Profession manufacturing cost estimator

Manufacturing cost estimators collect and analyse data to evaluate the money, materials, labour and time required for manufacturing processes. They conduct analyses to identify (alternative) cost effective technical designs and production processes. They develop and use methods and tools for cost planning, controlling and analysis. They also perform quantitative and qualitative risk analyses and report on the development of costs.

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Personality Type

  • Investigative / Enterprising

Knowledge

  • Cost management

    The process of planning, monitoring and adjusting the expenses and revenues of a business in order to achieve cost efficiency and capability.

  • Mathematics

    Mathematics is the study of topics such as quantity, structure, space, and change. It involves the identification of patterns and formulating new conjectures based on them. Mathematicians strive to prove the truth or falsity of these conjectures. There are many fields of mathematics, some of which are widely used for practical applications.

Skills

  • Assess financial viability

    Revise and analyse financial information and requirements of projects such as their budget appraisal, expected turnover, and risk assessment for determining the benefits and costs of the project. Assess if the agreement or project will redeem its investment, and whether the potential profit is worth the financial risk.

  • Provide cost benefit analysis reports

    Prepare, compile and communicate reports with broken down cost analysis on the proposal and budget plans of the company. Analyse the financial or social costs and benefits of a project or investment in advance over a given period of time.

  • Execute analytical mathematical calculations

    Apply mathematical methods and make use of calculation technologies in order to perform analyses and devise solutions to specific problems.

Optional knowledge and skills

advise on risk management accurately estimate work hours estimate duration of work calculate materials manage budgets liaise with engineers analyse production processes for improvement synthesise financial information project management control of expenses read assembly drawings prepare cost-plus pricing models perform project management perform cost accounting activities read standard blueprints