Concepts of the construction cost estimate
N.M. Shumeyko, associate professor of the Department of
technology, organization and management in construction (TOMS)
Moscow State University of Civil Engineering
(National Research University)
Abstract. The article examines the concepts of the notion «estimated cost» used in the existing and former documentation that regulate the price formation in construction industry; significant distinctive signs of the concept «estimated cost» were identified on different phases of the life cycle and the phase of investment and construction. The systematic definition of the «cost estimate» was formulated. There were suggested the principles of classification, terms and designations of estimated cost and budget document, elaborated on every phases of the life cycle and the phase of investment and construction
The methodological approach and the results of the study can be used when creating the professional glossary for the system of the price formation in construction when preparing normative legal act and methodological documentation.
Key words: cost, prime cost, cost estimate, standard cost, budget document, investment, and construction project, lifecycle of an object of major construction.