Answer the following questions about principles underlying expenditure evaluation in building and construction projects.
- The Bill of Quantities is a tendering document that itemises the materials, parts, and labour costs for expenditure evaluation.
List the four monetary provisions that must be included in a Bill of Quantities.
- In defining and evaluating a cost estimate as a predicted value, the prediction is based on certain key factors existing at the time of the estimate. Identify four of these factors.
- Cost engineers use the projected design, procurement, and construction S curves to draw the projected cashflow curve. Like most S curves, it is subject to some slippage to the right caused by schedule delays, late deliveries, and so on. How often must a cashflow projection be undertaken to minimise cost risks?
- List three activities that must be conducted when developing a bar chart for project expenditures for expenditure evaluation.