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Parametric estimatingParametric estimating models have the potential to dramatically increase the speed, consistency and accuracy of estimates at the early and concept stage of a project’s lifecycle. This paper highlights a case study of how England’s Highways Agency is utilising the services of Benchmark Estimating in conjunction with a parametric model in Benchmark Estimating Software to assist it in the implementation of its Managed Motorway Programme.
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First principles estimatingThe practice of first principles estimating is not a new one, but one of the most important aspects of many businesses today. Many organisations see their first principles estimating system as a key competitive edge and risk-minimisation strategy. This paper explains the basics of first principles estimating, the benefits of it, compares it to the unit rate estimating method, and provides readers with a checklist of key features to look out for when choosing a first principles estimating solution.
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Importance of using the right tools – a comparison of estimating systems and spreadsheetsWhile there are many benefits to using computer spreadsheets for project estimation, a database driven estimating system offers businesses the ability to expand on the functionality of the spreadsheet while incorporating multiple additional processes and procedures into a single entry solution. This paper looks at the well documented issues with using spreadsheets for estimation and provides a comparison of using dedicated estimating software systems versus spreadsheets.
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Can cost overruns be avoided on capital projects? If so, how?Cost overruns occur all the time on capital projects but they can be avoided. . This paper looks at the reasons behind unexpected increases in the costs of capital works and outlines a case study where recent improvements in cost estimating have successfully addressed chronic cost overruns and underestimation of costs for a $multi-billion dollar infrastructure programme.
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