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Cost benchmarking is the measurement, refinement and analysis of one's Cost of Goods Sold (COGS) when compared to market peers. Cost benchmarking identifies competitiveness of pricing in industry terms, highlighting best in class [ 1 ] pricing and subsequently showing areas for competitive pricing improvement.
Benchmarking is the practice of comparing business processes and performance metrics to industry bests and best practices from other companies. Dimensions typically measured are quality, time and cost.
The BCIS "Standard Form of Cost Analysis" (SFCA) remained an industry staple, largely unchanged, until the late 2000s. In 2012 the "New Rules of Measurement" for cost management throughout the construction process were accompanied by a modernised version of the SFCA. [1] In 2022, the BCIS was spun out of RICS. [2]
Elemental cost planning is a system of Cost planning and Cost control, typically for buildings, which enables the cost of a scheme to be monitored during design development. 1951 saw the publication of the Ministry of Education Building Bulletin No 4 which essentially introduced the concept of elemental cost planning to the UK construction ...
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 ...
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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.
Depending on a company’s services or products, the strategies can vary. Every decision in the product development process affects cost: design is typically considered to account for 70–80% of the final cost of a project such as an engineering project [1] or the construction of a building. [2]
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