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A cost estimator is the professional who prepares cost estimates. There are different types of cost estimators, whose title may be preceded by a modifier, such as building estimator , or electrical estimator, or chief estimator.
One key objective of cost engineering is to arrive at accurate cost estimates and schedules, and to avoid cost overruns and schedule slips. Cost engineering goes beyond preparing cost estimates and schedules by helping manage resources and supporting assessment and decision-making.
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.
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Some refer to these risks as "known-unknowns" because the estimator is aware of them, and based on past experience, can even estimate their probable costs. The estimated costs of the known-unknowns is referred to by cost estimators as cost contingency.
Cost estimation models. Cost estimation models are mathematical algorithms or parametric equations used to estimate the costs of a product or project. The results of the models are typically necessary to obtain approval to proceed, and are factored into business plans, budgets, and other financial planning and tracking mechanisms.
Construction cost - the total cost to construct a project. This value usually does not include the preplanning, site or right of way acquisition, or design costs, and may not include start-up and commissioning costs. This total or subtotal is usually identified as such in an estimate report.
In finance, the Black–Litterman model is a mathematical model for portfolio allocation developed in 1990 at Goldman Sachs by Fischer Black and Robert Litterman, and published in 1992.
The black budget is mostly classified because of security reasons. A black budget can be complicated to calculate, but in the United States it has been estimated to be over US$50 billion a year, taking up approximately 7 percent of the US$700 billion military budget.
The Lang Factor is an estimated ratio of the total cost of creating a process within a plant, to the cost of all major technical components. It is widely used in industrial engineering to calculate the capital and operating costs of a plant.
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