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Why is cost estimating an important part of construction management?

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Construction cost estimating is one of the core construction project management skills. Why does cost estimating matter? Well, at the end of the day, it's because money matters. Being able to accurately estimate the true costs of a construction project helps inform several key decisions and helps facilitate important steps in the project lifecycle. Firstly, being able to forecast the true costs of a project helps determine its viability. If the estimated costs of building a new road are $1 million, it may make economic sense, however. If the estimated costs are $100 million, then it may not be worth the investment. Accurately forecasting costs also helps project developers obtain financing for their projects. It helps them know what funds they need to obtain from a bank. Cost estimating is also an important part of value engineering. It helps inform decision makers as to the most cost effective alternatives. And finally, estimating costs is an important part of construction contracts. Fixed fee contracts are based on cost estimates by estimating costs properly. A project developer is able to transfer costs to a contractor.

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