Independent Estimate Reviews and Validation
TYPICAL ACTIVITIES FOR ESTIMATE REVIEW
- Study Scope Of Work (SOW)
- Material Take Off (MTO) review for all the quantities including allowances and prorates
- Study Design Basis
- Review Basis and Methodology of Estimate for Direct and Indirect Cost
- View Site with Construction or Project Manager for Brown Field Jobs (Preferred)
- Conduct Inter-Discipline Scope Alignment Meetings (if gaps are suspected in MTO review)
- Review Material Pricing and Quotes
- Perform Bid Evaluation Including Conditioning and Normalization (if required)
- Review Contracts for Exclusions
- Review Logistic and Procurement Plans (where applicable)
- Study Construct-ability Reports
- Review Basis of Risk and Mitigation Plans (where applicable)
- Compare Estimate Against in-house Benchmarks and Conduct Performance Metric Analysis
- Prepare Check Estimates (if required)
- Provide a Detailed Review Report for the Overall Health of the Estimate.
Cost estimate is an essential element for any project. Project cost overruns of 100 – 300% are not uncommon. Busy markets the in Alberta and the world over, are facing challenges with bringing predictability to their budgets. Internal estimating resources, while valuable and indispensable, can sometimes bring their biases to the project, which can blind them to some areas needing attention. We provide unbiased estimate reviews, which assures and significantly improve cost predictability. Prior to approving budgets, it is highly recommended to get your estimates reviewed and validated by Golden Ratio Estimating. We offer independent estimate review services globally. We travel to your location regardless where in the world your project may be!
Once your estimate is complete, whether it was prepared by your own estimating department, by a 3rd party, or especially by the engineering house, a second professional opinion to see if the end results have any room for cost optimization, or if there are any gaps need to be filled, is critical for project success. Whether you feel your organization does not have the requirement for extensive estimating infrastructure, or you are looking for a second opinion on your estimates, Golden Ratio’s services are right for you.
We analyze the entire estimate by dissecting each work break down or section of given structure for each discipline. Avoid significant budget variation by getting your estimates reviewed and validated by Golden Ratio Estimating.