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Many construction cost estimators continue to rely primarily upon manual methods, hard copy documents, and/or electronic spreadsheets such as Microsoft Excel. While spreadsheets are relatively easy to master and provide a means to create and report a construction cost estimate and or cost models, their benefit comes largely from their ability ...
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 bill of quantities is a document used in tendering in the construction industry in which materials, parts, and labor (and their costs) are itemized.It also (ideally) details the terms and conditions of the construction or repair contract and itemizes all work to enable a contractor to price the work for which he or she is bidding.
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.
The Hudson Formula derives from Hudson's Building and Engineering Contracts and is used for the assessment of delay damages in construction claims.. The formula is: (Head Office overheads + profit percentage) ÷ 100 x contract sum ÷ period in weeks x delay in weeks
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City cost index - see: Location cost index. RSMeans publishes a city cost index table. [3] Construction is a process that consists of the creation, modification, or demolition of facilities, buildings, civil and monumental works, and infrastructure. Construction cost - the total cost to construct a project. This value usually does not include ...
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