Introduction
Cost estimation is a crucial step in any project management, with the fact that estimating establishes the foundation of the development cost at varied phases of project development. A cost estimate at a particular phase in a project progress represents an estimation given by the cost engineer or construction manager based on the presented data. The costs involved in constructing a facility are inclusive of the maintenance and operation cost, in addition to the initial capital cost. The capital cost for a construction project includes the expenses ranging from planning and feasibility studies, testing and inspection, construction financing, equipment’ ...
