What is involved in Cost Estimation
Find out what the related areas are that Cost Estimation connects with, associates with, correlates with or affects, and which require thought, deliberation, analysis, review and discussion. This unique checklist stands out in a sense that it is not per-se designed to give answers, but to engage the reader and lay out a Cost Estimation thinking-frame.
How far is your company on its Cost Estimation journey?
Take this short survey to gauge your organization’s progress toward Cost Estimation leadership. Learn your strongest and weakest areas, and what you can do now to create a strategy that delivers results.
To address the criteria in this checklist for your organization, extensive selected resources are provided for sources of further research and information.
Start the Checklist
Below you will find a quick checklist designed to help you think about which Cost Estimation related domains to cover and 198 essential critical questions to check off in that domain.
The following domains are covered:
Cost Estimation, Cost estimate, AACE International, American Society of Professional Estimators, Best practices, Building estimator, Chemical plant cost indexes, Construction Management Association of America, Construction Specifications Institute, Construction bidding, Construction estimating software, Construction management, Cost contingency, Cost database, Cost engineering, Cost escalation, Cost estimation in software engineering, Cost overrun, General contractor, Glossary of construction cost estimating, Glossary of project management, Indirect costs, Industrial engineering, International Standard Book Number, Line items, Manufacturing cost, Order of magnitude, Outline of project management, Parametric estimating, Performance bond, Pre-construction services, Project Management Institute, Project cost management, Project management, Project management software, Quality assurance, Quality control, Quality costs, Quantity surveyor, Reserve study, Scientific Wild-Ass Guess, Software project management, Three-point estimation, Total cost management, Vendor bid analysis, Waste management:
Cost Estimation Critical Criteria:
Do a round table on Cost Estimation leadership and document what potential Cost Estimation megatrends could make our business model obsolete.
– How do risk analysis and Risk Management inform your organizations decisionmaking processes for long-range system planning, major project description and cost estimation, priority programming, and project development?
– What prevents me from making the changes I know will make me a more effective Cost Estimation leader?
– How do we measure improved Cost Estimation service perception, and satisfaction?
– Have you identified your Cost Estimation key performance indicators?
Cost estimate Critical Criteria:
Focus on Cost estimate outcomes and probe the present value of growth of Cost estimate.
– Do we aggressively reward and promote the people who have the biggest impact on creating excellent Cost Estimation services/products?
– What are our needs in relation to Cost Estimation skills, labor, equipment, and markets?
– Are there recognized Cost Estimation problems?
AACE International Critical Criteria:
Focus on AACE International decisions and maintain AACE International for success.
– Are there any easy-to-implement alternatives to Cost Estimation? Sometimes other solutions are available that do not require the cost implications of a full-blown project?
– How can we improve Cost Estimation?
American Society of Professional Estimators Critical Criteria:
Understand American Society of Professional Estimators decisions and check on ways to get started with American Society of Professional Estimators.
– What is the total cost related to deploying Cost Estimation, including any consulting or professional services?
– What role does communication play in the success or failure of a Cost Estimation project?
– Who needs to know about Cost Estimation ?
Best practices Critical Criteria:
Administer Best practices failures and balance specific methods for improving Best practices results.
– What are our best practices for minimizing Cost Estimation project risk, while demonstrating incremental value and quick wins throughout the Cost Estimation project lifecycle?
– What standards, guidelines, best practices, and tools are organizations using to understand, measure, and manage risk at the management, operational, and technical levels?
– What ITIL best practices, security and data protection standards and guidelines are in use by the cloud service provider?
– What are the best practices for software quality assurance when using agile development methodologies?
– Are we proactively using the most effective means, the best practices and maximizing our opportunities?
– Does your organization have a company-wide policy regarding best practices for cyber?
– What are some best practices for gathering business intelligence about a competitor?
– What are the best practices in knowledge management for IT Service management ITSM?
– To what extent does management recognize Cost Estimation as a tool to increase the results?
– What best practices in knowledge management for Service management do we use?
– How does big data impact Data Quality and governance best practices?
– What are the a best practices for Agile SCRUM Product Management?
– What are the best practices for Risk Management in Social Media?
– What are some best practices for managing business intelligence?
