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Masterformat is a list of numbers and titles for organizing requirements, products and activities into a standard sequence for use in the construction industry. The list covers 16 main divisions, themselves further subdivided down to the level of material and...

Marginal Cost

The cost of producing one additional unit. If the total cost of producing 10 units is $50, and if the total cost of producing 11 units is $54, then marginal cost at that level of output is $4. This is to be distinguished from “average” cost, the total...

Loaded Labor Rate

A labor rate that takes into consideration, and is thereby “loaded with” all the Variable Overhead and Fixed Overhead costs and Net Profit associated with a unit of labor (wage/salary + benefits + overhead costs + profit margin).