Cost Estimators

Career Description: 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.

Industry: Business and Financial Operations

Other Job Titles for Cost Estimators:

• Realistic: Realistic occupations frequently involve work activities that include practical, hands-on problems and solutions. They often deal with plants, animals, and real-world materials like wood, tools, and machinery. Many of the occupations require working outside, and do not involve a lot of paperwork or working closely with others.
• Investigative: Investigative occupations frequently involve working with ideas, and require an extensive amount of thinking. These occupations can involve searching for facts and figuring out problems mentally.
• Artistic: Artistic occupations frequently involve working with forms, designs and patterns. They often require self-expression and the work can be done without following a clear set of rules.
• Social: Social occupations frequently involve working with, communicating with, and teaching people. These occupations often involve helping or providing service to others.
• Enterprising: Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.
• Conventional: Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.
• First Interest High-Point: Primary-Rank Descriptiveness
• Second Interest High-Point: Secondary-Cutoff/Rank Descriptiveness
• Third Interest High-Point: Tertiary-Cutoff/Rank Descriptiveness

• Analyze blueprints and other documentation to prepare time, cost, materials, and labor estimates.
• Assess cost effectiveness of products, projects or services, tracking actual costs relative to bids as the project develops.
• Consult with clients, vendors, personnel in other departments or construction foremen to discuss and formulate estimates and resolve issues.
• Confer with engineers, architects, owners, contractors and subcontractors on changes and adjustments to cost estimates.
• Prepare estimates used by management for purposes such as planning, organizing, and scheduling work.
• Prepare estimates for use in selecting vendors or subcontractors.
• Review material and labor requirements to decide whether it is more cost-effective to produce or purchase components.
• Prepare cost and expenditure statements and other necessary documentation at regular intervals for the duration of the project.
• Prepare and maintain a directory of suppliers, contractors and subcontractors.
• Set up cost monitoring and reporting systems and procedures.
• Establish and maintain tendering process, and conduct negotiations.
• Conduct special studies to develop and establish standard hour and related cost data or to effect cost reduction.
• Visit site and record information about access, drainage and topography, and availability of services such as water and electricity.
• Confer with officials of public health and law enforcement agencies to coordinate interdepartmental activities.
• Inventory personal effects recovered from bodies, such as jewelry or wallets.
• Coordinate the release of personal effects to authorized persons and facilitate the disposition of unclaimed corpses and personal effects.
• Arrange for the next of kin to be notified of deaths.
• Record the disposition of minor children, as well as details of arrangements made for their care.
• Collect wills, burial instructions, and other documentation needed for investigations and for handling of the remains.
• Witness and certify deaths that are the result of a judicial order.
• Consult with or serve as a technical liaison between business, industry, government, and union officials.
• Prepare research results for publication in form of journals, books, manuals, and film.
• Work with the Department of Labor and promote its use with employers.
• Speak at conferences and events to promote apprenticeships and related training programs.

Emerging Tasks

• Collect historical cost data to estimate costs for current or future products.

