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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.
The tender, which is submitted by the competing firms, is generally based on a bill of quantities, a bill of approximate quantities or other specifications which enable the tenders to attain higher levels of accuracy, the statement of work.
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 ...
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 ...
This process includes breaking the project down into smaller and more manageable units that are easier to measure or estimate. The level of detail required for measurement may vary. [1] These measurements are used to format a bid on the scope of construction. Estimators review drawings, specifications and models to find these quantities ...
Always involves the measurement and pricing of approximate quantities at some stage of the process. Aim to achieve good value at the desired level of expenditure. Elemental cost planning is often referred to as 'designing to a cost' or 'target cost planning' since a cost limit is fixed for the scheme and the architect must then prepare a design ...
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This form of document contrasts with that of bills of quantities in which such tendering and estimation is limited to the materials in the completed work. Operational bills have the advantages of enhancing communication between design and production, enabling realistic tender pricing, and making the preparation of critical-path analysis easy ...