Cost estimators figure out how much a project or product will cost. This helps business owners and managers decide whether to build a structure or manufacture a product. If a business doesn't think it can make enough money, it will not do it. Cost estimators also find out which jobs are making a profit. The exact method of figuring out the cost varies, depending on the industry in which you work.
They study information on all of the things that can change the cost of a project. This includes supplies, labor, location, and special equipment, like computer hardware and software.
In construction, they look at drawings and visit the site of the project. They determine the amount of materials and labor the firm will need. They also consider the costs of things like unused materials, delays due to bad weather, and shipping delays. They tell the architect, construction manager, or owner if they think the project will be profitable or not, and write their findings in a detailed report. In large companies, they may specialize. For example, one may estimate only electrical work and another may focus on concrete.
In manufacturing and other firms, they are assigned to the engineering, cost, or pricing departments. They estimate the cost of making products, including materials and labor. They make a list of parts to see if it is better to make or purchase the parts. The cost of computer software development is one of the fastest growing and hardest to estimate. Some specialize in this.
Estimators use computers a lot to do all of the necessary paperwork. This allows them more time to study and analyze potential projects or products
2..How to prepare for this occupation depends on the industry in which you want to work in. In construction, employers want people with a college degree in building construction, construction management or science, engineering, or architecture. In manufacturing, employers prefer to hire individuals with a degree in engineering, physical science, operations research, mathematics, or statistics. They can also have a degree in accounting, finance, business, economics, or a related subject.
Math and computer skills are very important. Strong communication and analytical skills are also important. Cost estimators must present their estimates to supervisors and others.
3..The number of cost estimators is expected to grow faster than the average for all occupations through the year 2020. Jobs should be best for those with work experience and a bachelor's degree in a related field. The expected increase in construction and repair projects on buildings, roads, airports, and other structures will lead to more jobs for estimators. This means that the best job opportunities will be in the construction industry.
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