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It is widely used in industrial engineering to calculate the capital and operating costs of a plant. [1] [2] [3] The factors were introduced by H. J. Lang and Dr Micheal Bird in Chemical Engineering magazine in 1947 as a method for estimating the total installation cost for plants and equipment.
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 ...
To compare each estimator tool below, we’ll use the same example property and run it through each tool to see how the results compare. Our example property is 303 Willowcrest Drive, a 4-bedroom ...
In some areas electrical resistance heating is used, especially where the cost of electricity is low or the primary purpose is for air conditioning. Modern high-efficiency furnaces can be up to 98% efficient and operate without a chimney, with a typical gas furnace being about 80% efficient. [1]
65–97% for gas-fired heating; 80–89% for oil-fired and; 45–60% for coal-fired heating. [26] Oil storage tanks, especially underground storage tanks, can also impact the environment. Even if a building's heating system was converted from oil long ago, oil may still be impacting the environment by contaminating soil and groundwater.
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