Every program, project, or operation needs a cost estimate, that is the product of the cost estimating process.
The required accuracy of the estimate depends on the purpose of such estimate and on the phase of work you are in.
The Issue
For example, if you are competitively bidding for a large multimillion dollar project on lump-sum turnkey basis (LSTK), you definitely need an accurate estimate, based on a quite comprehensive design that should reduce the uncertainties to the minimum possible level. Yet, within such estimate you should build appropriate allowances for contingencies, based on experience. If you don’t have sufficient experience, then your allowances would push you out of the competitive bidding process.
What do we offer?
We prepare independent cost estimates and carry out value appraisals for a variety of projects, such as:
- Industrial plants and project
- Infrastructures
- Buildings and real estate
- Real estate Land and propertyFor the preparation of the estimates and value appraisals we rely on cost databases, that include a wide range of elements, such as process equipment, piping, structures, instrumentation, electrical materials, insulation, civil and building works, etc.
Each item in the database includes physical and productivity data, which include, as applicable, the following elements:
- Process Data
- Main materials
- Weight
- Freight volume
- Standard fabrication and construction man-hours
- Bill of quantities
The cost database is included in an Expert System named PCEM (Project Cost Estimate Model) that enables to evaluate all the ancillary costs pertaining to the project execution, such as:
- Project Management
- Engineering
- Procurement
- Fabrication and erection works
- Painting and other discipline works
- Construction supervision
- Civil works
- Commissioning