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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
Defensive Estimating summary
William Asdal
Brief summary
Defensive Estimating by William Asdal is a comprehensive guide that teaches construction professionals how to create accurate and profitable estimates. It provides valuable insights and strategies to protect against common estimating pitfalls.
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Table of Contents
Defensive Estimating
Summary of key ideas
Understanding the Importance of Defensive Estimating
In Defensive Estimating by William Asdal, the author begins by highlighting the fundamental role of estimating in the construction industry. He emphasizes that a successful business is built on accurate estimating, and the failure to do so can lead to financial loss, project delays, and ultimately the downfall of a company. Asdal introduces the concept of defensive estimating, a method that aims to protect the contractor's profits through meticulous and detailed estimating.
Asdal explains that defensive estimating is not about being overly cautious or pessimistic in your estimates, but rather, it is about being proactive and strategic in your approach. He argues that a defensive estimator must anticipate potential risks and costs, thereby fortifying the company's financial position and ensuring profitability. To support his argument, Asdal provides numerous real-life examples of construction projects that suffered due to poor estimating.
Implementing Defensive Estimating Techniques
In the middle section of the book, Asdal delves into the various techniques and strategies associated with defensive estimating. He advocates for a systematic approach to estimating, emphasizing the importance of breaking down a project into its smallest components to ensure no cost is overlooked. Asdal introduces the concept of the "unit cost," which involves calculating the cost of each individual component of a project, such as a door or a window, and using these unit costs to build a comprehensive estimate.
Moreover, Asdal discusses the significance of historical data in defensive estimating. He suggests that contractors should maintain detailed records of past projects, including their costs, timelines, and any unexpected expenses. By analyzing this historical data, contractors can identify patterns and trends, which can then be used to refine future estimates and mitigate potential risks.
Defending Your Estimate and Protecting Your Profits
In the latter part of the book, Asdal focuses on the post-estimating phase, where the contractor must defend their estimate and protect their profits. He stresses the importance of clearly communicating the estimate to the client, ensuring that they understand the rationale behind the costs. Asdal provides valuable advice on negotiating with clients, asserting that a well-documented, defensive estimate can empower the contractor in these discussions.
Furthermore, the author highlights the significance of ongoing project management in protecting the estimated profits. He argues that the defensive estimator must continuously monitor the project's progress, track expenses, and address any deviations from the original estimate promptly. By doing so, the contractor can safeguard their profits and maintain financial control throughout the project.
The Art of Defensive Estimating
In conclusion, Defensive Estimating by William Asdal presents estimating as an art form that requires skill, precision, and foresight. The author emphasizes that defensive estimating is not a one-time task but an ongoing process that begins before the project even starts and continues until its successful completion. By adopting defensive estimating techniques, contractors can protect their profits, minimize risks, and ultimately, build a more resilient and profitable construction business.
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What is Defensive Estimating about?
Defensive Estimating by William Asdal provides practical strategies for construction professionals to protect their profits through accurate and thorough estimating. The book offers valuable insights into the challenges of estimating in the construction industry and provides practical tips for minimizing risks and maximizing returns on projects.
Defensive Estimating Review
Defensive Estimating by William Asdal is a valuable resource for anyone looking to enhance their estimating skills in construction projects. Here's why this book is a must-read:
- Offers practical strategies and techniques for accurate cost estimation, ensuring projects stay on budget and on schedule.
- Provides insightful tips on handling unexpected challenges and variations in construction projects, essential for project managers and contractors.
- With its real-world examples and case studies, the book brings estimating concepts to life, making complex ideas easy to understand and apply.
Who should read Defensive Estimating?
Construction business owners and managers looking to improve their estimating processes
Contractors and builders who want to maximize their profits and minimize risks
Individuals seeking practical strategies for creating accurate and defendable estimates
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Book summaries like Defensive Estimating
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Defensive Estimating FAQs
What is the main message of Defensive Estimating?
The main message of Defensive Estimating is to provide strategies for accurate and realistic project cost estimation.
How long does it take to read Defensive Estimating?
The estimated reading time for Defensive Estimating is a few hours. The Blinkist summary can be read in just a few minutes.
Is Defensive Estimating a good book? Is it worth reading?
Defensive Estimating is a valuable resource for mastering project cost estimation. It offers practical techniques for avoiding common pitfalls.
Who is the author of Defensive Estimating?
William Asdal is the author of Defensive Estimating.
What to read after Defensive Estimating?
If you're wondering what to read next after Defensive Estimating, here are some recommendations we suggest:
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