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A cost estimator will typically use estimating software to estimate their bid price for a project, which will ultimately become part of a resulting construction contract. Some architects, engineers, construction managers, and others may also use cost estimating software to prepare cost estimates for purposes other than bidding such as budgeting ...
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One key objective of cost engineering is to arrive at accurate cost estimates and schedules, and to avoid cost overruns and schedule slips. Cost engineering goes beyond preparing cost estimates and schedules by helping manage resources and supporting assessment and decision-making.
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 ...
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An example of how the numbering system expands to provide additional detail below level 1 is shown for A SUBSTRUCTURE A10 FOUNDATIONS A1010 Standard Foundations A1020 Special Foundations A40 SLABS-ON-GRADE A4010 Standard Slabs-on-Grade A4020 Structural Slabs-on-Grade A4030 Slab Trenches A4040 Pits and Bases A4090 Slab-on-Grade Supplementary Components