Did you know "opinion of probable cost" does not mean the same thing as an estimation of cost? While this may be a term used by design consultants in the preliminary stages of a project’s estimate, this should not be mistaken for an estimation of cost. This is simply a professional opinion based on experience and available knowledge.
The responsibility of a Contractor is to provide a detailed quantitative analysis of each material cost or step in the process for a given project. This interactive online course will educate you on the various types of estimates that can be provided as well as the methods to do so accurately.
By the end of this course, you will be able to:
- State the purpose of an estimate and the primary objective of a contractor when preparing one
- List the various types of estimates
- Define the terms assembly and escalation as they are used in estimating
- Identify the characteristics of the five class types of the Cost Estimate Classification Matrix
- Recall the primary purpose of performing a Cost and Schedule Risk Analysis (CSRA)
- List the items included in a GMP (Guaranteed Maximum Price) on a Design/Build project
- Identify the items to be evaluated in a change order proposal
- Describe how a Contractor’s monthly payment on a contract is determined