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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. They seek the optimum balance between cost, quality and time requirements." [2]
Project Cost Management (PCM) is the dimension of project management which aims to ensure that a project is completed within its approved budget. [1] [2] It encompasses several specific project management activities including estimating, job controls, field data collection, scheduling, accounting and design, and uses technology to measure cost and productivity through the full life-cycle of ...
A construction manager is hired for the following deliverables means and methods, communications with the authority having jurisdiction, time management, document control, cost controls and management, quality controls, decision making, mathematics, shop drawings, record drawings and human resources. [4]
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 ...
Cost Estimating is an approximation of the cost of all resources needed to complete activities. Cost budgeting aggregating the estimated costs of resources, work packages and activities to establish a cost baseline. Cost Control – factors that create cost fluctuation and variance can be influenced and controlled using various cost management ...
The role of the superintendent also includes important quality control and subcontractor coordination responsibilities. It is common for most finance-related tasks (especially labor and material cost control) and long-term scheduling to be handled by a project manager. The project manager and superintendent need to cooperate and share control ...
Direct costs may also include the costs of project planning, investigation, studies, and design; land or right of way acquisition, and other non-construction costs. Usually, a subtotal of total direct costs is provided in the estimate. Provisions are made for Indirect costs in addition to the direct costs.
Construction cost estimating software is computer software designed for contractors to estimate construction costs for a specific project. 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.
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