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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.
The more constructible a structure is, the more economical it will be. [3] Constructability is in part a reflection of the quality of the design documents; that is, if the design documents are difficult to understand and interpret, the project will be difficult to build.
Zero Accidents Techniques CII has also researched other practices and information topics, which have been organized into a Knowledge Base. CII's professional development programs help organizations to plan the development of new construction project managers by applying CII Best Practices and other competencies to the managers' professional ...
Tools used in cost are, risk management, cost contingency, cost escalation, and indirect costs. But beyond this basic accounting approach to fixed and variable costs, the economic cost that must be considered includes worker skill and productivity which is calculated using various project cost estimate tools.
Advanced Construction Management Program, a higher studies program conducted by NICMAR in association with the Massachusetts Institute of Technology, International Labour Organization, and Indian Institute of Management, Ahmedabad is considered to be a premium education program by the industry. [1]
In business economics cost breakdown analysis is a method of cost analysis, which itemizes the cost of a certain product or service into its various components, the so-called cost drivers. The cost breakdown analysis is a popular cost reduction strategy and a viable opportunity for businesses.
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 ...
Lean construction is a combination of operational research and practical development in design and construction with an adoption of lean manufacturing principles and practices to the end-to-end design and construction process. Lean Construction required the application of a robust programmatic framework to all repair, renovation, maintenance ...