What does the term "safety factor" mean in construction estimating?

The term "safety factor" in construction estimating refers to the extra percentage added to accommodate for potential safety-related costs. This concept is vital in ensuring that project budgets include a buffer for unforeseen expenses that may arise from safety issues, such as the need for additional personal protective equipment, safety training, or unforeseen incidents on-site. By incorporating a safety factor, estimators aim to mitigate risks associated with safety, ensuring that the project can absorb any additional costs without compromising its financial stability or safety standards.

Including this factor is a responsible approach to construction estimating because it recognizes that maintaining a safe working environment can incur costs, and accounting for these in the budget helps maintain project feasibility and ensures compliance with safety regulations. The other options do not accurately describe the safety factor in the context of construction estimating; they involve profit margins, training costs, or discounts, which are separate aspects of budgeting and financial management in construction.