Criteria:
Conceptualize Project Management Institute leadership and proactively manage Project Management Institute risks.
– How do you incorporate cycle time, productivity, cost control, and other efficiency and effectiveness factors into these Cost Estimation processes?
Project cost management Critical Criteria:
Deliberate Project cost management issues and describe which business rules are needed as Project cost management interface.
– Are the procurement procedures such that undue delays can be avoided?
– Are there any drawbacks to using a responsibility assignment matrix?
– How should the costs be allocated and what should the sponsor do?
– What are the job descriptions and specifications for the staff?
– What is meant by an integrative approach to project management?
– What are the required qualifications and skills for the staff?
– What is the difference between product and project scope?
– Project Dates: When does the project start and complete?
– Should a more thorough impact analysis be conducted?
– Explain in detail the Work Breakdown Structure?
– Who will be reporting to whom and how often?
– How much information should be collected?
– What information should be collected?
– Will the Tools Perform Well?
– When is a project completed?
– What should the results be?
– How can you employ it?
– How is it justified?
– What is SOW?
Project management Critical Criteria:
Categorize Project management engagements and use obstacles to break out of ruts.
– Troubleshooting – are problems related to what is actually changing (the change), to the management of tasks and resources to make the change happen (project management) or to issues relating to employee engagement, buy-in and resistance (Change Management)?
– Are there project management practices that remain constant across traditional, hybrid, and agile approaches (e.g., Risk Management, stakeholder management, team building)?
– Can we say that the traditional project team is not self-organized, no matter how complex the project is, and what level of team we are discussing?
– Are your current project management and time and expense capture applications outdated and expensive to update and maintain?
– How can an agile project manager balance team level autonomy and individual level autonomy in agile software teams?
– Exactly how does one go about adapting the agile project management model for collocated teams to virtual ones?
– How will the existing culture and organizational structure be impacted by agile project management?
– A heuristic, a decision support system, or new practices to improve current project management?
– So, if the project no longer needs a detailed master project plan, why does it need a project manager?
– Justification: what are your research questions and how do you motivate them?
– How is agile project management performed in the context of virtual teams?
– What are the Commercial aspects of Project Management?
– What is an economic aspect of Project Management?
– What is the meaning of success in this context?
– How do we deal with change when it happens?
– Are we ready to execute an agile project?
– What is agile project management?
– Needs project management?
– Who is a customer?
Project management software Critical Criteria:
Devise Project management software outcomes and grade techniques for implementing Project management software controls.
– What are your results for key measures or indicators of the accomplishment of your Cost Estimation strategy and action plans, including building and strengthening core competencies?
– Where do ideas that reach policy makers and planners as proposals for Cost Estimation strengthening and reform actually originate?
– How can we improve Cost Estimation?
Quality assurance Critical Criteria:
Powwow over Quality assurance tasks and cater for concise Quality assurance education.
– Are there any circumstances/cases for which dissolution and/or disintegration testing may no longer be needed/provide any additional values to product Quality Assurance at release?
– Does the Quality Assurance record center contain copies of all previous revisions of the documents, including copies of applicable change notices?
– What is your Quality Assurance process to ensure that the large volumes of data gathered in the monitoring process are handled efficiently?
– How does the company manage the design and delivery of products and services that promise a high level of customer satisfaction?
– Does the Quality Assurance process include a review of adherence to it policies, procedures and standards?
– How does the company create high performance relationships with its independent trade partners?
– Is there sufficient technical information for maintaining the component properly?
– Is there sufficient technical information for operating the component properly?
– How does your qa plan measure areas of opportunities for improvement?
– How to balance level of oversight with level of risk ?
– Do you keep track of unsuccessfully performed skills?
– Who is responsible for overseeing this process?
– How does automation fit into Quality Assurance?
– Is the system or component user friendly?
– Is specialized equipment necessary?
– Are there Cost Estimation problems defined?
– Are standardized tests available?
– Was proper development done?
– Is the qa plan approved?
Quality control Critical Criteria:
Brainstorm over Quality control quality and look at the big picture.
– Is the Quality Assurance function recognized to be different from implicit and continuous quality control during fabrication, in that it is discrete, explicit following production, and ignores the sequence or nature of the fabrication steps or processes?
– Do we conduct regular data quality audits to ensure that our strategies for enforcing quality control are up-to-date and that any corrective measures undertaken in the past have been successful in improving Data Quality?
