Construction Cost Estimate – Classification Systems

An essential component of any cost estimating approach is the use of a standard framework for classifying and managing construction information. The framework chosen should accommodate cost data needs throughout the project life cycle and respond to the viewpoint and needs of the various users. If a firm does not use a standard construction information framework for estimating its projects, inconsistencies […]

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Cost Estimate – Classification by Level of Detail

The quality and accuracy of estimates depends on the level of advancement of the design for the project (refer to Table 1). For this reason, different sets of cost estimates will be prepared at different stages of design development. At an early stage, estimates will be at a high level. As the design becomes more […]

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Elemental Cost Breakdown

Meaningful cost comparisons and analyses of cost estimates will only be possible if cost data are based on a uniform standard analysis. The following section provides an overview of acceptable formats for a Schematic Design preparation by: Defining the Elemental Format Defining Selection of Elements Preparing Elemental Cost Analysis for an accommodation project Discussing design, estimation, escalation […]

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