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A cost estimate is the approximation of the cost of a program, project, or operation. The cost estimate is the product of the cost estimating process. The cost estimate has a single total value and may have identifiable component values. A problem with a cost overrun can be avoided with a credible, reliable, and accurate cost estimate.
Cost engineering is "the engineering practice devoted to the management of project cost, involving such activities as estimating, cost control, cost forecasting, investment appraisal and risk analysis". [1] ". Cost Engineers budget, plan and monitor investment projects. They seek the optimum balance between cost, quality and time requirements."
AACE International. AACE International (Association for the Advancement of Cost Engineering) was founded in 1956 by 59 cost estimators and cost engineers during the organizational meeting of the American Association of Cost Engineering at the University of New Hampshire in Durham, New Hampshire. AACE International Headquarters is located in ...
This gives a cost per kW of capacity of US$4,444 if only the first phase is considered and US$3,667 if the cost estimates for both phases together hold. [34] The source also calls this power plant uniquely cost effective for geothermal power and the unique geology of Iceland makes the country one of the largest producers of geothermal power ...
Their comments come as fresh data on economic growth showed the latest second quarter gross domestic product estimate was 3% annualized growth in the US economy. This third estimate confirmed that ...
Construction estimating software. Construction cost estimating software is computer software designed for contractors to estimate construction costs for a specific project. A cost estimator will typically use estimating software to estimate their bid price for a project, which will ultimately become part of a resulting construction contract.
ASPE is the American Society of Professional Estimators. It was founded in 1956 [1] by about 20 cost estimators in Los Angeles, California, USA. [2] In 1974, there were 10 chapters totalling 600 members. By 1977, there were 23 chapters totalling 1500 members. The society's web page states that there are thousands [clarification needed] of ...
Basis of estimate (BOE) is a tool used in the field of project management by which members of the project team, usually estimators, project managers, or cost analysts, calculate the total cost of the project. Through carefully planned equations, hierarchical listing of elements, standard calculations, checklists of project elements and other ...