– Have we established unit(s) whose primary responsibility is internal audit, Quality Assurance, internal control or quality control?
– What policies do we need to develop or enhance to ensure the quality control of data gathered?
– What quality control measures will be used to ensure the program progresses as planned?
– Do we regularly review and update its Data Quality control procedures?
– Are regulatory inspections considered part of quality control?
– What about quality control? Defects?
– What is your quality control system?
– What about quality control?
Quality costs Critical Criteria:
Be clear about Quality costs issues and slay a dragon.
– Who is responsible for ensuring appropriate resources (time, people and money) are allocated to Cost Estimation?
Quantity surveyor Critical Criteria:
Own Quantity surveyor decisions and improve Quantity surveyor service perception.
Reserve study Critical Criteria:
Devise Reserve study engagements and overcome Reserve study skills and management ineffectiveness.
– What prevents me from making the changes I know will make me a more effective Cost Estimation leader?
– To what extent does management recognize Cost Estimation as a tool to increase the results?
– How can the value of Cost Estimation be defined?
Scientific Wild-Ass Guess Critical Criteria:
Devise Scientific Wild-Ass Guess tactics and learn.
Software project management Critical Criteria:
Pilot Software project management adoptions and achieve a single Software project management view and bringing data together.
– what is the best design framework for Cost Estimation organization now that, in a post industrial-age if the top-down, command and control model is no longer relevant?
– Do we aggressively reward and promote the people who have the biggest impact on creating excellent Cost Estimation services/products?
Three-point estimation Critical Criteria:
Mine Three-point estimation outcomes and visualize why should people listen to you regarding Three-point estimation.
– How can you measure Cost Estimation in a systematic way?
– Are we Assessing Cost Estimation and Risk?
Total cost management Critical Criteria:
Adapt Total cost management governance and visualize why should people listen to you regarding Total cost management.
– How do we make it meaningful in connecting Cost Estimation with what users do day-to-day?
Vendor bid analysis Critical Criteria:
Administer Vendor bid analysis quality and point out improvements in Vendor bid analysis.
– What are our needs in relation to Cost Estimation skills, labor, equipment, and markets?
– What sources do you use to gather information for a Cost Estimation study?
Waste management Critical Criteria:
Survey Waste management tactics and summarize a clear Waste management focus.
– Does Cost Estimation appropriately measure and monitor risk?
This quick readiness checklist is a selected resource to help you move forward. Learn more about how to achieve comprehensive insights with the Cost Estimation Self Assessment:
Author: Gerard Blokdijk
CEO at The Art of Service | theartofservice.com
Gerard is the CEO at The Art of Service. He has been providing information technology insights, talks, tools and products to organizations in a wide range of industries for over 25 years. Gerard is a widely recognized and respected information expert. Gerard founded The Art of Service consulting business in 2000. Gerard has authored numerous published books to date.
To address the criteria in this checklist, these selected resources are provided for sources of further research and information:
Cost Estimation External links:
[PDF]COST ESTIMATION – The University of Oklahoma
Integrated Cost Estimation® (ICE) – Frontier Technology, Inc.
Cost estimate External links:
[PDF]Independent Government Cost Estimate Guide and …
AACE International External links:
AACE INTERNATIONAL – GuideStar Profile
About Us – AACE International Southern California Section
2017 AACE International Competitive Scholarship Application
American Society of Professional Estimators External links:
American Society of Professional Estimators
American Society of Professional Estimators
Best practices External links:
Title Company – Best Practices
ALTA – Best Practices
Best Practices — Attorneys Title I North Carolina
Building estimator External links:
Building Estimator – AbeBooks
The Building Estimator’s Reference Book
The building estimator’s guide, (Book, 1928) [WorldCat.org]
Chemical plant cost indexes External links:
Construction Management Association of America External links:
CMAAAZ – Construction Management Association of America
Construction Management Association of America – …
Construction Management Association of America – …
Construction Specifications Institute External links:
My Account – Construction Specifications Institute
CSI East Bay-Oakland | Construction Specifications Institute
Construction Specifications Institute – Prometric
Construction bidding External links:
Construction bidding for profit (eBook, 1979) …
Construction estimating software External links:
Construction Estimating Software | On Screen Takeoff | …
Clear Estimates | Construction Estimating Software
Construction management External links:
DEI Construction Management Software Portal – …
Promatech, Inc | Construction Management
TTL Assoc – Construction Management | Materials Testing
Cost contingency External links:
How Cost Contingency is Calculated? – Project Control …
Cost database External links:
RSMeans Online Construction Cost Database
Life-Cycle Cost Database. Volume I. Design.
