Cost Estimation is a process of identifying the sum of the amount required to accomplish those planned tasks or activities before actually executing them. The process of Cost Estimation starts with identifying a list of components followed by quantity take-off, rate analysis, overheads, risks & Contingencies, Profit, etc. (based on the type of work).
What are Key Performance Indicators (KPI)? Key performance indicators (KPI) are a set of quantifiable, adjustable, and controllable elements used to gauge the performance of a project. They indicate how a business is performing with respect to its objectives. They …
Construction cost refers to the sum of money required for the development of a facility or an asset. Estimation of construction cost is a complex process since it involves many variable factors. Costs in a construction project can be categorized as either tangible costs or intangible costs.
Costs in a construction project can also be differentiated as Direct costs and Indirect costs.