AEC Project Estimating and Risk Management
In the highly competitive AEC marketplace, knowing and anticipating a project's expenses correctly provides a definite advantage when competing for a contract. But, even in the best of circumstances, cost estimating is complicated and there are myriad risks and uncertainties to consider.
Deriving high-quality cost estimates depends heavily on the quality of data; in most cases, the better the data, the better the resulting estimate will be, but be on the lookout for some common items that significantly increase risk in the planning and budgeting phase of projects, such as:
- Faulty assumptions
- Lack of supporting documentation
- No historical data for similar projects
- Out-of-date data
- Too much emphasis on precision vs. accuracy
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