Life-cycle cost database (Book, 1983) [WorldCat.org]
Cost engineering External links:
Cost Engineering & Estimating QA Review Checklist – …
Integrating Cost Engineering and Project Management in …
Cost Engineering Academy
Cost escalation External links:
Power Plant Cost Escalation – AbeBooks
[PDF]Cost escalation and schedule delays in road …
Cost overrun External links:
Predicting cost overrun of railroad bridge construction
Cost Overrun Optimism: Fact or Fiction
General contractor External links:
[PDF]General Contractor Sworn Statement
www.frontiertitle.org/pdfs/General Contractor Sworn Statement.pdf
JJO Construction – A Cleveland Based General Contractor
LEGENDS TITLE. General Contractor – Midvale, UT. …
Glossary of construction cost estimating External links:
Glossary of construction cost estimating – PlanOpedia
View topic – Glossary of construction cost estimating link
Glossary of construction cost estimating – WOW.com
Glossary of project management External links:
Wideman Comparative Glossary of Project Management Terms …
PMI – Glossary of Project Management terms
Glossary of Project Management Terms – luc.edu
Indirect costs External links:
Indirect Costs | Food and Nutrition Service
Direct and Indirect Costs | Admissions and Financial Aid
What Is Overhead Allocation? Indirect Costs and …
Industrial engineering External links:
Arkansas Academy of Industrial Engineering
Sinisi Associates LLC – Industrial Engineering
Industrial Engineering & Management
Line items External links:
[PDF]PO Unit of Measure (UOM) for Line Items – …
Line items | FileMaker Community
[PDF]FY17 9C Line Items – Mass.Gov
Manufacturing cost External links:
Manufacturing Cost Models for Estimating – MTI Systems
Manufacturing Cost Of Viagra | MedsPrices
Order of magnitude External links:
Order of magnitude (Musical CD, 1990) [WorldCat.org]
What is “order of magnitude”? – Vendian Systems
Parametric estimating External links:
Parametric Estimating – Project Management Certification
Parametric Estimating Handbook – DAU Home
Performance bond External links:
Performance Bonds – Fullerton & Knowles P.C.: …
[PDF]PERFORMANCE BOND – Indiana
Pre-construction services External links:
Pre-construction Services | Cinnaminson NJ
Project Management Institute External links:
Project Management Institute – Home | Facebook
Project Management Institute, Central Ohio Chapter, Inc.
CCRS | Project Management Institute
Project cost management External links:
Project Cost Management For Dynamics AX – SIS Software
Project Cost Management Consultants NW&SW …
Project Cost Management Flashcards | Quizlet
Project management External links:
Project management software, online collaboration: Basecamp
LearnSmart IT & Project Management Online Training …
PMP Training | Project Management Academy
Project management software External links:
Project management software, online collaboration: Basecamp
Quality assurance External links:
CCQAS – Centralized Credentials Quality Assurance System
Think of quality assurance as before the goods or services have been produced and quality control is during the production of the goods or services. The former ensures that there will be quality and the latter controls the execution to ensure that there was quality.
Textechno – Your partner in quality assurance
Quality control External links:
Part D: Ensuring Quality Control (QC) – fanniemae.com
Ardent Services, Inc. | Quality Control Evaluation Services
TruQC | A job-site documentation and quality control iPad app
Quantity surveyor External links:
[PDF]JOB TITLE: QUANTITY SURVEYOR – Youth in …
The role of a quantity surveyor
[PDF]JOB DESCRIPTION Job Title: Quantity Surveyor …
Reserve study External links:
Request for Reserve Study Proposal | Reserve Advisors
[PDF]RESERVE STUDY GUIDELINE – California Bureau of …
Scientific Wild-Ass Guess External links:
“Scientific wild-ass guess” on Revolvy.com
topics.revolvy.com/topic/Scientific wild-ass guess
Software project management External links:
Software Project Management Flashcards | Quizlet
Full-stack Software Project Management Tools – Unfuddle
Total cost management External links:
Pharmacy Care Services Total Cost Management – Optum
Pharmacy: Total Cost Management | UnitedHealthcare
Vendor bid analysis External links:
Waste management External links:
Waste Management located in Franklin, WI – Infofree.com
Waste Harmonics | Waste Management Solutions