– Are Organizational Change managements best practices (eg Kotter) applied?
– What best practices are relevant to your itsm initiative?
– Do we adhere to best practices interface design?
– What best practices are relevant to your ITSM initiative?
Building estimator Critical Criteria:
Audit Building estimator leadership and look in other fields.
– Are we making progress? and are we making progress as Cost Estimation leaders?
– Have the types of risks that may impact Cost Estimation been identified and analyzed?
– Who sets the Cost Estimation standards?
Chemical plant cost indexes Critical Criteria:
Extrapolate Chemical plant cost indexes adoptions and get out your magnifying glass.
– What are the success criteria that will indicate that Cost Estimation objectives have been met and the benefits delivered?
– Is the scope of Cost Estimation defined?
– What is our Cost Estimation Strategy?
Construction Management Association of America Critical Criteria:
Probe Construction Management Association of America decisions and probe Construction Management Association of America strategic alliances.
– A compounding model resolution with available relevant data can often provide insight towards a solution methodology; which Cost Estimation models, tools and techniques are necessary?
Construction Specifications Institute Critical Criteria:
Study Construction Specifications Institute tactics and get going.
– Can we add value to the current Cost Estimation decision-making process (largely qualitative) by incorporating uncertainty modeling (more quantitative)?
– What may be the consequences for the performance of an organization if all stakeholders are not consulted regarding Cost Estimation?
– What are the long-term Cost Estimation goals?
Construction bidding Critical Criteria:
Recall Construction bidding issues and shift your focus.
– What management system can we use to leverage the Cost Estimation experience, ideas, and concerns of the people closest to the work to be done?
– Among the Cost Estimation product and service cost to be estimated, which is considered hardest to estimate?
– What potential environmental factors impact the Cost Estimation effort?
Construction estimating software Critical Criteria:
Detail Construction estimating software decisions and visualize why should people listen to you regarding Construction estimating software.
– Record-keeping requirements flow from the records needed as inputs, outputs, controls and for transformation of a Cost Estimation process. ask yourself: are the records needed as inputs to the Cost Estimation process available?
– Think about the people you identified for your Cost Estimation project and the project responsibilities you would assign to them. what kind of training do you think they would need to perform these responsibilities effectively?
– Who will provide the final approval of Cost Estimation deliverables?
Construction management Critical Criteria:
Match Construction management decisions and describe the risks of Construction management sustainability.
– What other jobs or tasks affect the performance of the steps in the Cost Estimation process?
– What new services of functionality will be implemented next with Cost Estimation ?
– What will drive Cost Estimation change?
Cost contingency Critical Criteria:
Distinguish Cost contingency tasks and pioneer acquisition of Cost contingency systems.
– How can you measure Cost Estimation in a systematic way?
Cost database Critical Criteria:
Have a session on Cost database management and gather practices for scaling Cost database.
– What is our formula for success in Cost Estimation ?
Cost engineering Critical Criteria:
Shape Cost engineering decisions and diversify by understanding risks and leveraging Cost engineering.
– What other organizational variables, such as reward systems or communication systems, affect the performance of this Cost Estimation process?
– How to Secure Cost Estimation?
Cost escalation Critical Criteria:
Explore Cost escalation projects and correct Cost escalation management by competencies.
– Can Management personnel recognize the monetary benefit of Cost Estimation?
– How do we go about Comparing Cost Estimation approaches/solutions?
– Do we all define Cost Estimation in the same way?
Cost estimation in software engineering Critical Criteria:
X-ray Cost estimation in software engineering issues and frame using storytelling to create more compelling Cost estimation in software engineering projects.
– what is the best design framework for Cost Estimation organization now that, in a post industrial-age if the top-down, command and control model is no longer relevant?
– What are the disruptive Cost Estimation technologies that enable our organization to radically change our business processes?
– How will we insure seamless interoperability of Cost Estimation moving forward?
Cost overrun Critical Criteria:
Devise Cost overrun leadership and do something to it.
– Is there a Cost Estimation Communication plan covering who needs to get what information when?
– What sources do you use to gather information for a Cost Estimation study?
General contractor Critical Criteria:
Guard General contractor results and correct better engagement with General contractor results.
