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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.
Cost estimate. 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 ...
16 Divisions. The 16 Divisions of construction, as defined by the Construction Specifications Institute (CSI)'s MasterFormat, is the most widely used standard for organizing specifications and other written information for commercial and institutional building projects in the U.S. and Canada. In 2004, MasterFormat was updated and expanded to 50 ...
A Allocation of costs is the transfer of costs from one cost item to one or more other cost items. Allowance - a value in an estimate to cover the cost of known but not yet fully defined work. As-sold estimate - the estimate which matches the agreed items and price for the project scope. B Basis of estimate (BOE) - a document which describes the scope basis, pricing basis, methods ...
MasterFormat is a standard for organizing specifications and other written information for commercial and institutional building projects in the U.S. and Canada. [1] Sometimes referred to as the "Dewey Decimal System" of building construction, MasterFormat is a product of the Construction Specifications Institute (CSI) and Construction Specifications Canada (CSC).
A Schedule of Values (SOV) is a detailed schedule apportioning the original contract sum and all change orders, among all cost code divisions or portions of the work. The Schedule of Values shall be based on the approved budget or the approved Fixed Price, or GMP, Cost-Plus Contract type as applicable. See the executed contract agreement for ...