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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. Some architects, engineers, construction managers, and others may also use cost estimating software to prepare cost estimates for purposes other than bidding such as budgeting ...
A pivot table in BOEMax, a Basis of Estimate software package. To create a BOE companies, throughout the past few decades, have used spreadsheet programs and skilled cost analysts to enter thousands of lines of data and create complex algorithms to calculate the costs. These positions require a high level of skill to ensure accuracy and ...
A cost estimate is the approximation of the cost of a program, project, or operation. The cost estimate is the product of the cost estimating process. The cost estimate has a single total value and may have identifiable component values. A problem with a cost overrun can be avoided with a credible, reliable, and accurate cost estimate. A cost ...
From 2011 until August 2012 the record was held by the 12,345-metre (40,502 ft) long Sakhalin-I Odoptu OP-11 Well, offshore the Russian island Sakhalin. [11] The Chayvo Z-44 extended-reach well took the title of the world's longest borehole on 27 August 2012. Z-44's total measured depth is 12,376 metres (40,604 ft).
The cost to drill a well depends mainly on the daily rate of the drilling rig, the extra services required to drill the well, the duration of the well program (including downtime and weather time), and the remoteness of the location (logistic supply costs).
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]