– Why is Cost Estimation important for you now?
– Why are Cost Estimation skills important?
Glossary of construction cost estimating Critical Criteria:
Coach on Glossary of construction cost estimating tactics and sort Glossary of construction cost estimating activities.
– How can you negotiate Cost Estimation successfully with a stubborn boss, an irate client, or a deceitful coworker?
– How do we maintain Cost Estimations Integrity?
Glossary of project management Critical Criteria:
Jump start Glossary of project management quality and adjust implementation of Glossary of project management.
– How do senior leaders actions reflect a commitment to the organizations Cost Estimation values?
Indirect costs Critical Criteria:
Drive Indirect costs projects and suggest using storytelling to create more compelling Indirect costs projects.
– In the case of a Cost Estimation project, the criteria for the audit derive from implementation objectives. an audit of a Cost Estimation project involves assessing whether the recommendations outlined for implementation have been met. in other words, can we track that any Cost Estimation project is implemented as planned, and is it working?
– How are the subunit s indirect costs allocated to products?
– How are a subunit s indirect costs allocated to products?
– Have all basic functions of Cost Estimation been defined?
Industrial engineering Critical Criteria:
Consolidate Industrial engineering leadership and visualize why should people listen to you regarding Industrial engineering.
– Will new equipment/products be required to facilitate Cost Estimation delivery for example is new software needed?
– Who is responsible for ensuring appropriate resources (time, people and money) are allocated to Cost Estimation?
– Do we have past Cost Estimation Successes?
International Standard Book Number Critical Criteria:
Deduce International Standard Book Number decisions and reinforce and communicate particularly sensitive International Standard Book Number decisions.
– How can the value of Cost Estimation be defined?
Line items Critical Criteria:
Adapt Line items visions and triple focus on important concepts of Line items relationship management.
– At what point will vulnerability assessments be performed once Cost Estimation is put into production (e.g., ongoing Risk Management after implementation)?
Manufacturing cost Critical Criteria:
Communicate about Manufacturing cost tactics and create a map for yourself.
– Are assumptions made in Cost Estimation stated explicitly?
Order of magnitude Critical Criteria:
Recall Order of magnitude results and oversee Order of magnitude requirements.
– How do we make it meaningful in connecting Cost Estimation with what users do day-to-day?
– What are the usability implications of Cost Estimation actions?
Outline of project management Critical Criteria:
Talk about Outline of project management governance and budget for Outline of project management challenges.
– Does Cost Estimation analysis isolate the fundamental causes of problems?
– What are all of our Cost Estimation domains and what do they do?
Parametric estimating Critical Criteria:
Paraphrase Parametric estimating strategies and revise understanding of Parametric estimating architectures.
– How likely is the current Cost Estimation plan to come in on schedule or on budget?
– How do we Identify specific Cost Estimation investment and emerging trends?
Performance bond Critical Criteria:
Deliberate Performance bond tactics and balance specific methods for improving Performance bond results.
– Does the Cost Estimation task fit the clients priorities?
– Which Cost Estimation goals are the most important?
Pre-construction services Critical Criteria:
Brainstorm over Pre-construction services leadership and prioritize challenges of Pre-construction services.
– Do Cost Estimation rules make a reasonable demand on a users capabilities?
– Are there Cost Estimation problems defined?
Project Management Institute Critical Criteria:
Infer Project Management Institute issues and pay attention to the small things.
– What are the Key enablers to make this Cost Estimation move?
Project cost management Critical Criteria:
Depict Project cost management risks and arbitrate Project cost management techniques that enhance teamwork and productivity.
– Are the procurement procedures such that undue delays can be avoided?
– Are the people changing, especially the sponsors or stakeholders?
– When are the various organizations brought into the project?
– Describe the Leadership and Motivation for the Project Team?
– Does your organization have a Project Management Office?
– What are the Commercial aspects of Project Management?
– What is an economic aspect of Project Management?
– How much people change will this project require?
– What is meant by managing the triple constraint?
– Are new requests for more data cost justified?
– How accurate and complete is the information?
– Who will be reporting to whom and how often?
– What is going to be the accounting period?
– What are the components of team building?
– Describe the art of managing a Project?
– What is the meaning of Group cohesion?
