What are the Different Types of Electrical Estimating Methods?

Do you want to save your construction cost by using different Electrical Estimating Methods? Because it is necessary to try out various methods than what you are implementing now!  Second, it also depends on the expertise of the estimators. How well experienced and knowledgeable the expert is? This truly matters a lot in estimating the construction cost. Whether the structure is residential, commercial, or industrial, the electrical materials cover a significant amount of the total budget. If you are not seriously looking into the details and not using the right methods. It affects the overall cost of the project badly.

There is no doubt that estimating electrical projects is a laborious job. It requires Electrical Estimators that are smart to try different strategies to provide precise estimates. When things are complex they can use various methods to refine the cost predictions. This way the clients will also remain attached and do not go anywhere. They trust your level of expertise! It all depends on how quality of work you are delivering to your clients. So, constant learning in this field is the key! Things are advancing day by day so is the cost of modern systems and materials. 
As an estimator or cost consultant, you need to understand these complexities. By keeping in mind the budget of your client, you have to adjust modern systems costs accordingly. Otherwise, project failures can reduce the chances of growing your company. That is why your Electrical Estimation process needs to be on-point and realistic to the client’s budget. The implementation of various strategies into producing cost estimates gives more clarity. There is a huge chance of getting the most accurate estimate by implementing 3rd or 4th strategy. It depends on what type of project you are working on. So, in this article, you will get to know different electrical estimating methods.

Which are various electrical estimating methods?

Per-Point Method

The per-point method in electrical estimating means to assign a set value to each repair or component. It can be power points, switches, or sensors. It is a very simple way to estimate electrical cost that is based on the number of power outlets required for the project. When each outlet is given a set of costs, the total cost is acquired by multiplying this cost by the number of outlets.

For example, if you count 1000 points and each is valued at £100, your estimate for the project would be £100,000.

One benefit is its speed in providing accurate estimates.

Guesstimating

From the name of this method, you can guess what is this all about! Well, it is the least reliable method but fewer estimators use this method sometimes. When the estimators or electrical engineers have to quickly submit cost estimates to clients. They use this method which is not that accurate. This method relies on the intuition of the estimator rather than the detailed analysis of the project needs. Several estimators use:

Unit Pricing

In this method, estimators assign a cost per unit of measurement that is based on historical data. It can be useful for similar types of projects.

Bottom-Up Estimating

This method involves the estimation of single components and then aggregating them to the total cost.

Labour unit method

The other electrical estimating method is a labour unit in which a value to the human labour is assigned that is required for any installation. The value assigned is based on the average cost of labour per unit of output. For instance, if the labour unit is $100 then installing a single component might be one unit, and installing something complex would be more units. To calculate the total cost of labour, the estimator multiplies the total number of units by the unit value. This way they get the total cost.

Pre-build

In the Pre-build method, the estimators prepare detailed estimates before the actual construction starts. The estimator has to be smart and active to estimate by reviewing planning thoroughly. All the relevant documents are studied. After that, a detailed list of all the materials is made based on the project plans. Engineers estimate the total labour cost required as it covers a significant amount of the total budget. Once everything is determined, the cost of each material is calculated. For example, an estimator prepares a detailed estimate that includes the cost of all wires, outlets, switches, and circuit breakers, as well as the labour cost for installation.

Design and construct

This type of electrical estimating method is considered to be the most complex. Because the estimator has to manage both the design and construction processes of the project. The estimator will take a detailed brief of what they want in their project. From the initial phases to the final stage, an estimator has to be very active in observing everything. Mainly to estimate the project cost accurately. If the estimator has a total grip on the knowledge of all types of materials, labour, and equipment. Then it is possible to deliver the most precise results to the clients.

Conclusion

It depends on estimators and electrical cost consultants which electrical estimating method they employ for the project. If the clients want estimates quickly, the estimators can opt for different choices. But the main thing is accuracy! All the estimates rely on the precise cost predictions of these professionals. Only a competent engineer can help contractors to get the most reliable cost evaluations. That assists in completing the construction project within time and budget. In the US construction industry, constant advancements are occurring. Due to this constant change in estimating methods is also necessary! In addition to that, ensure to use of good electrical estimating and takeoff software. It helps to achieve accurate and speedy cost estimates.