The primary goal of a cost estimator is to interpret and analyze data to forecast the cost of services, labor, and materials. Construction and manufacturing organizations rely on these professionals to ensure projects stay on budget. Without cost estimators, organizations may face shortfalls by underestimating the actual costs of manufacturing goods or providing services. 

Cost estimators also provide organizations with strategies to reduce costs. They analyze processes and procedures and report opportunities for improvement to engineers or project managers. For example, cost estimators may analyze the various materials required to make a product, and then determine whether they can reduce costs by changing vendors without sacrificing quality. 

Cost estimators often work with managers to determine how to respond to a project bid. By keeping track of their organization’s costs, estimators can develop strategies to help the business win multiple bids. They’re also responsible for determining external forces that may impact their cost estimations, including disruptions in the supply chain, inclement weather, or increases in the price of materials or labor. 

Cost estimators primarily work in manufacturing or construction. Though the job duties in both industries are similar, the materials, systems, labor, and products being analyzed are different. 

Manufacturing cost estimators have an extensive understanding of the various costs associated with a product's life cycle. For example, a manufacturing cost estimator may determine that product costs can decrease if managers are willing to implement automation, or that changing suppliers can save money during the production process. Many of them have specialized manufacturing knowledge in materials such as plastics, metals, or textiles, while others focus on various products, such as electrical equipment or appliances. 

Construction cost estimators forecast how much an organization or individual will spend to construct buildings, housing, bridges, and roads. They work closely with construction and engineering firms to determine current costs and forecast future costs of raw materials like steel, lumber, and oil, as well as labor. They respond to requests for proposals (RFPs), help draft bids, and work closely with contractors and engineers to determine a project’s timeline.