Cost Estimators

About the job

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.

What you'll do

• Assess cost effectiveness of products, projects or services, tracking actual costs relative to bids as the project develops.
• Conduct special studies to develop and establish standard hour and related cost data or to effect cost reduction.
• Confer with engineers, architects, owners, contractors and subcontractors on changes and adjustments to cost estimates.
• Establish and maintain tendering process, and conduct negotiations.
• Prepare and maintain a directory of suppliers, contractors and subcontractors.
• Prepare cost and expenditure statements and other necessary documentation at regular intervals for the duration of the project.
• Prepare estimates used by management for purposes such as planning, organizing, and scheduling work.
• Review material and labor requirements to decide whether it is more cost-effective to produce or purchase components.
• Set up cost monitoring and reporting systems and procedures.
• Visit site and record information about access, drainage and topography, and availability of services such as water and electricity.

Things you need to know

• 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.

Abilities you'll need to have

• Mathematics – Using mathematics to solve problems.
• Critical Thinking – Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
• Speaking – Talking to others to convey information effectively.
• Judgment and Decision Making – Considering the relative costs and benefits of potential actions to choose the most appropriate one.
• 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.
• Management of Financial Resources – Determining how money will be spent to get the work done, and accounting for these expenditures.
• Reading Comprehension – Understanding written sentences and paragraphs in work related documents.