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The final cost for the tunnel's construction came to around £9.5 billion, roughly double TML's original estimate of £4.7 billion. This overrun has been attributed, in part, as a response to enhanced safety, security, and environmental demands. Financing costs were 140% higher than forecast.
A cost estimator is the professional who prepares cost estimates. There are different types of cost estimators, whose title may be preceded by a modifier, such as building estimator , or electrical estimator, or chief estimator.
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.
Construction cost - the total cost to construct a project. This value usually does not include the preplanning, site or right of way acquisition, or design costs, and may not include start-up and commissioning costs. This total or subtotal is usually identified as such in an estimate report.
Overview. One key objective of cost engineering is to arrive at accurate cost estimates and schedules, and to avoid cost overruns and schedule slips. Cost engineering goes beyond preparing cost estimates and schedules by helping manage resources and supporting assessment and decision-making.
In October 1986 Eurotunnel was partially floated and the contractors and banks no longer exercised control over the company. Beginning in 1987 relations between TML and Eurotunnel deteriorated, with significant and increasingly public rows erupting over cost and programme management. With the completion of the Channel Tunnel TML ceased to exist.
The Lang Factor is an estimated ratio of the total cost of creating a process within a plant, to the cost of all major technical components. It is widely used in industrial engineering to calculate the capital and operating costs of a plant.
Cost estimation models are mathematical algorithms or parametric equations used to estimate the costs of a product or project. The results of the models are typically necessary to obtain approval to proceed, and are factored into business plans, budgets, and other financial planning and tracking mechanisms.
The Constructive Cost Model ( COCOMO) is a procedural software cost estimation model developed by Barry W. Boehm. The model parameters are derived from fitting a regression formula using data from historical projects (63 projects for COCOMO 81 and 163 projects for COCOMO II).
Elemental cost planning is a system of Cost planning and Cost control, typically for buildings, which enables the cost of a scheme to be monitored during design development.