Cost Estimators Occupation Details

General Job Description and Education/Training Levels for Cost Estimators

The main tasks and work activities of Cost Estimators are to estimate costs of goods or services, assess the cost effectiveness of products, projects, or services, monitor financial indicators, confer with personnel to coordinate business operations. In general, for the Cost Estimators, mathematics, critical Thinking, reading Comprehension, speaking and other 15 skills are required.

Cost Estimators Job Description
Education	Most of these occupations require a four-year bachelor's degree, but some do not.
Related Experience	A considerable amount of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant must complete four years of college and work for several years in accounting to be considered qualified.
Job Training	Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.
Example	Many of these occupations involve coordinating, supervising, managing, or training others. Examples include real estate brokers, sales managers, database administrators, graphic designers, chemists, art directors, and cost estimators.

The following chart shows the education/training levels for Cost Estimators jobs. 4.55% of Cost Estimators have High School Diploma (or the equivalent) and 9.09% of Cost Estimators have Post-Secondary Certificate.

Less than a High School Diploma

0.00%

High School Diploma (or the equivalent)

4.55%

Post-Secondary Certificate

9.09%

Some College Courses

0.00%

Associate's Degree (or other 2-year degree)

4.55%

Bachelor's Degree and Above

81.81%

Tasks and Work Activities of Cost Estimators

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

Interacting With ComputersUsing computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
Getting InformationObserving, receiving, and otherwise obtaining information from all relevant sources.
Analyzing Data or InformationIdentifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
Processing InformationCompiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
Estimating the Quantifiable Characteristics of Products, Events, or InformationEstimating sizes, distances, and quantities; or determining time, costs, resources, or materials needed to perform a work activity.
Communicating with Supervisors, Peers, or SubordinatesProviding information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
Establishing and Maintaining Interpersonal RelationshipsDeveloping constructive and cooperative working relationships with others, and maintaining them over time.
Communicating with Persons Outside OrganizationCommunicating 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.
Making Decisions and Solving ProblemsAnalyzing information and evaluating results to choose the best solution and solve problems.
Documenting/Recording InformationEntering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form.

Estimate costs of goods or services.
Assess the cost effectiveness of products, projects, or services.
Monitor financial indicators.
Confer with personnel to coordinate business operations.
Confer with others about financial matters.
Prepare financial documents.
Maintain data in information systems or databases.
Develop business or financial information systems.
Negotiate agreements to resolve disputes.
Establish business management methods.
Analyze business or financial data.

Skills and Abilities for Cost Estimators

MathematicsUsing mathematics to solve problems.
Critical ThinkingUsing logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Reading ComprehensionUnderstanding written sentences and paragraphs in work related documents.
SpeakingTalking to others to convey information effectively.
Judgment and Decision MakingConsidering the relative costs and benefits of potential actions to choose the most appropriate one.
Active ListeningGiving 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.
WritingCommunicating effectively in writing as appropriate for the needs of the audience.
Management of Financial ResourcesDetermining how money will be spent to get the work done, and accounting for these expenditures.
Active LearningUnderstanding the implications of new information for both current and future problem-solving and decision-making.
Systems AnalysisDetermining how a system should work and how changes in conditions, operations, and the environment will affect outcomes.
Complex Problem SolvingIdentifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
Social PerceptivenessBeing aware of others' reactions and understanding why they react as they do.
Systems EvaluationIdentifying measures or indicators of system performance and the actions needed to improve or correct performance, relative to the goals of the system.
NegotiationBringing others together and trying to reconcile differences.
CoordinationAdjusting actions in relation to others' actions.
MonitoringMonitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action.
Time ManagementManaging one's own time and the time of others.
PersuasionPersuading others to change their minds or behavior.

Inductive ReasoningThe ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
Oral ExpressionThe ability to communicate information and ideas in speaking so others will understand.
Number FacilityThe ability to add, subtract, multiply, or divide quickly and correctly.
Oral ComprehensionThe ability to listen to and understand information and ideas presented through spoken words and sentences.
Mathematical ReasoningThe ability to choose the right mathematical methods or formulas to solve a problem.
Deductive ReasoningThe ability to apply general rules to specific problems to produce answers that make sense.
Written ComprehensionThe ability to read and understand information and ideas presented in writing.
Written ExpressionThe ability to communicate information and ideas in writing so others will understand.
Information OrderingThe 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).
Speech ClarityThe ability to speak clearly so others can understand you.
Near VisionThe ability to see details at close range (within a few feet of the observer).
Speech RecognitionThe ability to identify and understand the speech of another person.
Category FlexibilityThe ability to generate or use different sets of rules for combining or grouping things in different ways.
Problem SensitivityThe ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing there is a problem.
Fluency of IdeasThe ability to come up with a number of ideas about a topic (the number of ideas is important, not their quality, correctness, or creativity).
Selective AttentionThe ability to concentrate on a task over a period of time without being distracted.

Desktop computerse.g. Desktop computers
Notebook computerse.g. Notebook computers
Personal computerse.g. Personal computers
Personal digital assistant PDAs or organizerse.g. Personal digital assistants PDA
Scannerse.g. Scanners
Tablet computerse.g. Tablet computers

MathematicsKnowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
Engineering and TechnologyKnowledge 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 LanguageKnowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
Building and ConstructionKnowledge of materials, methods, and the tools involved in the construction or repair of houses, buildings, or other structures such as highways and roads.
Computers and ElectronicsKnowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
Economics and AccountingKnowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
Administration and ManagementKnowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
Customer and Personal ServiceKnowledge 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.
Law and GovernmentKnowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
DesignKnowledge of design techniques, tools, and principles involved in production of precision technical plans, blueprints, drawings, and models.
Production and ProcessingKnowledge of raw materials, production processes, quality control, costs, and other techniques for maximizing the effective manufacture and distribution of goods.

Cost Estimators Occupation Detailed Description

Tasks and Work Activities of Cost Estimators

Skills and Abilities for Cost Estimators