Construction project owners may employ this type of contract when they want to get a project moving quickly or when the scope of work is unclear, making it difficult to estimate the total cost. That said, the total price for a cost-plus contract may ultimately be higher than it would be ...
One of the essential elements of LD is that the damages must be a reasonable estimate of the loss likely to be suffered by the project owner due to the delay. The predetermined amount is typically based on factors such as the size and complexity of the project, potential financial losses, ...
In the event of a late completion or missed milestone, an engineer must reasonably estimate the owner’s damages in order for a liquidated damages provision to hold up in court. Those findings must adhere to the above-mentioned requirements or a judge could invalidate the liquidated damages claus...
To better understand resource allocation, let’s look at a real-life example. In this case, we’ll review the construction of a 10-story office building located in an urban business district. The timeline for the project is 12 months. As with most construction projects, the first stage of ...
, we build up an example estimand statement and also use a previously published phase III oncology clinical trial to illustrate how an estimand for a PRO objective could have been written to align to the estimate framework. Conclusion:The use of the estimand framework, as described in the new...
PurposeGather information about specific aspects of a projectRequest for in-depth project informationFormal request for terms of a project agreementClarify questions about project specifics during construction DeliverableDescription of work and cost estimateDetailed list of methods, costs, and timelinesContrac...
What is an integer? An integer is a mathematical term that represents a whole number. It’s also found a place in computer programming. Unlike floating-point numbers, integers cannot have a decimal or fractional part. In most programming languages, integers are represented as either 32-bit or...
This is the oldest material takeoff form. When a construction estimator computes an estimate without the aid ofcost estimation software, they use the manual takeoff method, even if they apply excel spreadsheets or Microsoft word processors. At the most basic levels, manual estimates involve reviewing...
A budget is always an estimate, later compared to the actual amounts spent, so that the creation of the following year’s budget is more accurate. In this way, assuming there are not significant product or manufacturing changes year after year, the sizes of the variances can decrease. ...
The actual work remaining line indicates the remaining work a team has at any point of theproject timeline. Unlike the ideal work remaining line, this is not an estimate, but rather a realistic depiction of the team’s performance. The line is drawn as the team progresses and completes user...