MGT-605 examines budgeting, estimating, and bidding strategies for various types and sizes of construction projects. Using a project-based approach, students are exposed to project budgetary considerations; conceptual, rough order magnitude, and definitive estimating; pricing for equipment, labor, and materials; bid preparation and strategies; and conducting a competitive analysis. Students completing this course are prepared to create budgets, estimates, and bid proposals for any type of construction project.
Estimating at increasing levels of precision
The course covers estimating across a genuine progression of precision — from conceptual and rough order magnitude estimates early in a project, to definitive estimates as project details firm up — reflecting how real construction estimating actually evolves as a project develops.
Bidding as competitive strategy, not just arithmetic
MGT-605 frames bid preparation explicitly around strategy and competitive analysis, recognizing that a winning bid isn't just an accurate cost calculation — it also requires understanding the competitive landscape a contractor is bidding against.
Key topics in MGT605
- Conceptual, rough order magnitude, and definitive estimating
- Pricing equipment, labor, and materials
- Project budgetary considerations
- Bid preparation strategies
- Competitive analysis in construction bidding
- Creating budgets and bid proposals for real projects
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Worked example: estimating precision evolving with project detail
- Early project stage: A rough order of magnitude estimate based on limited initial information
- Later project stage: A definitive estimate refined as plans, specifications, and material choices become fully defined
- Lesson: MGT-605 teaches that estimating isn't a single calculation done once — it's a process that becomes progressively more precise as a project develops
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Frequently asked questions
Construction projects don't have all their details finalized from day one — early in a project, only a rough estimate is possible given limited information, while later, as plans and specifications firm up, a much more precise definitive estimate becomes achievable, and a construction manager needs to know how to produce and appropriately use each type at the right project stage. MGT-605 teaches this progression because using an inappropriately precise (or imprecise) estimate at the wrong project stage can mislead stakeholders about a project's actual likely cost.
A bid based purely on accurate internal cost calculation without considering the competitive landscape can be priced too high to win the contract, or too low to be profitable if competitors are pricing differently, meaning winning bid strategy requires understanding both genuine project costs and the competitive context. MGT-605 covers competitive analysis because successful bidding requires balancing accurate cost estimation with strategic awareness of the market a contractor is actually competing in.