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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 ...
However, general-purpose software may be used in the same manner at a fraction of the cost of design software. [citation needed] When planning the construction phase, various project management methods are used to estimate factors such as cost, schedule and resourcing. Different software packages rely on different formulas and theories as the ...
The most basic element of a cost estimate and therefore the cost database is the estimate line item or work item. [3] An example is "Concrete, 4000 psi (30 MPa)," which is the description of the item. In the cost database, an item is a row or record in a table (of items) and the description is a column or field for that record.
Later, the programs for road construction and civil engineering are combined for structural engineering. RIB also developed software for tendering, awarding, accounting, calculation, and construction management. 2004–2010: International Expansion & Launch of iTWO [2] In 2004, RIB established an international R&D center in Guangzhou, China.
[2] [3] BSD is a software firm that is a leading developer of commercial master specifications and construction cost estimating software. BSD is involved in the development and maintenance of several of CSI format documents including MasterFormat , UniFormat , and OmniClass , all of which relate to specifications and cost estimating.
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 ...
Construction estimating software; Cost contingency; Cost database; Cost escalation; ... Elemental cost planning; Engineering economics; Engineering economics (civil ...
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]
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