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Introduction to Cost Engineering for Sheds (Estimating Methods and WBS)

Learn about the 3 estimating methods and how Shedmate integrates design, pricing and engineering in real-time to optimize your Shed quotation process.

Understanding Cost Engineering and Estimating Methods


1. Introduction to Cost Engineering 0:00

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  • Overview of the session's focus on cost engineering.

  • Encouragement for those familiar to skim through.

  • Topics covered: cost engineering definition, estimating methods, and work breakdown structure.


2. Importance of Cost Engineering 1:02

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  • Quote from Chris Dominensky about the lack of understanding of costs in manufacturing companies.

  • Discussion on common pitfalls in cost estimation and pricing strategies.

3. Definition of Cost Engineering 2:51

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  • Cost engineering defined as the management of project costs.

  • Activities involved: estimating, cost control, forecasting, investment appraisal, and risk analysis.

4. Estimating Methods Overview 3:59

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  • Introduction to different estimating methods.

  • Importance of understanding these methods for effective pricing.

5. Order of Magnitude Estimate 4:14

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  • Description of the order of magnitude estimate as a rough ballpark figure.

  • Example of estimating costs for a machinery shed.

6. Preliminary Estimate 6:22

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  • Explanation of preliminary estimates based on historical data and schematic designs.

  • Accuracy range of 10-25%.

7. Definitive Estimate 7:49

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  • Definition of definitive estimates involving detailed engineering and site-specific information.

  • Accuracy range of around 5%.

8. Role of Shedmate in Estimating 8:04

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  • Explanation of how Shedmate integrates design, structural engineering, and cost engineering.

  • Benefits of real-time quoting and accurate estimates.

9. Work Breakdown Structure (WBS) 10:00

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  • Definition of WBS as a hierarchical decomposition of projects.

  • Importance of WBS in managing project deliverables and timelines.

10. Reflection on Work Breakdown Structure 11:03

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  • Encouragement to reflect on individual work breakdown structures based on business type.

  • Mention of the upcoming ABC curve analysis.

11. Introduction to ABC Curve Analysis 12:28

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  • Transition to discussing the ABC curve analysis.

  • Importance of understanding cost distribution and focusing on key areas.