Man Hour
A man hour, also called a person hour or labour hour, is the amount of work done by one person,
Man Hour Rate
The man hour rate is the number of man hours consumed in carrying out one unit of work activity. It
Mark Up
Mark up is the amount added to the cost of a good or service to arrive at its selling price.
Market Conditions
Market conditions are the characteristics of the market in which a firm is tendering or a project will be built,
Material Procurement
Material procurement is the process of acquiring the materials and supplies needed to complete a construction project. It covers the
Material Takeoff
A material take-off (MTO) is the process of quantifying and listing all the materials, components and equipment required for a
Measurement and Payment
Measurement and payment are two closely linked aspects of managing a construction contract. Together they make sure the work completed
MRICS
MRICS stands for Member of the Royal Institution of Chartered Surveyors. It is the designation used by a chartered surveyor
Necessary Evil
A necessary evil is something unpleasant or unwelcome that has to be accepted in order to achieve a particular result.
Outturn Cost
Outturn cost is the actual final cost of a project or activity once it has been completed, as opposed to
