OPERATING INSIGHTS | TAKEOFF & ESTIMATING Construction is a tricky business. Especially, when it comes to the initial stages of the project lifecycle such as estimating and bidding process, contractors are often found struggling with inefficiencies. Though it is very natural with construction projects that involve a large number of tasks, it is significantly important to manage all the resources and funds wisely to ensure maximum profits and cash flow.
By: Ed Williams
March 12th, 2021
Rapid Conclusions
Dealing with intense work pressure and limited time resources often makes the situation more complicated. The stress of meeting existing deadlines of the projects and reporting goals make contractors jump to rapid conclusions spending no time on estimation.
However, neglecting the research part of the project estimation could lead to drastic complications at the later stages. And to avoid such a situation, contractors must plan their decisions spending time to overcome mistakes and overcome any flaws in the plan that might cause budget issues.
Tip:
Thanks to the present day, construction management software technology allows contractors to have complete visibility of the project for intelligent estimation. But still, precise estimation needs contractors to have complete access to prerequisite requirements as it not only helps to meet productivity goals but has efficiency with the work.
Here’s how to do it:
Even if it looks like a challenging task to meet the estimation goals, most contractors make common mistakes with their estimation practices. and therefore, missing on precise estimation often leads contractors to cost overruns, delayed project deliveries, and payment overdue.
Today, we will be discussing in detail the five common mistakes that contractors need to avoid when estimating a construction project in 2021 even when they have access to advanced construction accounting and project management technology.
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