Cost Estimators

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About the Job

Prepare cost estimates for product manufacturing, construction projects, or services to aid management in bidding on or determining price of product or service. May specialize according to particular service performed or type of product manufactured.

It is also Called

  • Acquisition Cost Estimator
  • Building Construction Estimator
  • Building Estimator
  • Chief Estimator
  • Construction Estimator
  • Construction Job Cost Estimator
  • Contract Analyst
  • Cost Analyst
  • Cost and Risk Analysis Manager
  • Cost Consultant
View All

What They Do

  • Collect historical cost data to estimate costs for current or future products.
  • Consult with clients, vendors, personnel in other departments, or construction foremen to discuss and formulate estimates and resolve issues.
  • Prepare estimates used by management for purposes such as planning, organizing, and scheduling work.
  • Analyze blueprints and other documentation to prepare time, cost, materials, and labor estimates.
  • Confer with engineers, architects, owners, contractors, and subcontractors on changes and adjustments to cost estimates.
  • Assess cost effectiveness of products, projects or services, tracking actual costs relative to bids as the project develops.
  • Prepare estimates for use in selecting vendors or subcontractors.
  • Prepare cost and expenditure statements and other necessary documentation at regular intervals for the duration of the project.
  • Set up cost monitoring and reporting systems and procedures.
  • Establish and maintain tendering process, and conduct negotiations.

Interests

People who work in this occupation generally have the interest code: EC.

This means people who work in this occupation generally have Enterprising interests, but also prefer Conventional environments.

Work Values

People who work in this occupation generally prize Relationships, but also value Independence and Working Conditions in their jobs.

Things They Need to Know

  • Mathematics - Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
  • Engineering and Technology - Knowledge 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 Language - Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
  • Building and Construction - Knowledge 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 Electronics - Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.

Things They Need to Be Able to Do

  • Mathematics - Using mathematics to solve problems.
  • Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
  • Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
  • Active Listening - Giving 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.
  • Speaking - Talking to others to convey information effectively.
  • Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one.
  • Writing - Communicating effectively in writing as appropriate for the needs of the audience.

Education Required

Most of these occupations require a four-year bachelor's degree, but some do not.

Wages

In 2017, the average annual wage in Ohio was $63,350 with most people making between $35,790 and $95,390

Outlook

0.91%
avg. annual growth

During 2014, this occupation employed approximately 10,230 people in Ohio. It is projected that there will be 11,160 employed in 2024.

This occupation will have about 93 openings due to growth and about 287 replacement openings for approximately 380 total annual openings.

Apprenticeship Opportunities

  • John Marshall High School
    3952 WEST 140TH ST
    CLEVELAND, OH 44111