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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. Together with prices for these components, the measured quantities are the basis for calculation of the direct cost.
Also, construction management software is more focused on single projects, and execution of construction administration processes, vs. capital program planning, design, and construction. The last 10 years have seen a shift in how project information is managed from the general contractor to the owner. [2]
Earned Value Management is a second tool within project management that allows for the tracking of progress throughout the life cycle of a project. BOEs, when executed properly and with the aid of certain software packages, allow for a seamless transition from project proposal to execution by transferring data from the BOE directly into ...
[2] A cost estimate is often needed to support evaluations of project feasibility or funding requirements in support of planning. A cost estimate is often used to establish a budget as the cost constraint for a project or operation. In project management, project cost management is a major functional division. Cost estimating is one of three ...
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 ...
The items identified in the Work breakdown structure plus overhead costs, plus costs related in proportion to the planning and performance.) According to the PMBOK (7th edition) by the Project Management Institute (PMI), Earned Value (EV) is defined as the "measure of work performed expressed in terms of the budget authorized for that work." [3]
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