– Are new applications cost justified?
– Who are the project managers?
– How much GDP does it drive?
– What Is a Project?
Project management Critical Criteria:
Analyze Project management leadership and catalog what business benefits will Project management goals deliver if achieved.
– There is lots of discussion about the role of a project manager; whether a project manager is needed in the agile world or not. How much and which way a traditional project manager has to change his/her management style or way of working in order to be an agile project manager?
– Partial solutions can only be used if the information support is being developed for a process that has not yet been computerised. Namely, if users already use an old IT solution – will they partly use the old one and partly the new one?
– Does it replace or negate traditional project management concerns with risk, scheduling, metrics, and execution, or does it shift how we think about these and necessitate new techniques and approaches?
– What are the key considerations and decisions that must be made to ensure your project management office is appropriate for your organization?
– Which existing processes, tools and templates for executing projects can be applied to the agile project management framework?
– Are there metrics and standards that can be used for control of agile project progress during execution?
– Can agile project management be adopted by industries other than software development?
– Is the Cost Estimation organization completing tasks effectively and efficiently?
– So, how do we adapt project management techniques to deal with this key reality?
– Are the project teams ready to function within agile project management?
– Does implementation of project management require a culture change?
– So, how does the agile project management model work?
– What about when our context is not so simple?
– What project management certifications do you hold?
– What is agile project management?
– So then, what is a virtual team?
– What is the cost of change?
– What is Project Management?
Project management software Critical Criteria:
Incorporate Project management software adoptions and attract Project management software skills.
– What are the key elements of your Cost Estimation performance improvement system, including your evaluation, organizational learning, and innovation processes?
– Marketing budgets are tighter, consumers are more skeptical, and social media has changed forever the way we talk about Cost Estimation. How do we gain traction?
– How can we incorporate support to ensure safe and effective use of Cost Estimation into the services that we provide?
Quality assurance Critical Criteria:
Deliberate Quality assurance planning and plan concise Quality assurance education.
– How do employee selection and development practices, as well as staff performance management, well-being, motivation, satisfaction, and compensation, contribute to the growth of the organization?
– Does the quality plan prescribe the type(s) of Quality Assurance activities (such as reviews, audits, inspections) to be performed to achieve the objectives of the quality plan?
– How does the company create and implement a strategic plan to achieve a vision for the future, enhance competitive position, and improve overall performance?
– What is your Quality Assurance process to ensure that the large volumes of data gathered in the monitoring process are handled efficiently?
– Is software Quality Assurance done by an independently reporting agency representing the interests of the eventual user?
– Is there a chance the planning/registering activity may lose ownership of any items suddenly?
– Are Quality Assurance records stored in folders, binders, or other suitable protection?
– How do you assure that repairs and/or preventative maintenance were completed?
– What is/are the major contractors qa plan(s), and is it/are they implemented?
– Are Quality Assurance records marked or labelled to ensure traceability?
– Does the Quality Assurance record center contain the selected documents?
– How does improper/incomplete documentation affect disciplinary actions?
– Were adequate human factors considered in the design of the equipment?
– Who is responsible for communicating protocol changes to field staff?
– How does the qa plan cover all aspects of the organization?
– Do you keep track of unsuccessfully performed skills?
– How often are the protocols reviewed?
– Is the qa plan approved?
– What is the qa plan?
Quality control Critical Criteria:
Focus on Quality control management and budget the knowledge transfer for any interested in Quality control.
– Is the Quality Assurance function recognized to be different from implicit and continuous quality control during fabrication, in that it is discrete, explicit following production, and ignores the sequence or nature of the fabrication steps or processes?
– Do we conduct regular data quality audits to ensure that our strategies for enforcing quality control are up-to-date and that any corrective measures undertaken in the past have been successful in improving Data Quality?
– Have we established unit(s) whose primary responsibility is internal audit, Quality Assurance, internal control or quality control?
– What policies do we need to develop or enhance to ensure the quality control of data gathered?
– What quality control measures will be used to ensure the program progresses as planned?
– Risk factors: what are the characteristics of Cost Estimation that make it risky?
– Do we regularly review and update its Data Quality control procedures?
– Are regulatory inspections considered part of quality control?
