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As cost estimating programs became more and more popular over the years, more advanced features, such as saving data for reuse, mass project-wide changes, and trade-specific calculations, have become available. [6] For example, programs that are designed for building construction, include libraries and program features for traditional builders.
A cost database includes the electronic equivalent of a cost book, or cost reference book, a tool used by estimators for many years. Cost books may be internal records at a particular company or agency, [1] or they may be commercially published books on the open market. AEC teams and federal agencies can and often do collect internally sourced ...
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 ...
Basis of estimate (BOE) is a tool used in the field of project management by which members of the project team, usually estimators, project managers, or cost analysts, calculate the total cost of the project.
Primavera is an enterprise project portfolio management software. It includes project management, scheduling, risk analysis, opportunity management, resource management, collaboration and control capabilities, and integrates with other enterprise software such as Oracle and SAP’s ERP systems.
Procore's offerings also include an app marketplace, with 300+ partners, including Box, an enterprise file storage and content management company; [20] Botlink, a joint venture by Packet Digital that allows users to stream in both video and data from drones surveying their construction projects; [18] and Dexter + Chaney, an ERP provider.
"Cost engineering practitioners tend to be: a) specialized in function (e.g., cost estimating, planning and scheduling, etc.); b) focused on either the asset management or project control side of the TCM process; and c) focused on a particular industry (e.g., engineering and construction, manufacturing, information technology, etc) or asset ...
Cost estimation models are mathematical algorithms or parametric equations used to estimate the costs of a product or project. The results of the models are typically necessary to obtain approval to proceed, and are factored into business plans, budgets, and other financial planning and tracking mechanisms.
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