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CSI publishes MasterFormat, which is a standardized classification for construction information, such as detailed construction project cost estimates or construction specifications. Since its debut under another title in 1963, MasterFormat consisted of 16 Divisions representing broad categories of construction, such as Masonry , Concrete ...
A building estimator or cost estimator is an individual that quantifies the materials, labor, and equipment needed to complete a construction project. Building cost estimating can concern diverse forms of construction from residential properties to hi-rise and civil works.
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 ...
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 ...
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.
Cost engineering is "the engineering practice devoted to the management of project cost, involving such activities as estimating, cost control, cost forecasting, investment appraisal and risk analysis". [1] "Cost Engineers budget, plan and monitor investment projects. They seek the optimum balance between cost, quality and time requirements." [2]
Quantity surveying is a profession that deals with the costs and contracts of construction projects. A quantity surveyor is an expert in estimating the costs of materials, labor, and time needed for a project, as well as managing the financial and legal aspects of the project. A quantity surveyor can work for either the client or the contractor ...
Whilst SMM7 could have a contractual status within a project, for example in the JCT Standard form of Building Contract), the Measurement Code was not mandatory. [61] NRM2 Is the second of three component parts within the NRM suite: NRM1 – Order of cost estimating and cost planning for capital building works