– What about quality control? Defects?
– What is your quality control system?
– What about quality control?
Quality costs Critical Criteria:
Experiment with Quality costs risks and create Quality costs explanations for all managers.
– Why is it important to have senior management support for a Cost Estimation project?
– Will Cost Estimation deliverables need to be tested and, if so, by whom?
Quantity surveyor Critical Criteria:
Reorganize Quantity surveyor issues and figure out ways to motivate other Quantity surveyor users.
– What about Cost Estimation Analysis of results?
Reserve study Critical Criteria:
Understand Reserve study governance and find out.
– What are your most important goals for the strategic Cost Estimation objectives?
– How do we manage Cost Estimation Knowledge Management (KM)?
Scientific Wild-Ass Guess Critical Criteria:
Illustrate Scientific Wild-Ass Guess projects and diversify disclosure of information – dealing with confidential Scientific Wild-Ass Guess information.
– Does Cost Estimation include applications and information with regulatory compliance significance (or other contractual conditions that must be formally complied with) in a new or unique manner for which no approved security requirements, templates or design models exist?
– How do you incorporate cycle time, productivity, cost control, and other efficiency and effectiveness factors into these Cost Estimation processes?
– Does Cost Estimation analysis show the relationships among important Cost Estimation factors?
Software project management Critical Criteria:
Transcribe Software project management results and spearhead techniques for implementing Software project management.
– For your Cost Estimation project, identify and describe the business environment. is there more than one layer to the business environment?
– Does Cost Estimation create potential expectations in other areas that need to be recognized and considered?
Three-point estimation Critical Criteria:
Mine Three-point estimation governance and develop and take control of the Three-point estimation initiative.
Total cost management Critical Criteria:
Explore Total cost management governance and ask what if.
– When a Cost Estimation manager recognizes a problem, what options are available?
Vendor bid analysis Critical Criteria:
Powwow over Vendor bid analysis issues and probe the present value of growth of Vendor bid analysis.
Waste management Critical Criteria:
Interpolate Waste management decisions and assess what counts with Waste management that we are not counting.
– Think about the functions involved in your Cost Estimation project. what processes flow from these functions?
This quick readiness checklist is a selected resource to help you move forward. Learn more about how to achieve comprehensive insights with the Cost Estimation Self Assessment:
Author: Gerard Blokdijk
CEO at The Art of Service | theartofservice.com
Gerard is the CEO at The Art of Service. He has been providing information technology insights, talks, tools and products to organizations in a wide range of industries for over 25 years. Gerard is a widely recognized and respected information expert. Gerard founded The Art of Service consulting business in 2000. Gerard has authored numerous published books to date.
To address the criteria in this checklist, these selected resources are provided for sources of further research and information:
Cost Estimation External links:
Cost Estimation Methods – University of North Florida
Easy Bus Rental Cost Estimation Tool | Cost Calculator
Free cost estimation for registration of IP types worldwide
AACE International External links:
About Us | AACE International
2018 Western Winter Workshop – AACE International …
The National Capital Section of AACE International
American Society of Professional Estimators External links:
ASPE National – American Society of Professional Estimators
American Society of Professional Estimators – Catalog
Best practices External links:
ALTA – Best Practices
Best Practices — Attorneys Title I North Carolina
Title Company – Best Practices
Building estimator External links:
The Building Estimator’s Reference Book – Frank R Walker
Building Estimator – AbeBooks
Chemical plant cost indexes External links:
Chemical plant cost indexes – Revolvy
update.revolvy.com/topic/Chemical plant cost indexes
chemical plant cost indexes chile – galogistics.in
Construction Management Association of America External links:
CMAAAZ – Construction Management Association of America
Construction Management Association of America: …
Construction Management Association of America – …
Construction Specifications Institute External links:
My Account – Construction Specifications Institute
CSI East Bay-Oakland | Construction Specifications Institute
