What does a Cost Estimator do?
A cost estimator uses their data to calculate labor, time, materials and money by collecting and analyzing information that is needed to construct a building or other product manufacturing.
They visit work sites to retrieve this data on the manufacturing process and usually have expertise in a particular area of product or industry. They prepare the cost estimates to assist management, products or industries in price determination or bidding.
How to become a Cost Estimator
A cost estimator usually needs a bachelor’s degree in accounting and/or similar field to be considered for a position. A lot of experience in mathematics history, on-the-job training and/or vocational school would aid the applicant in securing a position.
Job Description of a Cost Estimator
A cost estimator would help management in an industry for construction projects, manufacturing product or other services to determine the cost estimate for bidding or service in these or other areas. They would help resolve issues and formulate estimates by consulting with construction Forman, vendors and clients. This would include reading and analyzing documentation and blueprints in order to give accurate material, cost, time and labor estimates.
During the length of a project a cost estimator would be expected to update and prepare cost and other documentation to management, so that, the client is always aware of any changes in scheduling or estimated expenditures. They should analyze whether it is more cost effective to purchase or produce labor and materials for a project. He or she may be required to train others, supervise or coordinate people in this job.
A cost estimator is expected to have knowledge in engineering and technology, mathematics, accounting and economics, design and other areas that would be needed in this field. A knowledge of building and construction would be another area of experience required of a cost estimator. The ability to read and understand information, speak clearly to others and have deductive reasoning is necessary in this occupation, as well as, oral comprehension.
This career field is growing rapidly and according to the Bureau of Labor Statistics the growth rate for 2012-2022 is 26 percent. Job opportunity should be good as cost-conscious firms continue to rely on cost estimates.