Which method can be used to improve the accuracy of construction estimates?

Enhanced data collection and analysis is essential for improving the accuracy of construction estimates because it allows estimators to gather comprehensive and relevant information about previous projects, market conditions, and resource availability. By systematically collecting data on labor costs, material prices, and productivity rates, estimators can establish a more precise basis for their estimates. This method not only assists in identifying trends and patterns that can influence costs but also enables the incorporation of real-time information, which reflects current market dynamics.

This approach stands in contrast to relying solely on past project estimations, which may not account for changes in market conditions or advancements in construction techniques. While annual project estimation workshops can also be beneficial, they may not directly contribute to the continuous improvement of data accuracy as effectively as enhanced data collection allows. Standardizing construction practices can create consistency but does not inherently improve the accuracy of cost estimates without the backing of thorough data analysis. Thus, utilizing enhanced data collection and analysis provides the most robust means to refine and improve construction estimating accuracy.