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However, Figure 1 attempts to show most of the Interchangeably to indicate an accuracy range or a calculation technique.įor these reasons, there is currently no universally accepted naming orĬategorization approach. As another example, the term ”conceptual” estimate has been used Individuals will also incorrectly assume that it also reflects a calculation While it is intended to reflect the end use of the estimate, many Shown below along with a brief indication of how each characteristic changesĮnd use of the estimate-changes from screening to controlĮstimate content and input informatiowhanges from summary to detailedĪccuracy range-changes from broad to narrowĬalculation techniquedhanges from stochastic to deterministicĪs an example of how these characteristics change, consider the word The four defining estimate characteristics that need to be specified by an estimate name or description are Understand what the estimate is all about. Only a single characteristic of an estimate methodology, when in fact thereĪre at least four main characteristics that need to be defined in order to Names suchĪs “budget” estimate or “rough order of magnitude” estimate tend to describe Engineers should be aware th atĮstimate naming conventions are the source of a lot of confusion. The terminology used to label estimate types. References are provided where the length of theĭownloaded by at 19:04 12 June 2016īefore jumping into the details of the methodologies, it is useful to understand They relate to the various algorithm types and the estimating process phasesĭescribed in Chapter 1. The remaining topics from the list above are discussed in the context of how Procedures (organization and approach to make the process work)Įach type of algorithm is described in detail and illustrated with examples.
Construction Cost Handbook Malaysia software#
Tools (forms, hardware, and software linkages to other project process tools) the elements of methodology described in this chapter include:Īlgorithms/cost estimating relationships (calculations and adjustments)Ĭost estimating database (factors and parameters for use in algorithms)ĭata sourcing (obtaining, manipulating, or creating cost estimating data)ĭata management (organization/structure/coding,storage, maintenance)Ĭost feedback (historical cost analysis, benchmarking, methodology calibration) In information management and project controls, and tools and software thatĮfficiently apply the calculation techniques and data to produce reliable cost That are tailored to the information available at each project phase, a relevantĬost estimating database with a hierarchical structure that provides continuity This includes: a variety of estimating calculation techniques Of cost estimating practices, resources, and tools that are consistently applied An eflective methodology consists of a standard set This chapter discusses the methods used to implement the estimating processĭescribed in Chapter 1. Eastman Kodak Company, Rochester, New York