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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 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.
If, for example, a project estimate was $1,252,000 for a specific scope and conditions, and at completion the records showed that $1,172,451.26 was expended, the estimate was 6.8% too high. If the project ended up having a different scope or conditions, an unadjusted computation does not fairly assess the estimate accuracy.
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 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.
For this reason, choosing a cost estimation method also depends on the skills and experience of the cost engineer. Skills and Qualities of a Successful Cost Engineer To be successful, a cost engineer must have strong analytical abilities, industry-specific knowledge, experience with cost estimating systems, and excellent communication skills.
The search for missing hiker Susan Lane-Fournier, 61, took a tragic turn after her body was found over the weekend in Welches, Oregon, an unincorporated community at the base of Mount Hood.
A Civil estimator is a construction professional who bids on civil projects that have gone to tender. Civil estimators typically have a background in civil engineering, construction project management, or construction supervision. Estimators are responsible for obtaining tenders, obtaining of material costs, calculation of tenders taking into ...