Estimating Solutions Overview
BuiltWorlds defines estimating solutions as technologies that streamline the estimation process for construction projects by predicting both hard and soft costs a company will incur. These costs may include labor, materials, equipment, schedule duration and overall project deliverables. Accurate estimations help forecast the demands of the project for the organization and any other entities under contract. A precise estimation process is crucial for project success as it enables stakeholders to plan and budget effectively, minimize delays and unexpected costs, and ensure that the project is completed on time and within budget.
One of the main risks associated with construction projects is the potential for changes that can affect the estimated cost and duration. Factors such as unforeseen weather conditions, labor shortages and material availability can all impact a project. Additionally, unexpected changes in project scope or design can lead to delays and increased…