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10 Cards in this Set

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COST, DESIGN
a procedure which establishes an estimated cost objective for each project, then designs to that cost objective to produce a reliable product or service. (Younker)
DEFINE PROCEDURE
COST ELEMENT
a basic constituent of effort (work) and/or physical composition of an activity and/or asset. The value of a resource used to perform an activity or create an asset. (Postula)
GENERAL DEFINITION
COST ESTIMATE
the prediction of the probable costs of a project, of a given and documented scope, to be completed at a defined location and point of time in the future. (Dysert)
DEFINITION AND REQUIREMENTS FOR
COST ESTIMATING
a predictive process used to quantify, cost, and price the resources required by the scope of an asset investment option, activity, or project. As a predictive process, estimating must address risks and uncertainties. The outputs of estimating are used primarily as inputs for budgeting, cost or value analysis, decision making in business, asset and project planning, or for project cost and schedule control processes. As applied in the project engineering and
construction industry, cost estimating is the determination of
quantity and the predicting and forecasting, within a defined scope, of the costs required to construct and equip a facility. Costs are determined utilizing experience and calculating
and forecasting the future cost of resources, methods and
management within a scheduled time frame. Included in
these costs are assessments and an evaluation of risk. (10S-90)
NO HINT
COST ESTIMATING RELATIONSHIP
in estimating, an algorithm or formula that is used to perform the costing operation. CERs show some resource (eg, cost, quantity, or time) as a function of one or more parameters that quantify
scope, execution strategies, or other defining elements. A
CER may be formulated in a manner that in addition to providing the most likely resource value, also provides a probability distribution for the resource value. Cost estimating relationships may be used in either definitive or parametric estimating methods. (10S-90)
CER)
COST, LIFE CYCLE
in the context of value, the sum of all acquisition, production, operation, maintenance, use and disposal costs for a product or project over a specified period of
time. (Younker)
NO HINT
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