A component is a measured item that forms part of a sub-element. The quantities of one or more components are measured and their costs estimated to arrive at the cost target for an element or sub-element.
Components are the lowest level of the NRM 1 cost breakdown structure, which runs from group element to element, sub-element and then component. In a detailed cost plan, a component might be a particular type of internal wall, floor finish or door set, measured and priced with an appropriate rate. Building up costs from components allows the QS to test the effect of specification changes and to link the cost plan more easily to later work packages and bills of quantities.
- Each component should have a clear description, unit, quantity and rate.
- Cost codes are used to identify components uniquely within the cost plan.
Related terms: sub-element, element, cost target, cost breakdown structure.
