Recruiter's Glossary

Examples: Preventive Maintenance • Performance Metrics • Digital Twin

Cost Estimation

Term from Infrastructure Development industry explained for recruiters

Cost Estimation is a crucial process where professionals calculate and predict the total expenses of construction or infrastructure projects before they begin. It's like creating a detailed financial roadmap that helps companies budget their resources and make informed decisions. This role combines knowledge of construction methods, material prices, and labor costs to provide accurate predictions. Similar terms include "project costing," "budget forecasting," or "quantity surveying." Cost estimators help prevent budget overruns and ensure projects remain financially viable from start to finish.

Examples in Resumes

Managed Cost Estimation for $50M highway construction project, achieving 95% accuracy

Led Project Cost Estimation team for major bridge development, reducing estimation time by 30%

Developed Construction Cost Estimates for 15+ commercial building projects

Implemented new software tools to improve Cost Estimation accuracy by 25%

Typical job title: "Cost Estimators"

Also try searching for:

Construction Cost Estimator Project Cost Analyst Quantity Surveyor Budget Analyst Construction Estimator Project Budget Manager Cost Engineer

Where to Find Cost Estimators

Professional Associations

Online Communities

Job Boards

Example Interview Questions

Senior Level Questions

Q: How do you handle significant variations between estimated and actual costs in large projects?

Expected Answer: A senior estimator should discuss their systematic approach to analyzing variances, implementing corrective measures, and using historical data to improve future estimates. They should mention risk management strategies and contingency planning.

Q: Describe a time when you had to estimate costs for a complex project with many unknown variables.

Expected Answer: Look for answers that demonstrate experience with breaking down complex projects, using historical data, consulting experts, and applying appropriate contingency factors based on risk assessment.

Mid Level Questions

Q: What factors do you consider when creating a cost estimate for a construction project?

Expected Answer: Should mention material costs, labor rates, equipment costs, timeline considerations, market conditions, and potential risks. Should also discuss the importance of site visits and contractor consultations.

Q: How do you stay updated with current market prices and construction methods?

Expected Answer: Should describe using industry publications, maintaining vendor relationships, attending trade shows, and participating in professional organizations to stay current with pricing and methods.

Junior Level Questions

Q: What basic elements do you include in a cost estimate?

Expected Answer: Should be able to list basic components like direct costs (materials, labor, equipment) and indirect costs (overhead, insurance, permits), and explain how they gather this information.

Q: What software tools have you used for cost estimation?

Expected Answer: Should be familiar with common estimation software and spreadsheet programs, and able to explain basic functionality and how they use these tools in their work.