Cost Estimators

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.

Tasks

  • Consult with clients, vendors, personnel in other departments or construction foremen to discuss and formulate estimates and resolve issues.
  • Analyze blueprints and other documentation to prepare time, cost, materials, and labor estimates.
  • Prepare estimates for use in selecting vendors or subcontractors.
  • 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 cost and expenditure statements and other necessary documentation at regular intervals for the duration of the project.
  • Assess cost effectiveness of products, projects or services, tracking actual costs relative to bids as the project develops.
  • Set up cost monitoring and reporting systems and procedures.
  • Conduct special studies to develop and establish standard hour and related cost data or to effect cost reduction.
  • Review material and labor requirements to decide whether it is more cost-effective to produce or purchase components.
  • Prepare and maintain a directory of suppliers, contractors and subcontractors.
  • Establish and maintain tendering process, and conduct negotiations.
  • Visit site and record information about access, drainage and topography, and availability of services such as water and electricity.

Knowledge

Mathematics — Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
Engineering and Technology — Knowledge of the practical application of engineering science and technology. This includes applying principles, techniques, procedures, and equipment to the design and production of various goods and services.
English Language — Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
Economics and Accounting — Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
Computers and Electronics — Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
Administration and Management — Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
Design — Knowledge of design techniques, tools, and principles involved in production of precision technical plans, blueprints, drawings, and models.
Production and Processing — Knowledge of raw materials, production processes, quality control, costs, and other techniques for maximizing the effective manufacture and distribution of goods.
Building and Construction — Knowledge of materials, methods, and the tools involved in the construction or repair of houses, buildings, or other structures such as highways and roads.
Customer and Personal Service — Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.

Skills

Reading Comprehension — Understanding written sentences and paragraphs in work related documents.
Critical Thinking — Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Active Listening — Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Writing — Communicating effectively in writing as appropriate for the needs of the audience.
Speaking — Talking to others to convey information effectively.
Mathematics — Using mathematics to solve problems.
Judgment and Decision Making — Considering the relative costs and benefits of potential actions to choose the most appropriate one.
Complex Problem Solving — Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
Active Learning — Understanding the implications of new information for both current and future problem-solving and decision-making.
Persuasion — Persuading others to change their minds or behavior.

Abilities

Oral Comprehension — The ability to listen to and understand information and ideas presented through spoken words and sentences.
Written Comprehension — The ability to read and understand information and ideas presented in writing.
Written Expression — The ability to communicate information and ideas in writing so others will understand.
Oral Expression — The ability to communicate information and ideas in speaking so others will understand.
Near Vision — The ability to see details at close range (within a few feet of the observer).
Mathematical Reasoning — The ability to choose the right mathematical methods or formulas to solve a problem.
Number Facility — The ability to add, subtract, multiply, or divide quickly and correctly.
Deductive Reasoning — The ability to apply general rules to specific problems to produce answers that make sense.
Inductive Reasoning — The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
Information Ordering — The ability to arrange things or actions in a certain order or pattern according to a specific rule or set of rules (e.g., patterns of numbers, letters, words, pictures, mathematical operations).

Work Activities

Getting Information — Observing, receiving, and otherwise obtaining information from all relevant sources.
Interacting With Computers — Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
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.
Communicating with Supervisors, Peers, or Subordinates — Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
Analyzing Data or Information — Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
Processing Information — Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
Updating and Using Relevant Knowledge — Keeping up-to-date technically and applying new knowledge to your job.
Documenting/Recording Information — Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form.
Making Decisions and Solving Problems — Analyzing information and evaluating results to choose the best solution and solve problems.
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.

Work Context

Indoors, Environmentally Controlled — How often does this job require working indoors in environmentally controlled conditions?
Electronic Mail — How often do you use electronic mail in this job?
Telephone — How often do you have telephone conversations in this job?
Importance of Being Exact or Accurate — How important is being very exact or highly accurate in performing this job?
Face-to-Face Discussions — How often do you have to have face-to-face discussions with individuals or teams in this job?
Spend Time Sitting — How much does this job require sitting?
Work With Work Group or Team — How important is it to work with others in a group or team in this job?
Contact With Others — How much does this job require the worker to be in contact with others (face-to-face, by telephone, or otherwise) in order to perform it?
Importance of Repeating Same Tasks — How important is repeating the same physical activities (e.g., key entry) or mental activities (e.g., checking entries in a ledger) over and over, without stopping, to performing this job?
Letters and Memos — How often does the job require written letters and memos?

Interests

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.
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.
Social — Social occupations frequently involve working with, communicating with, and teaching people. These occupations often involve helping or providing service to others.
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.

Work Style

Attention to Detail — Job requires being careful about detail and thorough in completing work tasks.
Analytical Thinking — Job requires analyzing information and using logic to address work-related issues and problems.
Dependability — Job requires being reliable, responsible, and dependable, and fulfilling obligations.
Integrity — Job requires being honest and ethical.
Stress Tolerance — Job requires accepting criticism and dealing calmly and effectively with high stress situations.
Cooperation — Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude.
Persistence — Job requires persistence in the face of obstacles.
Initiative — Job requires a willingness to take on responsibilities and challenges.
Achievement/Effort — Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.
Independence — Job requires developing one's own ways of doing things, guiding oneself with little or no supervision, and depending on oneself to get things done.

Work Values

Relationships — Occupations that satisfy this work value allow employees to provide service to others and work with co-workers in a friendly non-competitive environment. Corresponding needs are Co-workers, Moral Values and Social Service.
Independence — Occupations that satisfy this work value allow employs to work on their own and make decisions. Corresponding needs are Creativity, Responsibility and Autonomy.
Working Conditions — Occupations that satisfy this work value offer job security and good working conditions. Corresponding needs are Activity, Compensation, Independence, Security, Variety and Working Conditions.
Achievement — Occupations that satisfy this work value are results oriented and allow employees to use their strongest abilities, giving them a feeling of accomplishment. Corresponding needs are Ability Utilization and Achievement.
Recognition — Occupations that satisfy this work value offer advancement, potential for leadership, and are often considered prestigious. Corresponding needs are Advancement, Authority, Recognition and Social Status.
Support — Occupations that satisfy this work value offer supportive management that stands behind employees. Corresponding needs are Company Policies, Supervision: Human Relations and Supervision: Technical.

Related Occupations

Lay Titles

National Wages and Employment Info


Median Wages (2008): $27.17 hourly, $56,510 annual.
Employment (2008): 218,400 employees