Which practice can result in more precise construction estimates over time?

Using retrospective analysis from completed projects is the practice that can result in more precise construction estimates over time because it involves analyzing past projects to assess what worked well and what didn't. This analysis allows estimators to identify trends, calculate accurate costs based on historical data, and understand the impacts of various factors such as labor, materials, and project duration.

By reviewing completed projects, estimators can improve their forecasting methods, refine their pricing strategies, and make informed adjustments for future bids. It builds a knowledge base that can be referenced to avoid repeating past errors and to make contemporary projects more accurate in their budgeting. Continuous learning from past experiences contributes to enhanced estimating accuracy, leading to more successful project outcomes.

In contrast, limiting team communication hinders the sharing of valuable insights and collaborative learning, which can negatively impact the estimation process. Relying solely on estimators' intuition does not take into account the wealth of data gathered over time, reducing effectiveness. Reducing the amount of data collected restricts the estimator's ability to analyze and learn from past projects, leading to less informed decision-making. Thus, using retrospective analysis stands out as the most effective method for improving the accuracy of construction estimates.