ISSN:
0009-286X
Keywords:
Chemistry
;
Polymer and Materials Science
Source:
Wiley InterScience Backfile Collection 1832-2000
Topics:
Chemistry and Pharmacology
,
Process Engineering, Biotechnology, Nutrition Technology
Notes:
Improved cost factor estimation with quantity and man-hour ratios. Present-day cost estimation on a multi-currency basis is becoming more and more complex due to the wild and frequent fluctuations of exchange rates and different inflationary trends in various countries. The preparation of comparatively accurate preliminary cost estimates, based on world-wide procurement, overseas construction and engineering, became a major problem for companies like badger with international activities. To maintain an acceptable degree of accuracy, the traditional method of cost factor estimation has to be supplemented with a quantity and man-hour ratio method. Basically, costs are related to quantities; therefore cost ratios can be converted into quantity ratios. Man-hour ratios originate from the existing relationship between quantities, material costs, and field man-hours to install these quantities. In this article the value of the Quantity Ratio Method as a tool in these unstable times will be stressed, as well as the added advantages it offers with regard to better cost control and communication.
Additional Material:
3 Ill.
Type of Medium:
Electronic Resource
URL:
http://dx.doi.org/10.1002/cite.330521105
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