• Analyzing Data or Information: Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
• Assisting and Caring for Others: Providing personal assistance, medical attention, emotional support, or other personal care to others such as coworkers, customers, or patients.
• Coaching and Developing Others: Identifying the developmental needs of others and coaching, mentoring, or otherwise helping others to improve their knowledge or skills.
• Communicating with Persons Outside Organization: Communicating with people outside the organization, representing the organization to customers, the public, government, and other external sources. This information can be exchanged in person, in writing, or by telephone or e-mail.
• Communicating with Supervisors, Peers, or Subordinates: Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
• Controlling Machines and Processes: Using either control mechanisms or direct physical activity to operate machines or processes (not including computers or vehicles).
• Coordinating the Work and Activities of Others: Getting members of a group to work together to accomplish tasks.
• Developing and Building Teams: Encouraging and building mutual trust, respect, and cooperation among team members.
• Developing Objectives and Strategies: Establishing long-range objectives and specifying the strategies and actions to achieve them.
• Documenting/Recording Information: Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form.
• Drafting, Laying Out, and Specifying Technical Devices, Parts, and Equipment: Providing documentation, detailed instructions, drawings, or specifications to tell others about how devices, parts, equipment, or structures are to be fabricated, constructed, assembled, modified, maintained, or used.
• Establishing and Maintaining Interpersonal Relationships: Developing constructive and cooperative working relationships with others, and maintaining them over time.
• Estimating the Quantifiable Characteristics of Products, Events, or Information: Estimating sizes, distances, and quantities; or determining time, costs, resources, or materials needed to perform a work activity.
• Evaluating Information to Determine Compliance with Standards: Using relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards.
• Getting Information: Observing, receiving, and otherwise obtaining information from all relevant sources.
• Guiding, Directing, and Motivating Subordinates: Providing guidance and direction to subordinates, including setting performance standards and monitoring performance.
• Handling and Moving Objects: Using hands and arms in handling, installing, positioning, and moving materials, and manipulating things.
• Identifying Objects, Actions, and Events: Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events.
• Inspecting Equipment, Structures, or Material: Inspecting equipment, structures, or materials to identify the cause of errors or other problems or defects.
• Interacting With Computers: Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
• Interpreting the Meaning of Information for Others: Translating or explaining what information means and how it can be used.
• Judging the Qualities of Things, Services, or People: Assessing the value, importance, or quality of things or people.
• Making Decisions and Solving Problems: Analyzing information and evaluating results to choose the best solution and solve problems.
• Monitor Processes, Materials, or Surroundings: Monitoring and reviewing information from materials, events, or the environment, to detect or assess problems.
• Monitoring and Controlling Resources: Monitoring and controlling resources and overseeing the spending of money.
• Operating Vehicles, Mechanized Devices, or Equipment: Running, maneuvering, navigating, or driving vehicles or mechanized equipment, such as forklifts, passenger vehicles, aircraft, or water craft.
• Organizing, Planning, and Prioritizing Work: Developing specific goals and plans to prioritize, organize, and accomplish your work.
• Performing Administrative Activities: Performing day-to-day administrative tasks such as maintaining information files and processing paperwork.
• Performing for or Working Directly with the Public: Performing for people or dealing directly with the public. This includes serving customers in restaurants and stores, and receiving clients or guests.
• Performing General Physical Activities: Performing physical activities that require considerable use of your arms and legs and moving your whole body, such as climbing, lifting, balancing, walking, stooping, and handling of materials.
• Processing Information: Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
• Provide Consultation and Advice to Others: Providing guidance and expert advice to management or other groups on technical, systems-, or process-related topics.
• Repairing and Maintaining Electronic Equipment: Servicing, repairing, calibrating, regulating, fine-tuning, or testing machines, devices, and equipment that operate primarily on the basis of electrical or electronic (not mechanical) principles.
• Repairing and Maintaining Mechanical Equipment: Servicing, repairing, adjusting, and testing machines, devices, moving parts, and equipment that operate primarily on the basis of mechanical (not electronic) principles.
• Resolving Conflicts and Negotiating with Others: Handling complaints, settling disputes, and resolving grievances and conflicts, or otherwise negotiating with others.
• Scheduling Work and Activities: Scheduling events, programs, and activities, as well as the work of others.
• Selling or Influencing Others: Convincing others to buy merchandise/goods or to otherwise change their minds or actions.
• Staffing Organizational Units: Recruiting, interviewing, selecting, hiring, and promoting employees in an organization.
• Thinking Creatively: Developing, designing, or creating new applications, ideas, relationships, systems, or products, including artistic contributions.
• Training and Teaching Others: Identifying the educational needs of others, developing formal educational or training programs or classes, and teaching or instructing others.
• Updating and Using Relevant Knowledge: Keeping up-to-date technically and applying new knowledge to your job.

Detailed Work Activities

• advise clients on financial matters
• analyze budgets
• analyze financial data
• analyze technical data, designs, or preliminary specifications
• bid engineering, construction or extraction projects
• compile data for financial reports
• compute cost estimates of construction or engineering projects
• compute financial data
• confer with vendors
• convert design specifications to cost estimates
• estimate cost for engineering projects
• estimate materials or labor requirements
• estimate production costs
• estimate time needed for project
• estimate time or cost for installation, repair, or construction projects
• evaluate material specifications
• identify supplier with best bid
• interpret maps for architecture, construction, or engineering project
• monitor operational budget
• negotiate business contracts
• prepare cost estimates
• prepare financial reports
• prepare periodic reports comparing budgeted costs to actual costs
• read blueprints
• read specifications
• understand construction specifications
• understand engineering data or reports
• understand technical operating, service or repair manuals
• use computers to enter, access and retrieve financial data
• use cost benefit analysis techniques
• use spreadsheet software
• use statistical cost estimation methods
• resolve worker or management conflicts
• understand government labor or employment regulations
• use cost benefit analysis techniques
• use government regulations
• use interpersonal communication techniques
• use interviewing procedures
• use knowledge of employee classification system
• use public speaking techniques
• write administrative procedures services manual
• write employee orientation or training materials

Overall Experience
A minimum of two to four years of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant must complete four years of college and work for several years in accounting to be considered qualified.

Job Training
Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.

Education
Most of these occupations require a four - year bachelor's degree, but some do not.

Examples
Many of these occupations involve coordinating, supervising, managing, or training others. Examples include accountants, human resource managers, computer programmers, teachers, chemists, and police detectives.

• Average hourly wage (2007) -$26.41
• Average annual wage (2007) - $54,920.00

• Projected growth (2006-2016): 18.50%
• Projected need (2006-2016): 40,907
• Employment (2006): 221,100

• Actuaries
• Budget Analysts
• Claims Examiners, Property and Casualty Insurance
• Credit Analysts
• Insurance Appraisers, Auto Damage
• Insurance Underwriters
• Mathematicians
• Purchasing Agents, Except Wholesale, Retail, and Farm Products
• Tax Preparers
• Tax Preparers