IMPROVE YOUR ESTIMATES WITH PAST PROJECT DATA
NORMALIZE INTERNAL BENCHMARK DATA
Normalized internal benchmark data delivers significant benefits, but getting there requires careful analysis of past project successes and failures. Advanced normalization aligns cost data from different locations or timeframes, accounts for inflation, or adjusts productivity rates across various labor conditions. By applying historical data to variables like changing market conditions or regulatory environments, estimators can achieve create greater accuracy in their bids.
For example, analysis of normalized data for a subway project may allow estimators to notice efficiency gains in tunnel excavation correlated to improved technology, improved material costs tied to a shift in supply chain, or increasing labor
costs lining up with seasonal conditions. Those same estimators must decide how to integrate these insights — if they adjust for them at all.
By applying historical data to the benchmark process, estimators make schedules more accurate, minimize waste, and improve safety by drawing from a deeper well of experience than their own and taking a more informed approach to planning. By applying past insights into future bids, estimators double down on their role as strategic advisors whose work can make or break the success of a project.
“I like the accuracy of InEight Estimate and knowing that I don't have to worry about errors in a spreadsheet. I really like the quote management system. It's very robust and allows us to analyze. We use it extensively.”
-Rob Trulson, CEO, T&T Construction