Search results
Results From The WOW.Com Content Network
The principle behind the pool is to correlate direct and indirect costs with a specified cost driver, so to find out the total sum of expenses related to the manufacture of a product. [2] While the exact construction cost pools differs, most companies choose to form numerical based sequences that can then be allocated to the desired project.
Construction cost management is a fee-based service in which the construction manager (CM) is responsible exclusively to the owner, acting in the owner's interests at every stage of the project. The construction manager offers impartial advice on matters such as: Optimum use of available funds; Control of the scope of the work; Project scheduling
Construction cost estimating software is computer software designed for contractors to estimate construction costs for a specific project. 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.
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 ...
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.
Intergovernmental risk pool is the use of the risk pool risk management technique commonly practiced by private insurance companies, but applied to public entities (e.g. made up of government agencies, school districts, county governments and municipalities) who come together to form a pool to provide protection against catastrophic risks such ...
In 2013, the Construction Industry Institute [5] at the University of Texas adopted the CCM as "a value-adding credential" following a joint effort to compare and harmonize CII's Construction Best Practices with the CMAA SOP, and to assure that the CCM examination measured and recognized mastery of the Best Practices.
Construction bidding is the process of submitting a proposal to undertake, or manage the undertaking of a construction project. The process starts with a cost estimate from blueprints and material take offs .