The Importance of Estimating Within the Construction Industry

Kenny Ingram, Vice President of Engineering, Construction & Infrastructure at IFS, explains how estimating in the construction industry is considered by many to be the basis of all processes within projects. It has direct and indirect impacts on everything that follows within a project, meaning that the estimate is the precursor for preparing budgets. This in turn develops the overall project budget, quantities for materials and labor costs, and more.

In construction, estimating is the process of making the assessment for all costs within a project and creating a forecast of how much the building of a project’s structure is going to cost. The estimate’s purpose is for contractors to use this during the bidding process, therefore, one of the most critical stages in the overall life cycle of a project.

Read the full article from IFS here.