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Cost Estimators Go Back to List
Prepare cost estimates for product manufacturing, construction projects, or services to aid management in bidding on or determining price of product or service. May specialize according to particular service performed or type of product manufactured.
 Tools & Technology
 Tools used in this occupation:
 
  • Notebook computers
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  • Personal digital assistant PDAs or organizers
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  • Desktop computers
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  • Personal computers
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  • Tablet computers
  •  Technology used in this occupation:
     
  • Project management software
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  • Financial analysis software
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  • Computer aided design CAD software
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  • Analytical or scientific software
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  • Accounting software
  •  Tasks
     
  • Analyze blueprints and other documentation to prepare time, cost, materials, and labor estimates.
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  • Assess cost effectiveness of products, projects or services, tracking actual costs relative to bids as the project develops.
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  • Consult with clients, vendors, personnel in other departments, or construction foremen to discuss and formulate estimates and resolve issues.
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  • Confer with engineers, architects, owners, contractors, and subcontractors on changes and adjustments to cost estimates.
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  • Prepare estimates used by management for purposes such as planning, organizing, and scheduling work.
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  • Prepare estimates for use in selecting vendors or subcontractors.
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  • Review material and labor requirements to decide whether it is more cost-effective to produce or purchase components.
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  • Prepare cost and expenditure statements and other necessary documentation at regular intervals for the duration of the project.
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  • Prepare and maintain a directory of suppliers, contractors and subcontractors.
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  • Set up cost monitoring and reporting systems and procedures.
  •  Skills
     
  • Mathematics - Using mathematics to solve problems.
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  • Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
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  • Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
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  • Speaking - Talking to others to convey information effectively.
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  • Active Listening - Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
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  • Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one.
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  • Writing - Communicating effectively in writing as appropriate for the needs of the audience.
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  • Active Learning - Understanding the implications of new information for both current and future problem-solving and decision-making.
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  • Complex Problem Solving - Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
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  • Systems Analysis - Determining how a system should work and how changes in conditions, operations, and the environment will affect outcomes.
  •  Knowledge
     
  • Mathematics - Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
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  • Engineering and Technology - Knowledge of the practical application of engineering science and technology. This includes applying principles, techniques, procedures, and equipment to the design and production of various goods and services.
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  • English Language - Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
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  • Building and Construction - Knowledge of materials, methods, and the tools involved in the construction or repair of houses, buildings, or other structures such as highways and roads.
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  • Computers and Electronics - Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
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  • Economics and Accounting - Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
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  • Administration and Management - Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
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  • Customer and Personal Service - Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
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  • Law and Government - Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
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  • Production and Processing - Knowledge of raw materials, production processes, quality control, costs, and other techniques for maximizing the effective manufacture and distribution of goods.
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     Education & Training
      Education:   Most of these occupations require a four-year bachelor's degree, but some do not.
      Related Experience:   A considerable amount of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant must complete four years of college and work for several years in accounting to be considered qualified.
      View Related Programs on Connecticut's Education & Training ConneCTion site.
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     Wage Information
     
    Region Average Entry Level  Mid-Range 
    Annual  Hourly 
    Statewide $77,338.00 $37.18  $24.46  $27.93 - $44.96 
    Bridgeport/Stamford $73,736.00 $35.45  $23.81  $26.94 - $39.24 
    Danbury $67,175.00 $32.30  $25.40  $27.08 - $38.17 
    Hartford $77,164.00 $37.10  $23.63  $27.29 - $46.14 
    New Haven $84,797.00 $40.77  $27.84  $32.15 - $50.76 
    New London/Norwich $87,767.00 $42.19  $28.68  $33.12 - $52.77 
    Waterbury $70,103.00 $33.70  $27.07  $27.70 - $37.15 
    Torrington $74,317.00 $35.74  $24.44  $27.28 - $40.31 
     Occupation Outlook ( 2014 - 2024 )
    Average Annual Job Openings:   83
      Employment in this occupation is expected to grow faster than average, and the number of annual openings will offer excellent job opportunities.
    ONET Resource Center Some of the occupational information on this page is formulated from O*NETTM v17.0 data. O*NETTM is a trademark of the U.S. Department of Labor, Employment and Training Administration.
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