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Other professionals such as quantity surveyors and cost engineers may also prepare cost estimates or contribute to cost estimates. In the US, according to the Bureau of Labor Statistics, there were 185,400 cost estimators in 2010. [1] There are around 75,000 professional quantity surveyors working in the UK.
A quantity surveyor (QS) is a construction industry professional with expert knowledge on construction costs and ... Cost estimate, cost planning and cost management.
Building cost estimating can concern diverse forms of construction from residential properties to hi-rise and civil works. Both estimators and quantity surveyors must have a background education in the construction industry. Representative professional bodies which regulate property professionals:
To prepare the bid, first a cost estimate is prepared to determine the costs and then establish the price(s). 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 ...
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 ...
The International Cost Engineering Congress (ICEC) was founded in 1976 as a Worldwide Confederation of Cost Engineering, Quantity Surveying and Project Management Societies. In 2006, AACE published the Total Cost Management (TCM) Framework, which outlines an integrated process for applying the skills and knowledge of cost engineering (see ...
With BIM quantity take-off can be conducted almost automatically given that the type of materials, their quantity and price is included in the model. [2] It is known that construction projects often run overtime and over budget and one of the reasons is lack of accuracy in quantity takeoff and estimates.
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.