We collaborate with our clients and apply a rigorous methodology in cost estimate development in alignment with AACE International® (AACE) criteria and client standards. Our clients commonly employ a stage-gated front-end engineering work process in which cost estimates are developed at the conclusion of various project phases. Cost estimate accuracy is refined as the project progresses, moving from early concept estimates to project authorization / control budget estimates. We employ different approaches for each estimate stage consistent with industry and client standards. Estimates are organized to reflect the planned engineering and construction execution approach. We have developed hundreds of cost estimates based on this approach, supporting our clients’ project investment decisions.
We develop a comprehensive Basis of Estimate (BOE) report with each cost estimate. The BOE documents the scope, procedures, data sources, assumptions and exclusions related to the estimate development. The BOE includes a project scope and cost summary and a detailed explanation of each cost category. Kestrel uses AspenTech® In-Plant Cost and Capital Cost Estimator software (Aspen) as its primary estimating platform. Aspen is supplemented with other estimating references and in-house developed tools.
Cost estimating services include:
- Estimating Plan Development
- Capital Cost Estimating
- Contingency Assessment / Range Estimating
- Escalation Assessment
- Estimate Review / Validation
- Labor Rates Evaluation
- Risk Analysis
- Basis of Estimate Development
- Basis of Schedule Development
- Reserves Evaluation
- Peer Reviews
- Owner’s Costs Development Facilitation
- Financial Pro Forma Development
