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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 ...
D is staffing complexity - a rating of the project's inherent difficulty in terms of the rate at which staff are added to a project. E is the entropy - In days gone by entropy was fixed at 1.2. Next it evolved to 1.04 to 1.2 depending on project attributes with smaller IT oriented projects tending toward the lower.
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 ...
Basis of estimate (BOE) is a tool used in the field of project management by which members of the project team, usually estimators, project managers, or cost analysts, calculate the total cost of the project.
A building estimator or cost estimator is an individual that quantifies the materials, labor, and equipment needed to complete a construction project. Building cost estimating can concern diverse forms of construction from residential properties to hi-rise and civil works.
Quantity take-offs (QTO) are a detailed measurement of materials and labor needed to complete a construction project. They are developed by an estimator during the pre-construction phase. This process includes breaking the project down into smaller and more manageable units that are easier to measure or estimate.
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