What It Is: The Base Cost Estimate serves as the financial foundation of your project. It represents the most probable cost, backed by real data and expert analysis.
How We Do It:
Leveraging Past Projects: We analyze historical data from similar projects to ensure accurate estimates.
Industry Standards Compliance: We integrate the latest industry standards to maintain accuracy and competitiveness.
Expert Insights: Our seasoned estimators fine-tune every detail to match your project requirements.
What’s Included:
Detailed Work Breakdown Structure (WBS): Systematically breaking down the project into smaller, manageable components.
Comprehensive Cost Coverage: Covers materials, labor, overhead, installation, and every essential cost.
Why It Matters:
Precision: Minimizes budget deviations by providing a realistic cost forecast.
Transparency: Offers a clear cost breakdown for better decision-making.
Planning Support: Provides a solid baseline for financial and project management strategies.
Three Types of Cost Estimations: Base, P10, and P90
P10 Cost Estimate
What is P10?
A P10 Cost Estimate is designed for cost-conscious budgeting. It represents a 10% probability that the actual costs may exceed this estimate, making it ideal for early-stage planning and cost-saving strategies.
When to Use It:
During Initial Planning: When project scope is still flexible.
For Cost Minimization: Helps optimize costs and manage risks effectively.
How We Optimize It:
Risk Identification: Detects potential risks that could influence costs.
Contingency Planning: Allocates necessary buffers to handle unforeseen challenges.
Key Benefits:
Cost Efficiency: Helps maintain a lean budget without sacrificing quality.
Proactive Risk Management: Prevents financial roadblocks before they arise.
P90 Cost Estimate
What is P90?
A P90 Cost Estimate provides a 90% confidence level that your actual costs will not exceed the estimate. This approach ensures financial stability by preparing for unexpected variations.
Why It’s Crucial:
For High-Risk Projects: Ideal for projects with numerous variables.
Ensures Financial Security: Provides a buffer against unforeseen expenses.
Our Methodology:
Comprehensive Risk Assessment: Evaluates all cost-impacting factors.
Strategic Contingency Planning: Allocates necessary funds to keep your project financially stable.
Advantages:
Financial Protection: Reduces the risk of unexpected financial overruns.
Project Stability: Ensures smooth project execution without budget-related delays.
Why Choose Elixir Engineering?
Experienced Team: Our expert cost estimators bring years of hands-on experience across various industries.
Comprehensive Approach: From Base Estimates to detailed P10 and P90 estimates, we provide a holistic cost analysis.
Advanced Tools & Technology: We utilize cutting-edge cost estimation software and industry best practices.
Client-Centric Service: Your project’s success is our priority, and we tailor our services to meet your needs.
The Value of Risk-Adjusted Cost Estimates
Managing a project comes with uncertainties. Our risk-adjusted cost estimation services help you:
Make Informed Decisions: Understand cost variations and choose the best financial approach.
Maintain Budget Flexibility: Adapt to changes without compromising quality.
Build Stakeholder Confidence: Demonstrate a structured and risk-managed financial plan.
Get in Touch with Elixir Engineering
At Elixir Engineering, we provide precise, risk-adjusted cost estimation services to keep your projects on budget and on schedule. Whether you need a Base, P10, or P90 Estimate, our experts deliver tailored solutions to meet your needs.
Elixir Engineering is a multi-disciplinary Engineering services company. With our strong technical team, we have proven to be effective for our Clients.
Contact Form
Use this form to contact our team. We usually respond within 24 hours but it can take longer on weekends and around public holidays.