The cost of construction is a major issue of concern for all project parties from the very beginning of design to the end of construction. At the initial design stage, the cost of construction can be determined by aggregate indices, while at the final stage, the total cost of construction is determined by the Summary Cost Estimate, approved by the expertizing bodies, developed on the basis of cost estimate documentation, limit expenses and other expenditures. The estimated cost is a framework for determining the amount of construction financing, pricing and ettlements for the performed works.
The department staff consists of extensively experienced specialists and young professionals who undergo on-the-job training and thus improve their skills.
In our work we use a large information base – there are various guides and manuals specially developed for making-out of cost estimates. The normative rate base of estimates consists of more than 200 books containing about 260 thousand norms and rates. Accordingly, a construction estimator must easily navigate through this information content. Working in our department, we use modern cost estimating software systems: that help us to perform cost estimates in a very short time.
The cost estimates are made out by various methods: resource-based, resource-index-based, basic index methods, as well as on the basis of comparable facilities. Over and above, a construction estimator must know the construction technology, as the initial data he/she armed with for estimating are mostly scarce – these are drawings, bills of quantities, and descriptions of the structural members and equipment.