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This information can manifest itself as cost items in a contract (e.g., construction costs, design fees, materials costs, FF&E costs, contingency costs, and more). Information can also relate to construction project schedules, and a broad range of processes whereby information is exchanged by the many stakeholders involved. These processes ...
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 ...
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. Some architects, engineers ...
On Fast-track projects, the design, construction documents and specifications are incomplete, so setting the final cost presents problems. To deal with this difficulty, owners typically use a cost-reimbursable contract with the builder (a construction manager or a general contractor).
A cost estimate is often used to establish a budget as the cost constraint for a project or operation. In project management, project cost management is a major functional division. Cost estimating is one of three activities performed in project cost management. [3] In cost engineering, cost estimation is a basic activity. A cost engineering ...
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]
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