Calibrating with Fudge Factors
If you need to make a quick adjustment and are willing to sacrifice some accuracy, use
Fudge factors to get the BidMagic construction estimating software to match your costs.
To adjust Fudge factors, follow these steps:
- Choose Basic Costs from the Navigate menu.
- Divide the actual labor costs by the estimated
labor costs from BidMagic. Multiply the ratio by 100 to convert it to a percentage.
EXAMPLE: If actual labor costs were $42,000 and BidMagic calculated labor at $40,000, the ratio would be
1.05, or 105%.
- Set the Labor Fudge factor equal to the actual/estimated ratio, minus 100%. EXAMPLE: If
the actual/estimated ratio is 105%, set the Labor Fudge factor to 5%.
- Repeat step 2 for material costs,
then adjust the Material Fudge factor as in step 3.
- Repeat step 2 for subcontractor costs, then adjust
the Subcontractor Fudge factor as in step 3.
If you have used the Fudge factors to calibrate BidMagic
and then want to also use them to adjust a bid for some unusual condition, be sure to add the new
adjustment to the Fudge factor adjustment
you made when calibrating.
It's better to use one of the other calibration
methods, if you have the time, so you can save the Fudge factors
for handling job-to-job variations in cost.
NOTE-- We retired the BidMagic
construction estimating software in 2001. It has been
replaced by Goldenseal construction
estimating software.
We still include this BidMagic estimating
software manual as a convenience for users of our older
program.
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