Accurate Data, Smooth Planning
The planning and design phases are two of the most vital building blocks in the construction life cycle. Because the materials created in these steps are constantly referenced throughout the project’s evolution, accurate planning and design is essential, no matter the scope or size of an initiative.
“According to the American Association of Cost Engineers, cost engineering is defined as that area of engineering practice where engineering judgment and experience are utilized in the application of scientific principles and techniques to the problem of cost estimation, cost control and profitability.”
Increased flexibility allows planners, designers, architects and engineers more time to try out different methods or prototypes before submitting a final version of their work. With improved cost estimating data, these creative stakeholders have plenty of opportunities to experiment with various strategic approaches because material prices and labor requirements are clear from the outset.
Arguably the most appealing benefit of accurate estimating data is the mitigation of common risk factors such as cost overruns which often result from poor price coordination at a project’s outset. In some cases, accurate cost estimations can even combat risks in later phases of a project—such as subcontracting with the striping company or guardrail installation—ultimately improving on-site coordination and reducing the likelihood of troublesome change orders.
In closing, planning and design stakeholders need to lock down reliable and relevant sources of cost estimating data to ensure their project stages run as smoothly as possible. With these resources, a new project will start off on the right foot.