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A building estimator or cost estimator is an individual that quantifies the materials, labor, and equipment needed to complete a construction project. Building cost estimating can concern diverse forms of construction from residential properties to hi-rise and civil works.
In the construction industry, a quantity surveyor (QS) is a professional with expert knowledge of construction costs and contracting.Qualified professional quantity surveyors can be known as Chartered Surveyors (Members and Fellows of RICS) in the UK and Certified Quantity Surveyors (a designation of the Australian Institute of Quantity Surveyors) in Australia and other countries.
A cost estimate is the approximation of the cost of a program, project, or operation.The cost estimate is the product of the cost estimating process. The cost estimate has a single total value and may have identifiable component values.
To date, there is not currently a professional qualification or regulatory body for civils estimating within the UK. As a consequence, the learning curve from a trainee estimator to senior estimator could be an undisclosed amount of time and largely falls into the responsibility of the employer and or senior estimator to determine time scale and progression of trainee estimators.
One key objective of cost engineering is to arrive at accurate cost estimates and schedules, and to avoid cost overruns and schedule slips. Cost engineering goes beyond preparing cost estimates and schedules by helping manage resources and supporting assessment and decision-making.
Basis of estimate (BOE) is a tool used in the field of project management by which members of the project team, usually estimators, project managers, or cost analysts, calculate the total cost of the project.