Estimating

The cost monitoring process begins with a contract or agreed value of work. This work value can be estimated within Cost Monitor in many ways but the more an agreed value of works is dissected into manageable portions, the easier and more accurately the work comprising the value can be monitored and managed.

An estimate can therefore be a single lump sum price for work against which a single order is placed with a contractor. As work proceeds, it is measured for completeness and compared against this single lump sum and declared as a percentage complete.

For greater accuracy, construction work is measured in more detail and combined into parcels of work as small as necessary to both effect efficient management of the work and to provide reporting which effectively communicates a project status.

Cost Monitor offers a three level Estimating system comprising

•Trades/Elements

•Trade/Work Items

•Quantity and Rate breakup sheets.

These levels are separately maintained for each new estimating Project. Individual help sections will deal with each of these levels and how they interrelate.