Construction Estimation Risks
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Construction estimation risks can be avoided by developing a detailed construction estimation risk assessment which identifies the major estimation risks associated with a project and its operation. These assessments also help in deciding specific risk control measures.
It is crucial for a construction cost estimator to be well informed about the probable risks involved with construction estimation. Besides, an estimation of the resources required for the completion of a project should be prepared to be acquainted with all the necessary information.
Estimation risks may arise from inadequate information details, inaccurate view of the complete project scope and lack of coordination in design discipline. A review is required of every section of drawing and division specifications to prevent absence and inaccuracy of data.
To avert and minimize construction estimation risk, it is required that the team members of the project practice transparency among themselves. Timely coordination among the team members is required to stay aware of the problems with the project documentations. This also ensures uniformity in the construction process.
A construction cost estimator should be ready with alternative construction methods to keep away from delaying the project and incurring extra expense. Time management and goal setting are also play a vital part in estimation risk management. Estimation should be created of the financial strength of the company and manpower required for the completion of a project within a given timeframe. These evaluations help in:
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