Cost per m2 of Gross Internal Floor Area (cost/m2 of GIFA)
The unit rate that, when multiplied by the GIFA, gives the total building works estimate (i.e. works cost estimate minus
Cost Plan (or Elemental Cost Plan)
In the context of Cost prediction, RICS professional statement, a cost plan is ‘an estimate based on a specific design.
Cost Target
The recommended total expenditure for an element. The cost target for each element is likely to be derived from several
Cost Value Reconciliation (CVR)
Gives you an ongoing account of a contract’s profitability by measuring cost against value at different points in a contract’s
Cost-benefit Analysis
A method for comparing the costs and benefits of different options to determine the most cost-effective solution
Costing
The process of applying appropriate costs to the line items after the take off.
Crew
A group of people (workers) who execute a construction activity.
Crew Hour (ch)
One crew’s effort for one hour of time.
Deflation
Sustained decrease in the general price level of resources (ISO 15686 – 5), i.e. the opposite of inflation.
Delay Claim
A delay claim is a request made by a contractor or subcontractor for compensation or an extension of time due
