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This involves reviewing the project's plans and specifications to produce a take-off or quantity survey, which is a listing of all the materials and items of work required for a construction project by the construction documents. Together with prices for these components, the measured quantities are the basis for calculation of the direct cost.
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.
In manufacturing or other non-construction industries, the portion of operating costs that is directly assignable to a specific product or process is a direct cost. [4] In project management, direct costs are those for activities or services that benefit specific projects, for example salaries for project staff and materials required for a ...
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 ...
These are all cost related to the construction process, right from materials, labor costs, consultancy and all management expenses. Construction accounting involves charging construction costs to the applicable contract. Costs fall into three categories. Direct costs are labor, material, and subcontracting costs, land. [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 ...
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