Lesson 4 Flashcards
It is the process of planning, budgeting, and reporting project spend in order to keep teams on budget and overall costs reasonable.
Project Cost Management
The process of forecasting the cost of building physical structure.
Construction Cost Estimating
Includes determination of the qualities & costs of everything required to compute the project which includes material, labor, equipment, insurance, subcontract work, overhead profit etc.
Detailed Estimates
Are expenses billed exclusively to a specific project.
Direct Costs
Costs that are shared across a number of projects and are not directly billable to any one project.
Indirect Costs
The cost of human effort expended towards project objectives.
Labor
The cost of resources needed to create products.
Materials
The cost of buying and maintaining equipment used in project work.
Equipment
The cost of external work that a company seeks for any given project
Services
Non - physical computer resources
Software
Physical computer resources
Hardware
The cost of renting or using specialized equipment, services, or locations
Facilities
Costs added to the project budget to address specific risks
Contingency Costs
A schedule which categories, details and quantifies the materials and other cost items to be used in construction project
Bill of Quantites
Outlines the entire construction process from start to finish. It includes the sequence of activities, resources, and the timeline for each project phase
Program of Works
Is a list of all the physical materials necessary to complete a job and their costs
Quantity Take-Off
