Cost Estimator
A professional responsible for predicting the expense of a project or product, calculating material costs, labor, and other related expenditures.
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Sample Job Descriptions for Cost Estimator
Below are the some sample job descriptions for the different experience levels, where you can find the summary of the role, required skills, qualifications, and responsibilities.
Junior (0-2 years of experience)
Summary of the Role
A Junior Cost Estimator is responsible for assisting in the process of predicting the expenses related to manufacturing a product or completing a project. They work under the supervision of Senior Estimators and contribute to the creation of cost models and the analysis of cost data.
Required Skills
- Cost estimation
- Data analysis
- Microsoft Office proficiency
- Time management
- Collaboration and teamwork
Qualifications
- Bachelor's degree in engineering, construction management, finance, accounting, or related field.
- Understanding of cost estimating software and MS Office.
- Strong analytical skills and attention to detail.
- Excellent communication and interpersonal skills.
- Ability to interpret technical documents and blueprints.
Responsibilities
- Assist in analyzing project specifications and requirements to prepare time, material, and labor estimates.
- Compile data and documents like historical costs and vendor quotations to support estimate accuracy.
- Cooperate with engineering, finance, and project teams to understand and evaluate project plans and specifications.
- Help maintain and update the cost estimating tools and databases.
- Participate in the preparation of cost reports and documentation.
- Support the bid preparation process by gathering and organizing cost information.
- Contribute to cost tracking and monitoring throughout project life cycles.
Intermediate (2-5 years of experience)
Summary of the Role
An experienced Cost Estimator is responsible for projecting the expenses associated with projects or products, analyzing different variables to manage costs, and preparing detailed reports. The role involves collaborating with a variety of departments to ensure budget efficiencies.
Required Skills
- Strong analytical and critical thinking skills.
- Excellent numerical and IT skills.
- Deep understanding of construction processes and industry standards.
- Ability to read and interpret engineering drawings and technical documents.
- Strong communication and negotiation skills.
- Detail oriented with a high level of accuracy.
- Ability to work independently and within a team to meet deadlines and budget targets.
- Time management and project management skills.
Qualifications
- Bachelor's degree in engineering, construction management, accounting or related field.
- At least 2-5 years of experience in cost estimation or a related field.
- Proficiency with cost-estimating software (such as Timberline or RSMeans).
- Certification from the American Society of Professional Estimators (ASPE) or equivalent is preferred.
Responsibilities
- Gather and compile data necessary for cost estimation.
- Analyze blueprints, construction plans and project specifications to determine the cost of the project.
- Collaborate with engineers, architects, clients, and contractors to provide accurate cost information.
- Assess cost effectiveness of products, projects or services, tracking actual costs relative to bids as the project develops.
- Consult with industry experts to discuss estimates and resolve issues.
- Monitor and record all cost changes and adjust budget projections accordingly.
- Prepare detailed reports on the financial status of ongoing projects.
- Use specialized cost-estimating software to produce estimations.
Senior (5+ years of experience)
Summary of the Role
The Cost Estimator will be responsible for providing accurate cost analysis and estimations for projects across various sectors. They will play a critical role in the financial planning and budgeting process, working closely with project managers and other stakeholders to ensure projects are completed within budget. The ideal candidate will possess a strong background in cost estimation with a proven track record of success in the field.
Required Skills
- Strong analytical and mathematical skills.
- Proficiency in cost estimation software such as Timberline or CostX.
- Excellent communication and presentation skills.
- Ability to work collaboratively in a team environment.
- Detail-oriented with strong organizational skills.
- Expertise in Microsoft Office Suite or similar productivity software.
- Knowledge of project management principles and practices.
Qualifications
- Bachelor's degree in finance, accounting, engineering, or a related field.
- More than 5 years of experience in cost estimation or a similar role within the construction, manufacturing, or engineering sectors.
- Strong understanding of cost estimation software and methodologies.
- Certification from a recognized professional body such as the Association for the Advancement of Cost Engineering (AACE) is preferred.
- In-depth knowledge of industry-specific cost factors and market trends.
Responsibilities
- Analyze project plans and specifications to determine the overall estimated costs.
- Work closely with project managers and engineers to gather all necessary information for accurate cost estimations.
- Prepare detailed cost analysis reports and present findings to management and stakeholders.
- Review and evaluate bids from contractors and subcontractors.
- Identify potential financial risks and develop strategies to mitigate them.
- Update cost estimation tools and databases with the latest cost data.
- Support the bid and proposal process by preparing accurate cost estimations.
- Adhere to industry standards and regulations concerning cost estimation.
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