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A bill of quantities is a document used in tendering in the construction industry in which materials, parts, and labor (and their costs) are itemized.It also (ideally) details the terms and conditions of the construction or repair contract and itemizes all work to enable a contractor to price the work for which he or she is bidding.
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.
Many estimators use a man-hour norm reference for standard man-hours and apply an adjustment factor for project or task conditions, location, methods, equipment, labor skill, etc. to adjust for the anticipated effect on labor. Direct costs are itemized for all necessary parts of the project.
Labor burden is the cost of payroll taxes and insurances (such as workers' compensation) which the employer must pay to employ workers. Labor rate (sometimes price) – the amount of currency per unit of time which is required to employ people (workers, crafts, trades, etc.) in the execution of construction work activity.
Parts and raw materials are often tracked to particular sets (e.g., batches or production runs) of goods, then allocated to each item. Labor costs include direct labor and indirect labor. Direct labor costs are the wages paid to those employees who spend all their time working directly on the product being manufactured.
In the direct labor cost we need to have the job time and wage we will pay it to the worker to calculate the direct labor cost as in this formulation: [1] - = Depending on the context, there are various methods to calculate personnel costs, such as on an hourly or daily basis.
Overall labor effectiveness (OLE) is a key performance indicator (KPI) that measures the utilization, performance, and quality of the workforce and its impact on productivity. Similar to overall equipment effectiveness (OEE), OLE measures availability, performance, and quality.
The lot number enables tracing of the constituent parts or ingredients as well as labor and equipment records involved in the manufacturing of a product. This enables manufacturers and other entities to perform quality control checks, calculate expiration dates, and issue corrections or recall information to subsets of their production output ...