Feasibility Studies and Estimating

Feasibility Studies

and

Estimating

During the initial planning stages of a project, studies need to be made that verify assumptions and identify potential risks. Budget estimates can be prepared early to determine approximate costs. Later, as the design progresses, more defined estimates can be developed. Owners should have a clear picture of expected costs before soliciting proposals from Architects, Engineers and Contractors. Having a thorough understanding of the project and its estimated costs are invaluable when negotiating final agreements with Architects, Engineers and Contractors.

Feasibility Studies and Estimates include information such as:

· Average cost and duration of similar projects recently completed.

· Random Order of Magnitude (ROM) Project Estimates

· Preliminary Project Plans and Schedules including:

· Subdivision of Work

· Scope of Work Descriptions

· Sequencing & Scheduling of Work

· Proposed Contracting Strategies

· Proposed Bidders with contact information for:

· Architects / Engineers

· Construction Managers

· Specialty Contractors