What Do Cost Estimators Do (including Their Typical Day At Work)

Job Description

Cost Estimators prepare cost estimates for product manufacturing, construction projects, or services to aid management in bidding on or determining price of product or service. May specialize according to particular service performed or type of product manufactured. They also collect historical cost data to estimate costs for current or future products.

Other tasks include:

• Consult with clients, vendors, personnel in other departments, or construction foremen to discuss and formulate estimates and resolve issues.
• Prepare estimates used by management for purposes such as planning, organizing, and scheduling work.
• Analyze blueprints and other documentation to prepare time, cost, materials, and labor estimates.
• Confer with engineers, architects, owners, contractors, and subcontractors on changes and adjustments to cost estimates.
• Assess cost effectiveness of products, projects or services, tracking actual costs relative to bids as the project develops.
• Prepare estimates for use in selecting vendors or subcontractors.

We asked Cost Estimators how satisfied they are with their job. Here is what they said.

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68% of them said they were satisfied with their job and 44% said they find that their job makes the world a better place or helps to make someone else’s life better.

Typical Day At Work

On a daily basis, Cost Estimators analyze blueprints and other documentation to prepare time, cost, materials, and labor estimates. They consult with clients, vendors, personnel in other departments, or construction foremen to discuss and formulate estimates and resolve issues.

• Assess cost effectiveness of products, projects or services, tracking actual costs relative to bids as the project develops.
• Collect historical cost data to estimate costs for current or future products.
• Confer with engineers, architects, owners, contractors, and subcontractors on changes and adjustments to cost estimates.
• Set up cost monitoring and reporting systems and procedures.
• Prepare and maintain a directory of suppliers, contractors and subcontractors.

We asked some Cost Estimators a few questions to find out what else does their work day look like. Here is what we found.

	Do you have telephone conversations everyday in this job?	82% said yes
	How important is it to work in a team in this job?	43% said very important
	Do you have group discussions everyday in this job?	61% said yes
	Do you talk or work with customers everyday in this job?	14% said yes
	Do you have to deal with angry customers everyday in this job?	4% said yes
	Do you have to make decisions everyday in this job?	14% said yes

Other responsibilities

Besides their typical day, Cost Estimators also visit site and record information about access, drainage and topography, and availability of services such as water and electricity. They may also conduct special studies to develop and establish standard hour and related cost data or to effect cost reduction.

On a weekly to monthly basis, Cost Estimators Set up cost monitoring and reporting systems and procedures. They might also Prepare estimates used by management for purposes such as planning, organizing, and scheduling work.

In addition, they Prepare and maintain a directory of suppliers, contractors and subcontractors.

Although specific duties may vary, many of them Prepare cost and expenditure statements and other necessary documentation at regular intervals for the duration of the project.

To some Cost Estimators, it is also their responsibility to Collect historical cost data to estimate costs for current or future products.

Working life

More than 40 hours per week

Regular schedule like a 9 to 5

In a typical work week as a Cost Estimator, you can expect to work more than 40 hours per week.

Is this right for me

People who are suitable for this job tends to like starting up and carrying out projects. They like leading people and making many decisions. Sometimes they require risk taking and often deal with business..

They also like following set procedures and routines. They like working with data and details more than with ideas.

You can read more about these career personality types here.

Explore other careers

http://www.bls.gov/OOH/business-and-financial/cost-estimators.htm

http://www.aacei.org/

http://www.aspenational.org/

http://www.iceaaonline.com/