Practical work experience is necessary to become a cost estimator. Consider taking a part-time position with a construction crew or manufacturing firm during your summer vacations. Because of more favorable working conditions, construction companies are the busiest during the summer months and may be looking for additional assistance. Join any business or manufacturing clubs that your school may offer.
Estimating the costs for a school dance or sporting event will help you to understand the basics of cost estimation.
Read industry publications to learn more about the work of cost estimators. Here are a few suggestions:
Another way to discover more about career opportunities is simply by talking to a professional cost estimator. Ask your school counselor to help arrange an interview with an estimator to ask questions about his or her job demands, work environment, and personal opinion of the job.
In the construction industry, the nature of the work is largely determined by the type and size of the project being estimated. For a large building project, the estimator reviews architectural drawings and other bidding documents before any construction begins. The estimator then visits the potential construction site to collect information that may affect the way the structure is built, such as the site's access to transportation, water, electricity, and other needed resources. While out in the field, the estimator also analyzes the topography of the land, taking note of its general characteristics, such as drainage areas and the location of trees and other vegetation. After compiling thorough research, the estimator writes a quantity survey, or takeoff. This is an itemized report of the quantity of materials and labor a firm will need for the proposed project.
Large projects often require several estimators, all specialists in a given area. For example, one estimator may assess the electrical costs of a project, while another concentrates on the transportation or insurance costs. In this case, it is the responsibility of a chief estimator to combine the reports and submit one development proposal.
In manufacturing, estimators work with engineers to review blueprints and other designs. They develop a list of the materials and labor needed for production. Aiming to control costs but maintain quality, estimators must weigh the option of producing parts in-house or purchasing them from other vendors. After this research, they write a report on the overall costs of manufacturing, taking into consideration influences such as improved employee learning curves, material waste, overhead, and the need to correct problems as manufacturing goes along.
To write their reports, estimators must know current prices for labor and materials and other factors that influence costs. They obtain this data through commercial price books, catalogs, and the Internet or by calling vendors directly to obtain quotes.
Estimators should also be able to compute and understand accounting and mathematical formulas in order to make their cost reports. Estimating software is frequently used to do the routine calculations, producing more accurate results and leaving the estimator with more time to analyze data.