New approach to estimating published

The Code of Estimating Practice from the Chartered Institute of Building (CIOB) has reportedly been updated in recognition of how the procedure, practice and process of construction has changed.

Estimating is the systematic calculation of projected construction and overhead costs for a construction project and it is said to be an essential skill for a successful contractor. It’s a process that the CIOB believes needs to be modernised, made more reliable and more dynamic.

This latest edition of the code reportedly examines the processes of estimating and pricing, providing best practice guidelines for those involved in procuring and pricing construction works. This includes a new approach to estimating which links production planning, resource requirements, time management and control of costs.

Author of the publication, Professor Roger Flanagan, said: “Estimating is at the core of every construction project. If the estimate is wrong, everybody suffers; the contractor, client, consultants and companies involved in the supply chain.

“A new approach to estimating is necessary to keep the industry relevant and ensure accurate and reliable pricing is at the heartbeat of construction.”

The code, long-established as a leading publication in the construction industry, now includes more contextual and educational material alongside the code of practice, the only code of practice on construction estimating.

This publication is said to be important reading for construction contractors, specialist contractors, quantity surveyors/cost consultants and for students of construction and quantity surveying.