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A cost index is the ratio of the actual price in a time period compared to that in a selected base period (a defined point in time or the average price in a certain year), multiplied by 100. Raw materials, products and energy prices, labor and construction costs change at different rates, and plant construction cost indexes are actually a ...
The Marshall-Edgeworth index, credited to Marshall (1887) and Edgeworth (1925), [11] is a weighted relative of current period to base period sets of prices. This index uses the arithmetic average of the current and based period quantities for weighting. It is considered a pseudo-superlative formula and is symmetric. [12]
The Nelson complexity index (NCI) is a measure to compare the secondary conversion capacity of a petroleum refinery with the primary distillation capacity. [1] The index provides an easy metric for quantifying and ranking the complexity of various refineries and units. [ 2 ]
Within the US Federal Government, the "condition index" (CI) is a general measure of the constructed asset's condition at a specific point in time. [2] Within the US Federal Government, CI is calculated using the same formula of the ratio of Repair Needs to Plant Replacement Value (PRV) but results are presented as a percentage where higher ...
The Pareto priority index (PPI) [1] is an index used to prioritize several (quality improvement) projects. It is named for its connection with the Pareto principle named after the economist Vilfredo Pareto .
Cost - the value of currency required to obtain a product or service, to expend labor and use equipment and tools, or to operate a business. Cost index (or factor) - a value used to adjust the cost of from one time to another. [5] There are various published cost indexes, listed by year, quarter, or month. RSMeans publishes a historical cost ...
For example, a Törnqvist index summarizing labor input may weigh the growth rate of the hours of each group of workers by the share of labor compensation they receive. [7] The Törnqvist index is a superlative index, meaning it can approximate any smooth production or cost function. "Smooth" here means that small changes in relative prices for ...
Material selection is often benefited by the use of material index or performance index relevant to the desired material properties. [2] For example, a thermal blanket must have poor thermal conductivity in order to minimize heat transfer for a given temperature difference. It is essential that a designer should have a thorough knowledge of the ...