WHY USING MATRICES IN ESTIMATING IS POWERFUL
Welcome to the Matrix…
You, the estimator, have the power to change reality and predict the future. You know all the financial workings of your project. You shift the 1’s and 0’s to produce the outcome you need. It is like being in the Matrix…
But what are Matrices? In this post, we answer key questions to help you see the superpower that matrices give you when estimating.
So what are they?
Matrices, within Expert Estimation Genesis, represent collections of related items that share a common set of attributes. The values of these attributes can then be referenced when estimating the rates of individual units of work.
While each item within a matrix is unique with its own set of attributes, each Item in a Matrix can share a common Cost Estimate Template.
Within the this module you can:
- Create and manage a set of Matrix Items for a particular Matrix.
- Define a list of Attributes and Matrix Defines that can be referenced in calculating the rate of a Matrix Item.
- Create a Cost Estimate Template that can be assigned to multiple Matrix Items within a particular Matrix.
The contextual ribbon menu at the top of the window displays all the available functions within the Matrices window.
The main grid area displays a list of all available Matrices when you first open the Matrices window. A Matrix cannot be removed if one of the Matrix Items associated with it is used within the project.
When To Use Matrices?
Matrices are used when you have a large number of build-ups varied by specific attributes such as distance, depth or diameter. With the single click of a button, you save time by automatically creating all the variations on resources you will need to use.
A key contender is any project involving earthworks. By allowing you to quickly update the haulage distance, depth, and soil strength you can get an accurate first principles quote without redoing work over and over again.
What Are The Benefits Of Using Matrices In Construction Cost Estimates (CCE)
Matrices save you time by automatically generating a large number of item variations you will need to use while upholding the benefits of First Principles Estimating accuracy.
Where In An Estimation Are Matrices Used?
Items where you have a large number of build-ups varied by specific attributes such as distance, depth, or diameter, such as Trenching, Haulage, and Piping, are an excellent place to use Matrices.
When To Use Matrices In Estimating Construction And Engineering Projects
When an item will be re-done over and over with slightly different inputs. For example, hauling distance.
When Not To Use Them
You won’t need to use matrices when changing the input drastically changes how the estimate will have to be built up or when the situations are so specific there is no benefit to reusing your Cost Estimate.
Who Uses Matrices?
Everyone can use them, from small construction estimators pricing projects such as piping in a single building through to estimating teams working on multi-billion dollar mining operations, rail or construction projects.
How To Calculate Matrices
Easy. The program does it for you. Simply enter your cost estimate like normal, supply the input variables as attributes, and then view all the calculated variations you could ever need.
Matrices are calculated giving you a quick overview of both the cost and sell price of various attributes. This allows you to view trends that may impact your decision-making when pricing up the job.
Risk Matrix For Construction Projects
You can build a Risk Matrix for projects with Expert Estimation.
The Risk And Opportunities section of the Project Summary screen handles the Risk Matrix functions of Expert Estimation, allowing you to quickly adjust risk based on how likely you believe anything to be.
The Risk And Opportunities report presents a printable summary of the individual values entered as Risk And Opportunities in the Project Summary window.
Matrices On Excel
You can create or update your attributes from an already existing matrix set up in Excel. This is one way to speed up the integration process and allows you to quickly get comfortable with how Expert Estimation handles Matrices.
If you still have technical questions about Matrices or upgrading to the Genesis edition then call our 24/7 support to find further answers to the Matrix.
The Final Word
There you go. Now you know. Go out and change your reality!