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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 ...
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.
Cost engineering is most often taught at universities as part of construction engineering, engineering management, civil engineering, and related curricula because it is most often practiced on engineering and construction capital projects. Engineering economics is a core skill and knowledge area of cost engineering.
Tennessee Valley Authority civil engineers monitoring hydraulics of a scale model of Tellico Dam. Civil engineering is a professional engineering discipline that deals with the design, construction, and maintenance of the physical and naturally built environment, including public works such as roads, bridges, canals, dams, airports, sewage systems, pipelines, structural components of buildings ...
A broker price opinion (BPO) is a real estate professional’s dollar estimate of a property’s worth. It is an opinion, but one often backed up by the selling prices of comparable homes in ...
Cost plus fee: This contract provides payment for the contractor including the total cost of the project as well as a fixed fee or percentage of the total cost. This contract is beneficial to the contractor since any additional costs will be paid for, even though they were unexpected for the owner.
Construction engineering, also known as construction operations, [1] is a professional subdiscipline of civil engineering that deals with the designing, planning, construction, and operations management of infrastructure such as roadways, tunnels, bridges, airports, railroads, facilities, buildings, dams, utilities and other projects. [2]