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2. Construction estimating software - Wikipedia

   en.wikipedia.org/wiki/Construction_estimating...

   To prepare the bid, first a cost estimate is prepared to determine the costs and then establish the price(s). This involves reviewing the project's plans and specifications to produce a take-off or quantity survey, which is a listing of all the materials and items of work required for a construction project by the construction documents ...

3. Schedule of values - Wikipedia

   en.wikipedia.org/wiki/Schedule_of_values

   The balance to finish is then calculated by subtracting the total completed to date from the original line item total. The Architect or Owner’s representative will then review and approve the amount due to the contractor during that pay period. A template that can be used for a typical SOV is the ConsensusDocs 293 - Schedule of Values. [2]

4. Open-book contract - Wikipedia

   en.wikipedia.org/wiki/Open-book_contract

   In an open-book contract, the buyer and seller of work/services agree on (1) which costs are remunerable and (2) the margin that the supplier can add to these costs. The project is then invoiced to the customer based on the actual costs incurred plus the agreed margin.

5. Glossary of construction cost estimating - Wikipedia

   en.wikipedia.org/wiki/Glossary_of_construction...

   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 ...

6. Engineering, procurement, and construction - Wikipedia

   en.wikipedia.org/wiki/Engineering,_procurement...

   The EPC contractor coordinates all design, procurement and construction work and ensures that the whole project is completed as required and in time. They may or may not undertake actual site work. EPC companies are often used in large-scale projects, such as power plants, refineries, chemical processing facilities, infrastructure projects, and ...

7. Quantity take-off - Wikipedia

   en.wikipedia.org/wiki/Quantity_take-off

   Quantity take-offs (QTO) are a detailed measurement of materials and labor needed to complete a construction project. They are developed by an estimator during the pre-construction phase. This process includes breaking the project down into smaller and more manageable units that are easier to measure or estimate.

8. Construction accounting - Wikipedia

   en.wikipedia.org/wiki/Construction_accounting

   Construction accounting is a form of project accounting applied to construction projects. See also production accounting . Construction accounting is a vitally necessary form of accounting, especially when multiple contracts come into play.

9. Cost estimate - Wikipedia

   en.wikipedia.org/wiki/Cost_estimate

   A cost estimate is the approximation of the cost of a program, project, or operation. The cost estimate is the product of the cost estimating process. The cost estimate has a single total value and may have identifiable component values. A problem with a cost overrun can be avoided with a credible, reliable, and accurate cost estimate. A cost ...