Cost Estimation definition

Cost Estimation. A process in which a BIM is used to develop accurate quantity take‐offs for the purpose of creating or validating cost estimates.
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Examples of Cost Estimation in a sentence

  • Existing Conditions Design Authoring Design Reviews Space Tracking Energy Analysis Daylighting Analysis Cost Estimation 3D Coordination (design and construction) Model Updates during Construction Facilities Management Data Record Modeling Other (describe) Model Delivery Schedule, Application and File Exchange Type Document the information exchanges and file transfers that will occur on the project.

  • The Idaho Transportation Department has adopted the Trns.Port EstimatorTM Highway Construction Cost Estimation software package as the standard for developing all highway construction cost estimates.

  • The Design Review and Consulting, Cost Estimation, Scheduling, and Construction Supervision and Planning Services required to be provided by CM/GC.

  • The information in the original ASX announcements that related to Coal Reserves, Mining, Coal Preparation, Infrastructure, Production Targets and Cost Estimation is based on, and fairly represents, information compiled or reviewed by Messrs.

  • If Seller does not provide Buyer written notice of its election within forty-five (45) days after the applicable Restoration Cost Estimation Date (but in any event at least twenty (20) days prior to the Closing Date), Buyer may elect to terminate this Agreement within ten (10) Business Days after the end of such forty-five (45) day period by written notice to Seller.

  • Total Cost Sum (a+b+c) This form has been based on the principles of Cost Estimation Manual.

  • The Owner has directed the design team to remove third party Cost Estimation from the scope of work to be coordinated by the Architect.

  • In developing the Capital Cost Estimation Methodology, the Recipient may refer to FRA’s Capital Cost Estimating Guidance, dated August 30, 2016, available at: ▇▇▇▇▇://▇▇▇▇▇▇▇▇▇.▇▇▇.▇▇▇/sites/▇▇▇.▇▇▇.▇▇▇/files/fra_net/16647/160830%20FRA%20RPD%20Capit al%20Cost%20Estimating%20Guidance.pdf.

  • The software should include functionality that assist engineers, planners, and project managers in efficiently managing capital improvement: Design and Planning - This shall include data related to: • Costs • Treatment Categories • Construction Scheduling and Timelines • Contractors • Life Extension Cost Estimation and Budgeting - Functions for estimating project costs, including materials, labor, and equipment, and managing budgets throughout the project lifecycle.

  • Task 7-2 CIP Cost Estimation and Documentation Activities Based on results from the CIP planning workshop (Task 6-2) and flood control CIP development (Task 7-1), the Engineer will refine project concepts and develop detailed cost estimates for up to ten higher priority CIPs identified in Phase 6.

Related to Cost Estimation

  • Cost Estimate means the detailed projected expenditure, including material costs and overhead, equipment costs and overhead, labor costs and overhead, and all taxes associated with each major material and service component, required for a line extension. It shall also separately identify any incremental costs associated with providing premium services. The Company may, for the purpose of standardization, establish standard construction cost estimates, for basic or premium service plans, which shall not exceed, in any event, the average cost of constructing such line extensions in the area involved, in which case the term “cost estimate” as used in this section will be understood to mean the standard estimate thus established.

  • Estimate means to be based on technical evaluation of the sources contributing to the discharge including, but not limited to, pump capabilities, water meters, and batch discharge volumes.

  • Estimated Project Cost means Benchmark cost of MNRE which is Rs 8.00 Crore/MWp as per MNRE letter no. 03/20/2014-15/GCRT/11.12.14 at the time of Bid Due date.

  • Estimated Costs means costs estimated by the Authority as likely to be:

  • State Estimator means a computer model that computes the state (voltage magnitudes and angles) of the Transmission System using the network model and real-time measurements. Line flows, transformer flows, and injections at the busses are calculated from the known state and the transmission line parameters. The State Estimator has the capability to detect and identify bad measurements.