![]() On the other hand, overestimating the actual project costs could lead a contractor to submit a bid that’s too high to be selected. A contractor that underestimates the cost of a project could be forced to cut into their own profit margin to cover project costs. After a preliminary estimate, design or scope modifications may be required in order to alter project costs.Ĭontractors also depend on accurate estimates in order to prepare bids that are competitive and profitable. ![]() Without an initial understanding of a project’s costs, owners cannot determine whether a project is feasible within the allotted budget. Both owners and contractors rely on cost estimates to move a project from preconstruction to completion. ![]() Data-driven estimating for long-term growthĪccurate estimating is essential for the success of any construction project.Turning an estimate into a bid proposal.Solicit pricing from suppliers and vendors ![]()
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