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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]
Thus, the higher the index number, the greater the cost of the refinery and the higher the value of its products. In the second edition of the book Petroleum Refinery Process Economics (2000), author Robert Maples notes that U.S. refineries rank highest in complexity index, averaging 9.5, compared with Europe's at 6.5.
Chemical Engineering Index, CE: composed of 4 major components – for equipment and other bulk items, the others relevant to construction labor, buildings, and engineering and supervision – the index is employed primary as a process plant construction index, was established using a base period of 1957-1959 as 100. The CE Index is updated ...
A price index (plural: "price indices" or "price indexes") is a normalized average (typically a weighted average) of price relatives for a given class of goods or services in a given region, during a given interval of time.
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 ...
Non-recurring engineering (NRE) cost refers to the one-time cost to research, design, develop and test a new product or product enhancement. [1] When budgeting for a new product, NRE must be considered to analyze if a new product will be profitable. Even though a company will pay for NRE on a project only once, NRE costs can be prohibitively ...
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 .
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 ...