Because the projects you’re estimating won’t be built today, RSMeans Data Online also offers the option to use predictive line item costs. Any line item in the database can be projected up to 3 years in the future within a 3% margin of their actual future cost, so you can keep the guesswork to a minimum in your estimates. While no one can know the future with absolute certainty, you’ll have an unprecedented level of reliability at your fingertips when building estimates for new projects.
Predictive Data: How It’s Built
Gordian’s engineers create RSMeans predictive data by applying a unique mix of econometric and data-mining methodologies to their existing database of localized costs. But rather than basing the predictions on macroeconomic theory, like traditional econometric forecasts, they are based exclusively on empirical evidence drawn from trends in historical cost data, local market indicators and statistical algorithms.
The predictive models are constantly monitored for degeneration, which can occur as economic and market conditions change. Decisions are then made as to whether a model needs to be refit, remodeled or rebuilt altogether based upon ongoing quarterly updates. Special analyses and model checking are also performed on specific materials as changes in market conditions are announced, such as the recent tariffs imposed on steel and aluminum.
The end result is a superior prediction model. Where traditional millennia-old economic forecasting techniques are unable to predict cost volatility and sudden market changes, predictive cost data provides a more robust and accurate data-driven alternative.
Estimating Efficiently
You can build and save line-by-line estimated directly in the RSMeans Data Online portal. When you need variations on a particular line item, you can apply modifiers at the unit-price level to ensure the exact item or task you need is added to your estimate. Or if you need to quickly create a conceptual estimate for a client, you can use customizable square foot models that are prebuilt into the platform.
While you’re working, you can electronically share estimates with coworkers who also have an RSMeans Data Online subscription so they can validate and add to your work. Once you’ve finished your estimate, you can export and send the completed estimate to your clients.
The crossroads of reliable data and an easy-to-use online platform, RSMeans Data Online gives you streamlined and efficient estimating experience.
Finding Success
Buck & Buck Engineers in the small town of Ellington, Connecticut, can attest to the advantage of RSMeans data construction costs. When millions of dollars in state grant funds became available, Buck & Buck used an estimate with RSMeans data to secure the funding for Ellington, beating out larger firms with bigger names in the process. In the words of Jim Thompson, a civil engineer with Buck & Buck, “The reason we got it was we had a detailed estimate, and RSMeans [data] was very involved in that estimate. I couldn’t have done it without them!”
Head over to rsmeans.com to see the benefits of RSMeans Data Online in action.
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