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Construction management ... Daily field reports: ... Construction cost management is a fee-based service in which the construction manager (CM) is responsible ...
Project Cost Management (PCM) is the dimension of project management which aims to ensure that a project is completed within its approved budget. [1] [2] It encompasses several specific project management activities including estimating, job controls, field data collection, scheduling, accounting and design, and uses technology to measure cost and productivity through the full life-cycle of ...
In project management, project cost management is a major functional division. Cost estimating is one of three activities performed in project cost management. [3] In cost engineering, cost estimation is a basic activity. A cost engineering reference book has chapters on capital investment cost estimation and operating cost estimation.
A Allocation of costs is the transfer of costs from one cost item to one or more other cost items. Allowance - a value in an estimate to cover the cost of known but not yet fully defined work. As-sold estimate - the estimate which matches the agreed items and price for the project scope. B Basis of estimate (BOE) - a document which describes the scope basis, pricing basis, methods ...
Reporting: Project reports typically include proposals, detail reports, cost breakdown reports, and various charts and graphs. Exporting: Most software programs can export project data to other applications, such as spreadsheets, accounting software, and project management software.
The Construction Cost Index has been issued since 1908, while the Building Cost Index has been issued since 1915. Each index is widely used throughout the U.S. construction industry as a benchmark for measuring inflation. The ENR cost indexes were created in 1921 and overseen for many years by ENR's director of market surveys, Elsie Eaves.
Cost engineering is "the engineering practice devoted to the management of project cost, involving such activities as estimating, cost control, cost forecasting, investment appraisal and risk analysis". [1] "Cost Engineers budget, plan and monitor investment projects. They seek the optimum balance between cost, quality and time requirements." [2]
Project accounting is a type of managerial accounting oriented toward the goals of project management and delivery.It involves tracking, reporting, and analyzing financial results and implications, [1] and sometimes the creation of financial reports designed to track the financial progress of projects; the information generated by this analysis is used to aid project management.