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Details for Cost Estimators


Description

Prepare cost estimates for product manufacturing, construction projects, or services to aid management in bidding on or determining price of product or service. May specialize according to particular service performed or type of product manufactured.

Tasks

  • Analyze blueprints and other documentation to prepare time, cost, materials, and labor estimates.
  • Assess cost effectiveness of products, projects or services, tracking actual costs relative to bids as the project develops.
  • Consult with clients, vendors, personnel in other departments or construction foremen to discuss and formulate estimates and resolve issues.
  • Confer with engineers, architects, owners, contractors and subcontractors on changes and adjustments to cost estimates.
  • Prepare estimates used by management for purposes such as planning, organizing, and scheduling work.
  • Prepare estimates for use in selecting vendors or subcontractors.
  • Review material and labor requirements to decide whether it is more cost-effective to produce or purchase components.
  • Prepare cost and expenditure statements and other necessary documentation at regular intervals for the duration of the project.
  • Prepare and maintain a directory of suppliers, contractors and subcontractors.
  • Set up cost monitoring and reporting systems and procedures.
  • Establish and maintain tendering process, and conduct negotiations.
  • Conduct special studies to develop and establish standard hour and related cost data or to effect cost reduction.
  • Visit site and record information about access, drainage and topography, and availability of services such as water and electricity.

Interests

  • Enterprising - Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.
  • Conventional - Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.

Education, Training, Experience

  • Education - Most of these occupations require a four-year bachelor's degree, but some do not.
  • Training - Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.
  • Experience - A considerable amount of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant must complete four years of college and work for several years in accounting to be considered qualified.

Knowledge

Skills

  • Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
  • Active Listening - Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
  • Writing - Communicating effectively in writing as appropriate for the needs of the audience.
  • Speaking - Talking to others to convey information effectively.
  • Mathematics - Using mathematics to solve problems.
  • Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
  • Active Learning - Understanding the implications of new information for both current and future problem-solving and decision-making.
  • Monitoring - Monitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action.
  • Persuasion - Persuading others to change their minds or behavior.
  • Complex Problem Solving - Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
  • Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one.
  • Systems Analysis - Determining how a system should work and how changes in conditions, operations, and the environment will affect outcomes.
  • Management of Financial Resources - Determining how money will be spent to get the work done, and accounting for these expenditures.

Related Careers

  • Actuaries
  • Budget Analysts
  • Claims Examiners, Property and Casualty Insurance
  • Credit Analysts
  • Insurance Appraisers, Auto Damage
  • Insurance Underwriters
  • Mathematicians
  • Purchasing Agents, Except Wholesale, Retail, and Farm Products
  • Tax Preparers
Wages for this career
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