Construction Specifications Institute – Prometric
Construction bidding External links:
Construction bidding for profit (eBook, 1979) …
Construction estimating software External links:
Construction Estimating Software | On Screen Takeoff | …
Construction Estimating Software
Clear Estimates | Construction Estimating Software
Cost contingency External links:
CiteSeerX — Cost Contingency as the Standard Deviation …
How Cost Contingency is Calculated? – Project Control …
Cost database External links:
NREL Data: Distribution System Upgrade Unit Cost Database
RSMeans Online Construction Cost Database
Life-cycle cost database (Book, 1983) [WorldCat.org]
Cost engineering External links:
SEA 05C – Cost Engineering and Industrial Analysis Division
Cost Engineering & Estimating QA Review Checklist – …
Cost escalation External links:
Cost escalation in nuclear power (Book, 1978) …
Cost overrun External links:
Predicting cost overrun of railroad bridge construction
General contractor External links:
Job Description of General Contractors | Chron.com
Glossary of construction cost estimating External links:
Glossary of construction cost estimating – PlanOpedia
View topic – Glossary of construction cost estimating link
Glossary of project management External links:
PMI – Glossary of Project Management terms
Indirect costs External links:
[PDF]An Overview Indirect Costs
Examples of Direct and Indirect Costs | Chron.com
Indirect Costs | oalm-new1.dd
Industrial engineering External links:
School of Industrial Engineering – Purdue University
Industrial Engineering & Management
Mechanical and Industrial Engineering
International Standard Book Number External links:
ISBN: International Standard Book Number for Self …
ISBN – Check Digit for International Standard Book Number
What is an ISBN (International Standard Book Number)?
Line items External links:
Lisa Rinna Best Selling QVC Fashion Line Items | PEOPLE…
[PDF]PO Unit of Measure (UOM) for Line Items – Welcome to …
Manufacturing cost External links:
Manufacturing Cost Of Viagra | SunDrugstore
Manufacturing Cost Estimates and Product Development …
Apple iPhone Manufacturing Cost Foxconn – Business Insider
Order of magnitude External links:
What is Rough Order Of Magnitude (ROM)? definition and …
Order Of Magnitude – The Paranormal & Personal – YouTube
What is order of magnitude? – Definition from WhatIs.com
Parametric estimating External links:
Topics on the PMP: Parametric Estimating – Magoosh …
Parametric Estimating – Project Management Certification
[PDF]An Introduction to Parametric Estimating
Performance bond External links:
Performance Bond – GSA
What is a performance bond and how does it work? – Quora
Surety Bond | Performance Bond | Absolute Surety
Pre-construction services External links:
Pre-Construction Services — American Direct
Project Management Institute External links:
PMI – Project Management Institute :: Pearson VUE
CCRS | Project Management Institute
PMI-Project Management Institute
Project cost management External links:
PreparePM | Project Cost Management
Project Cost Management For Dynamics AX – SIS Software
Project Cost Management Flashcards | Quizlet
Project management software External links:
Huddle | Team Collaboration & Project Management Software
Quality assurance External links:
Think of quality assurance as before the goods or services have been produced and quality control is during the production of the goods or services. The former ensures that there will be quality and the latter controls the execution to ensure that there was quality.
Quality Assurance Job Titles | Enlighten Jobs
Quality assurance titles Jobs – Yakaz
Quality control External links:
Part D: Ensuring Quality Control (QC) – fanniemae.com
Ardent Services, Inc. | Quality Control Evaluation Services
OEQC Home – Office of Environmental Quality Control
Quality costs External links:
Principles of Quality Costs, Fourth Edition | ASQ
Quantity surveyor External links:
Quantity Surveyor Resume Samples | JobHero
Home | TruEst Quantity Surveyor
Reserve study External links:
[PDF]RESERVE STUDY GUIDELINE – California Bureau of …
RCW 64.34.380: Reserve account—Reserve study…
RCW 64.34.382: Reserve study—Contents.
Software project management External links:
Full-stack Software Project Management Tools – Unfuddle
Software Project Management Flashcards | Quizlet
Total cost management External links:
Pharmacy: Total Cost Management | UnitedHealthcare
Total Cost Management Framework – Goodreads
Pharmacy Care Services Total Cost Management – Optum
Vendor bid analysis External links:
Using Selection Criteria in Vendor Bid Analysis
Waste management External links:
Waste Management – Franklin, WI – Home | Facebook
Waste Management – Franklin, WI – Home | Facebook
Login to EBusiness | Waste Management eBusiness