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Cost Data Bank
Quantity surveying using Bills of Quantities provides a framework under which effective cost planning and cost control can best be achieved.
The process begins with the use of Bills of Quantities prepared based on the Standard Method of Measurement recognized by the construction industry for tendering and contract purposes as described in the previous section “Bills of Quantities”.
With the Standard Method of Measurement, the unit rates for similar items of work such as concrete, steel reinforcement, etc. in Bills of Quantities of different projects and contracts become directly comparable. This enables a large collection of unit rates from different projects and contracts to be assimilated and the production of a large and comprehensive data bank of accurate prevailing market rates. This data bank of unit rates forms the single most important tool for accurate cost estimating.
The application of the unit rates from the cost data bank for cost estimating for new projects completes the work cycle in the use of Bills of Quantities.
The unit rates are also used to compile the Rider Levett Bucknall Quaterly Tender Price Index by pricing a set of stardard notional bills of quantities.
With the large number of tenders handled by the practice, Rider Levett Bucknall maintains an extensive library of current and historical cost data which are invaluable for accurate cost estimating and effective negotiations with contractors.
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