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Elemental Cost Planning
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. 1951 saw the publication of the Ministry of Education Building Bulletin No 4 which essentially introduced the concept of elemental cost planning to the UK construction industry. Its Author was James Nisbet. The concept has been refined and developed over more than 50 years in the UK by BCIS (the Building Cost Information Service of the Royal Institution of Chartered Surveyors).... Elemental Cost Planning relies upon the adoption of a Standard Form of Cost Analysis for buildings which allows costs to be compared on a common format and forms the basis of the benchmarking analysis central to the concept of Elemental Cost Plans. It should :- *Ensure that the tender amount is close to the first estimate, or that any likely difference between the two is anticipated and is acceptable. *Ensure that the money availab ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cost Planning
In production, research, retail, and accounting, a cost is the value of money that has been used up to produce something or deliver a service, and hence is not available for use anymore. In business, the cost may be one of acquisition, in which case the amount of money expended to acquire it is counted as cost. In this case, money is the input that is gone in order to acquire the thing. This acquisition cost may be the sum of the cost of production as incurred by the original producer, and further costs of transaction as incurred by the acquirer over and above the price paid to the producer. Usually, the price also includes a mark-up for profit over the cost of production. More generalized in the field of economics, cost is a metric that is totaling up as a result of a process or as a differential for the result of a decision. Hence cost is the metric used in the standard modeling paradigm applied to economic processes. Costs (pl.) are often further described based on their t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cost Control
Cost accounting is defined as "a systematic set of procedures for recording and reporting measurements of the cost of manufacturing goods and performing services in the aggregate and in detail. It includes methods for recognizing, classifying, allocating, aggregating and reporting such costs and comparing them with standard costs." (IMA) Often considered a subset of managerial accounting, its end goal is to advise the management on how to optimize business practices and processes based on cost efficiency and capability. Cost accounting provides the detailed cost information that management needs to control current operations and plan for the future. Cost accounting information is also commonly used in financial accounting, but its primary function is for use by managers to facilitate their decision-making. Origins of Cost Accounting All types of businesses, whether manufacturing, trading or producing services, require cost accounting to track their activities. Cost accounting h ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
BCIS
The Building Cost Information Service (BCIS), provides cost and price data for the UK construction industry. It is a part of the Royal Institution of Chartered Surveyors (RICS). History BCIS was set up in 1961 to provide the profession with cost information in elemental format and to promote the use of elements and of elemental cost planning. The BCIS "Standard Form of Cost Analysis" (SFCA) remained an industry staple, largely unchanged, until the late 2000s. In 2012 the "New Rules of Measurement" for cost management throughout the construction process were accompanied by a modernised version of the SFCA. The BCIS approach is the most popular costing method employed by quantity surveyor A quantity surveyor (QS) is a construction industry professional with expert knowledge on construction costs and contracts. Qualified professional quantity surveyors are known as Chartered Surveyors (Members and Fellows of RICS) in the UK and Ce ...s in the UK. References {{authority con ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cost Overrun
A cost overrun, also known as a cost increase or budget overrun, involves unexpected incurred costs. When these costs are in excess of budgeted amounts due to a value engineering underestimation of the actual cost during budgeting, they are known by these terms. Cost overruns are common in infrastructure, building, and technology projects. For IT projects, a 2004 industry study by the Standish Group found an average cost overrun of 43 percent; 71 percent of projects came in over budget, exceeded time estimates, and had estimated too narrow a scope; and total waste was estimated at $55 billion per year in the US alone. Many major construction projects have incurred cost overruns; cost estimates used to decide whether important transportation infrastructure should be built can mislead grossly and systematically. Cost overrun is distinguished from cost escalation, which is an ''anticipated'' growth in a budgeted cost due to factors such as inflation. Causes Recent works by Ahia ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Comparative Cost Analysis
general linguistics, the comparative is a syntactic construction that serves to express a comparison between two (or more) entities or groups of entities in quality or degree - see also comparison (grammar) for an overview of comparison, as well as positive and superlative degrees of comparison. The syntax of comparative constructions is poorly understood due to the complexity of the data. In particular, the comparative frequently occurs with independent mechanisms of syntax such as coordination and forms of ellipsis (gapping, pseudogapping, null complement anaphora, stripping, verb phrase ellipsis). The interaction of the various mechanisms complicates the analysis. Absolute and null forms A number of fixed expressions use a comparative form where no comparison is being asserted, such as ''higher education'' or ''younger generation''. These comparatives can be called ''absolute''. Similarly, a null comparative is one in which the starting point for comparison is not stated. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business Terms
Business is the practice of making one's living or making money by producing or buying and selling products (such as goods and services). It is also "any activity or enterprise entered into for profit." Having a business name does not separate the business entity from the owner, which means that the owner of the business is responsible and liable for debts incurred by the business. If the business acquires debts, the creditors can go after the owner's personal possessions. A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business. The term is also often used colloquially (but not by lawyers or by public officials) to refer to a company, such as a corporation or cooperative. Corporations, in contrast with sole proprietors and partnerships, are a separate legal entity and provide limited liability for their owners/members, as well as being subject to corporate tax rates. A corporation is more complicated an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Building Engineering
Architectural engineers apply and theoretical knowledge to the engineering design of buildings and building systems. The goal is to engineer high performance buildings that are sustainable, economically viable and ensure the safety health. Architectural engineering, also known as building engineering or architecture engineering, is an engineering discipline that deals with the technological aspects and multi-disciplinary. The responsibilities of an architectural engineer are designs, analyzing, and altering plans, or structures. They also assist team members with project objectives budgets and timelines. What it is required to be an architectural engineer is a bachelor's degree master's degree or/and professional engineering license and current knowledge of industry trends, technology, codes and regulation. From reduction of greenhouse gas emissions to the construction of resilient buildings, architectural engineers are at the forefront of addressing several major challenges of t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
