A GUIDE FOR CAPITAL CONSTRUCTION
IMPROVE YOUR ESTIMATES WITH PAST PROJECT DATA
CREATING AN INTEGRATED SOFTWARE STRATEGY
The key to more accurate, profitable estimates is lurking in time sheets, take-off records, and as-built data – in other words, in the data from past projects. But too often, estimators fail to capitalize on the invaluable insights that could emerge from past project data. Combined with the expertise and experience of an estimating team, past project data offers an unbeatable advantage for creating estimates that not only reflect but even predict the impact of real-world conditions.
“One of my favorite features of InEight is the forecasting is done automatically. It knows the hours from the time sheet and the quantities … all the forecasting is automatically calculated. It’s going to make things a lot easier to forecast these projects with less training and to be able to analyze how they’re doing.”
-Tom Baskind, Chief Estimator, Graycor
If they’re smart about using their vast stores of project insights, enterprising capital construction teams stand to convert their estimating processes into a performance engine that controls costs, provides greater workforce stability, and increases profits. These three estimating practices, in particular, deliver significant advantages:
- Normalizing internal benchmark data
- Building in allowances based on past cost ratios
- Continually feeding actuals back
Together, these data-infused practices save time and promote faster, more confident bids and a more profitable estimating process.