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Estimating


Top-down Cost Estimating

Top-down Cost Estimating is the preparation of a cost estimate by using judgment and experience to arrive at an overall total amount, usually done by an experienced estimator or manager making a subjective comparison of the project with similar previous projects....

Target Costing

A target cost is calculated by subtracting a desired profit margin from an estimated or a market-based price to arrive at a desired production, engineering, or marketing cost. This may not be the initial production cost, but one expected to be achieved during the...

Takeoff

Takeoff is a term used for identifying and recording from drawings the material and quantities required for estimating the time and cost for the completion of an activity. (Wideman Comparative Glossary of Common Project Management Terms v2.1 )

Shiftwork

While there is no precise definition of what shiftwork is, most studies on shiftwork classify shiftworkers as anyone working outside regular daytime hours (i.e. between approximately 7 AM and 6 PM, Monday through Friday). Under these definitions, shiftworkers include...

Schedule of Values

The Schedule of Values is a detailed statement furnished by a construction contractor, builder or others outlining the portions of the contract sum. It allocates values for the various parts of the work and is also used as the basis for submitting and reviewing...

Request for Quotation (RFQ)

A formal invitation to submit a price for goods and/or services as specified. Similar to a request for proposal, except that the desired items to be procured are stock or catalog items, and only price and delivery time need be proposed. (Wideman Comparative Glossary...