What is the percentage of cost of estimate is taken for tools and plants?
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To use parametric estimating, first divide a project into units of work. Then, you must determine the cost per unit, and then multiply the number of units by the cost per unit to estimate the total cost.......
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There are 2 types of cost estimations used (i)Point and (ii)Interval.
Explanation:
- To make use of parametric estimating, first break down a project into "units of work".
- Then, you should determine the "cost per unit", and then multiply "the number of units" by the 'cost per unit' to the estimate the total cost.
- For Work-charged formation, an amount of 2% to 2.5% of the predicted cost of works is contributed in the estimates.
To know more:
The profit earned on an investment as a percentage of the cost of investment is termed as
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