#Cost Consultants

[bidkon]

Common Mistakes in Cost Estimation and How to Avoid Them

Thus, cost estimation forms an important part of every construction project process and happens to be its major success determinant. Therefore, the aspect of cost estimation is relevant in budgeting and planning, not allowing the aspect of financial consumption to shoot up. These estimations bring about common mistakes that make a huge discrepancy in the reliable estimate of the costs which are to rise. The learning related to these mistakes and the know-how to avoid them is quite important for construction project management firms, cost consultants, and quantity surveyors. 

Underestimating Project Scope

The most common mistake in estimating cost is when there is an underestimated project scope. This usually happens because of ineffective project planning where the requirements of the project have not been well understood. Poorly estimated scope results in delays, cost overruns, and poor-quality work. Elaborate project planning and discussion with stakeholders should pave the way for capturing all facets of a project. Furthermore, engaging the services of construction project management firms will also substantiate definition of scope accurately, otherwise the scope of a project in terms of tender cost estimation will miss out on several elements.

Ignorance of Market Conditions

Ignorant of Market Conditions. Prices of materials, labour, and equipment are bound to fluctuate for a number of reasons—economic scenarios, changes in source of supply, and fluctuations in demand for material, among others. Ignoring these would lead to serious overruns with variances between estimation and actual cost. In order to minimise these risks, the cost consultant shall ensure keeping abreast with market trends in the price level and shall provide for contingencies with all material prices possibly changing within the estimate. Review and update cost estimates on a regular basis in order to reflect prevailing conditions in the market to ensure that it does not lose its accuracy over time.

Poor Risk Management

Poor risk management is another critical cost estimation predicament. Construction projects are prone to being inherently risky in nature, such as risks from weather, unforeseen site conditions, and regulatory changes. In case they are not properly catered for, they may ultimately lead to high cost overruns. Whatever the case, a quantity surveyor should be able to carry out a comprehensive risk assessment and include appropriate contingencies in his cost estimate. The more the risks are identified early and planned for in advance, the more reliable and resilient the cost estimate that the construction project management firm will establish.

Being Negligent About Indirect Costs

Many estimators only consider direct costs like material and labour costs, and most of the time, they skip indirect costs. Examples of indirect costs are those associated with project management, permits, insurance, and overhead. Ignoring such costs during estimating the same may cause underestimation. Therefore, it should be detailed either through direct or indirect costs. Involvement of professional cost consultants with relevant experience will ensure the fact that necessary costs have been taken on board and the cost estimate is made reliable and accurate.

Conclusion

Accurate prediction of cost is important in construction. Construction project management firms, cost consultants, and quantity surveyors can enhance their estimate reliability by observing principles that prevent the usual mistakes in underestimation of project scope, non-consideration of market conditions, improper risk management, and neglecting indirect costs. Adequate planning, continuous market study, effective risk evaluation, and detailed cost breakdown are the major strategies to be followed to enhance the practices regarding cost estimation. This is apart from assisting in delivering projects on budget; they would also help in the overall efficiency and profitability of construction endeavours.

[pallanophblargh]

Color! Composition still wonky, but this was done mainly to see how I liked the colors and such. I can reposition and resize birds/leaves/etc another time. And get a decent proper hexagon drawn up.

This has been an exercise in not letting perfection hold me back. I have to start getting back into art somehow, right?

[y-rhywbeth2]

You know, even ignoring the whole "vampirism can be cured" thing, if we want a spell or enchanted item that lets vampires walk in the sun and dodge other weaknesses and drawbacks I'm pretty sure Gale - prodigy who caught the eye of the Mother of Magic as a child, had to be told he can't teach every specialisation, archwizard - can just... make one? Even if he's not recovered enough from having his magic stripped to cast a spell himself, he knows the theory well enough to lay the foundations for somebody else to cast.

Like, magic is basically a science, all spells were researched and created by a wizard at some point. Magic that protects vampires from the sun already exists in BG canon. This is perfectly achievable.

I think Gale would have a great time puzzling it over and infodumping about it.

The price is that Astarion has to get a migraine forcing his dead braincells to pay attention.

[ladysophiebeckett]

La Oferta de Michel \ Los Planes del Futuro de Betty y Armando

[glittertism]

[Id: simple drawing of a gray cat with a red exclamation point in a speech bubble over the cat's head. End id]

hey btw did u know i'm transgender. And also i'm getting a letter of readiness for top surgery in a week. Well that's happening! ÓwÒ also ... well, put simply i do not know what cost that might incur yet. Consider donating to help out? a little will go a long way :-)

[petit-papillion]

One thing I genuinely don’t understand is why there needs to be two hp logos on the front of the suit? Like the big one can’t be missed why add another smaller one. It’s so ugly. It’s giving mclaren with its 163829 sponsors on the suit

As much as I hate them, it has been pretty standard, even for Ferrari. Back when it was Mission Winnow, we also had a smaller and big logo on the front, plus another one on the collar:

and another one on the back:

And check out the suit when it was Marlboro:

Three on the front, 1 on each sleeve, a big one on the back, 5 on the helmet, 1 on each side of the cap... Oh, and there was also a massive Marlboro on the back wing.

But because those logos were also red/white, they just blended a lot better on the suit than the HP logos. I suppose we'll have to get used to them though.

📷Leanne Boon, Thierry Gromik/ABACA

[kakashihasibs]

Ive had control of our (my husband's and my) finances for only 2 months and things are already so much better i cannot believe it. Other than my student loans we have no debt, we actually have money in our savings account, we can finally donate regularly, and all of our bills are paid with no worry! This is the 1st time in my life that I'm living like this!

I said this to my husband and he's like ~i guess >:[~ so i asked what the hell he meant by that and he's like we dont have any spending money and im just ಠ_ಠ r u fucking serious. I literally just bought him a fairly expensive dnd book.

I'm losing my mind over here x_x once we reach our saving goal I'm going to make him open a roth IRA. We WILL be financially healthy and responsible i dont care if it means he can't spend money on every little bit of detritus that crosses his path.

Listen if ur not the "breadwinner" in the household you need to be involved with the budget. Do NOT just trust the earning partner. You need to KNOW were your money is going.

[zanderbobs]

How do I tell my housemates that my dad is right about everything and they should listen to him without sounding like a lunatic

[obaewankenope]

I really need a commission or something right now. Please. Commission me. Ask me to do some art. Ask me to write sth for you. Ask me to research sth for you. Tell me how much you'll pay me for any of it.

My cat is sick and I don't know if I can cover all the vet cost tomorrow and he needs seeing because I don't know if the abscess on his face is infection or dental and I actually pray it's infection because that's cheaper.

Just. Please. Someone hire me to do SOMETHING for them right now.

I will literally draw furry porn I don't even fucking CARE.

[manhattan-gamestop]

A shame that it takes time effort and money to transition and that we can’t all just be shapeshifters

[drakonovisny]

so tempted to spend most of my salary immediately to start my hrt

[xamaxenta]

I want to draw Sabo with a bonesaw … 👉🏽👈🏽

[palmer]

Told the clinician in France how much healthcare cost in America and she looked at me with horror

[iero]

My wisdom teeth surgery is scheduled for Valentine’s Day and that’s way more funnier then it has any right to be for me.

[magtecbusinesssolutions]

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[b-blushes]

got a good grade in 'not having something wrong with my brain that opticians can detect' and also in 'buying bananas' (not from the optician) 👍