Timothy Fairley explains construction cost estimating step by step, from early feasibility and order-of-magnitude estimates through detailed estimating and construction budgeting to an approved project budget. FREE Construction Estimate Template: https://www.mastt.com/resources/const...

You’ll learn how Tim approaches construction cost estimating as a project moves from early feasibility into detailed planning. He explains how costs are built up, how estimate confidence changes over time, and how allowances such as contingency and financing are considered. He also walks through how estimates are refined using project scope, market pricing, contractor input, and procurement before being converted into a working project budget.

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Chapters:
00:00 What is construction cost estimating?
01:00 Why construction cost estimating matters for owners and contractors
02:39 3 outputs of a construction estimate: cost, responsibility, confidence
03:36 The 6 steps from project idea to approved budget
04:07 Step 1: define the objective, sell or retain the asset
06:16 Total project cost: development, ownership, and financing
08:34 Known vs unknown costs and estimate uncertainty
09:47 Inclusions and exclusions: who does what
11:13 What is top-down or parametric estimating?
12:42 What is a bottom-up estimate?
13:37 When should you use top-down vs bottom-up estimates?
14:22 How accurate are early cost estimates?
16:14 Estimating CAPEX: land, design, construction, and overheads
17:59 Construction packages and the work breakdown structure
19:43 Estimating project duration and owner overheads
20:21 Estimating OPEX: operations, maintenance, and decommissioning
23:05 Forecasting revenue: selling vs retaining the asset
23:53 Cash flow timeline and funding: debt vs equity
25:56 Testing the feasibility model before costs lock in
28:06 From feasibility estimate to detailed pricing
29:24 Design drawings and exact quantities
30:12 Market pricing: scopes of work, quotes, and bid leveling
32:39 Forecasting variations on each package
33:15 Refining owner overheads, O&M, and financing costs
34:54 Go or no-go: converting the estimate into a budget

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