Cost Control & Valuations
Processes to monitor budgets, including cost planning, value engineering, and variance analysis,,. Involves valuing work in progress, pricing variations, and preparing final accounts,,.
Contingency
An amount of money set aside in the budget to cover unexpected costs that arise during construction.
Cost Control
The process of monitoring and managing a project's budget to ensure spending stays within approved limits.
Interim Valuation
The process of assessing the value of work completed on-site for the purpose of issuing progress payments.
Life-Cycle Costing
The total cost of owning a building or structure over its entire life span, including construction, maintenance, and operation costs.
Value Engineering
Reviewing a project’s design and materials to find cost-saving opportunities without sacrificing quality.