Video - InEight Estimate - Cost Estimate Audit Review

TRANSCRIPT

InEight Estimate offers built-in help to double-check your estimate and review different aspects of your bid, including material costs, quotes, man hours, and production. Let's go to the PBS register by clicking on the Price tab and selecting the Price Breakdown Structure. On the PBS register, you can use the tabs on the right to review your bid. Whenever reviewing these tabs, be sure to click Refresh Summary Data on the bottom-right corner to make sure the data is up to date.

On the Markup Analysis tab, you can compare your profit to your labor, equipment, materials and other costs. By reviewing the ratios of your markup compared to your different cost categories, you can gauge if you have the right balance of costs in your bid. For example, if your markup is more than 100% of your labor cost, it may indicate that you don't have enough labor cost in your bid to cover the work, which could indicate labor cost overruns during execution that would eat into your profit margin. The Cost Source tab shows the breakdown of detail, plug and quote cost sources, and indicates the amount and percentage of cost estimated using each cost source.

Your plug costs should be kept to a minimum. Your quote cost source will be used more or less depending on how much of your work is subcontracted. The Resource Utilization tab shows a breakdown of the man hours and equipment hours utilized on the job based on takeoff quantities. The Minority Goals tab tells you how you're doing at reaching your minority goals for the project, comparing your current allocated amount to your minority goals.

The Subcontractor and Vendor Status tabs tell you how much of your estimate is awarded to vendors and subcontractors, and what percentage it is of your target price. It also lists out who the awarded vendors and subcontractors are.