Mechanical Systems Estimating Principles
Expert-defined terms from the Professional Certificate in Estimating for Mechanical Systems (United Kingdom) course at London School of Business and Administration. Free to read, free to share, paired with a professional course.
Abrasives, in the context of Mechanical Systems Estimating Principles, refer to… #
Related terms include grinding and polishing, which are processes that utilize abrasives. The cost of abrasives can be significant, and estimators must consider the types and quantities of abrasives required for a project when calculating total costs.
Accounting, as it pertains to Mechanical Systems Estimating Principles, involves… #
This includes cost estimation, budgeting, and financial analysis. Estimators must have a solid understanding of accounting principles to accurately estimate project costs and ensure that projects are completed within budget.
Accuracy, in the context of Mechanical Systems Estimating Principles, refers to… #
Estimating accuracy is critical, as it directly impacts the profitability of a project. Estimators must strive to achieve high accuracy in their estimates to ensure that projects are completed on time and within budget.
Activity #
Based Costing, a method used in Mechanical Systems Estimating Principles, involves assigning costs to specific activities or tasks within a project. This approach helps estimators to more accurately estimate costs and identify areas for cost reduction. By assigning costs to specific activities, estimators can better understand the cost drivers of a project and make more informed decisions.
Air Conditioning, a type of mechanical system, refers to the process of controll… #
Estimators must consider the cost of air conditioning systems, including equipment, installation, and maintenance, when estimating the total cost of a project.
Allowances, in the context of Mechanical Systems Estimating Principles, refer to… #
Contingency allowances are often included in estimates to account for potential risk or uncertainty. Estimators must carefully consider the amount of allowances to include in an estimate to ensure that the project is completed within budget.
Alternative Dispute Resolution, a process used in Mechanical Systems Estimating… #
Estimators must be familiar with alternative dispute resolution methods to effectively manage conflict and ensure that projects are completed on time and within budget.
As #
Built Drawings, in the context of Mechanical Systems Estimating Principles, refer to drawings or diagrams that reflect the actual construction or installation of a mechanical system. These drawings are often used to verify that the system has been installed correctly and to identify any deviations from the original design.
Asset Management, a concept used in Mechanical Systems Estimating Principles, in… #
Estimators must consider the cost of asset management, including maintenance, repair, and replacement, when estimating the total cost of a project.
Backfill, in the context of Mechanical Systems Estimating Principles, refers to… #
Estimators must consider the cost of backfill, including labor and materials, when estimating the total cost of a project.
Bid Bond, a type of bond used in Mechanical Systems Estimating Principles… #
Estimators must consider the cost of bid bonds, including the premium paid to the surety, when estimating the total cost of a project.
Bill of Materials, a document used in Mechanical Systems Estimating Principles,… #
Estimators use the bill of materials to estimate the cost of materials and to identify potential cost savings.
Boiler, a type of mechanical system, refers to a device used to generate … #
Estimators must consider the cost of boilers, including equipment, installation, and maintenance, when estimating the total cost of a project.
Budgeting, a process used in Mechanical Systems Estimating Principles, involves… #
Estimators must carefully consider the budget to ensure that the project is completed within the allocated budget.
Building Information Modeling, a technology used in Mechanical Systems Estimatin… #
Estimators use building information modeling to estimate the cost of mechanical systems and to identify potential cost savings.
Capital Expenditure, a type of expenditure used in Mechanical Systems Est… #
Estimators must consider the cost of capital expenditures, including the depreciation of assets, when estimating the total cost of a project.
Cash Flow, a concept used in Mechanical Systems Estimating Principles, refers to… #
Estimators must carefully manage cash flow to ensure that the project is completed on time and within budget.
Change Order, a document used in Mechanical Systems Estimating Principles, reque… #
Estimators must consider the cost of change orders, including the impact on the project schedule and budget.
Claim, a type of dispute used in Mechanical Systems Estimating Principles… #
Estimators must be familiar with the process of resolving claims to ensure that projects are completed on time and within budget.
Commissioning, a process used in Mechanical Systems Estimating Principles, invol… #
Estimators must consider the cost of commissioning, including labor and equipment, when estimating the total cost of a project.
Component, a part of a mechanical system, refers to an individual part or… #
Estimators must consider the cost of components, including the purchase price and installation cost, when estimating the total cost of a project.
Computer #
Aided Design, a technology used in Mechanical Systems Estimating Principles, involves the use of software to create and modify digital models of mechanical systems. Estimators use computer-aided design to estimate the cost of mechanical systems and to identify potential cost savings.
Construction Management, a process used in Mechanical Systems Estimating Princip… #
Estimators must be familiar with construction management principles to ensure that projects are completed on time and within budget.
Contingency Allowance, a type of allowance used in Mechanical Systems Est… #
Estimators must carefully consider the amount of contingency allowance to include in an estimate to ensure that the project is completed within budget.
Contract, a legally binding agreement used in Mechanical Systems Estimati… #
Estimators must be familiar with contract law to ensure that contracts are properly administered and that projects are completed on time and within budget.
Contractor, a party responsible for performing work on a project, refers… #
Estimators must consider the cost of contractor labor and equipment when estimating the total cost of a project.
Cost #
Benefit Analysis, a method used in Mechanical Systems Estimating Principles, involves the evaluation of the costs and benefits of a project to determine its feasibility. Estimators must consider the cost of mechanical systems and the potential benefits, including energy savings and increased efficiency.
Cost Control, a process used in Mechanical Systems Estimating Principles, involv… #
Estimators must be familiar with cost control principles to ensure that projects are completed on time and within budget.
Cost Estimating, a process used in Mechanical Systems Estimating Principles, inv… #
Estimators must consider the cost of mechanical systems, including labor, materials, and equipment, when estimating the total cost of a project.
Cost Index, a statistical measure used in Mechanical Systems Estimating Principl… #
Estimators use cost indexes to adjust estimates for inflation and to ensure that costs are current.
Cost Management, a process used in Mechanical Systems Estimating Principles, inv… #
Estimators must be familiar with cost management principles to ensure that projects are completed on time and within budget.
Cost Plus Contract, a type of contract used in Mechanical Systems Estimat… #
Estimators must consider the cost of cost plus contracts, including the risk of cost overruns.
Cost Reduction, a goal of Mechanical Systems Estimating Principles, refers to th… #
Estimators must be familiar with cost reduction strategies, including value engineering and life cycle costing.
Data Center, a type of facility that houses computer and telecommunica… #
Estimators must consider the cost of mechanical systems for data centers, including cooling and power systems.
Decommissioning, a process used in Mechanical Systems Estimating Principles, inv… #
Estimators must consider the cost of decommissioning, including labor and disposal costs.
Deconstruction, a process used in Mechanical Systems Estimating Principles, invo… #
Estimators must consider the cost of deconstruction, including labor and disposal costs.
Deductive Estimating, a method used in Mechanical Systems Estimating Principles,… #
Estimators must be familiar with deductive estimating methods to ensure that estimates are accurate and reliable.
Design #
Build, a type of project delivery method used in Mechanical Systems Estimating Principles, involves the integration of design and construction services. Estimators must consider the cost of design-build projects, including the cost of design and construction services.
Design Development, a phase of the design process used in Mechanical Syst… #
Estimators must consider the cost of design development, including labor and materials.
Direct Cost, a type of cost used in Mechanical Systems Estimating Princip… #
Estimators must consider the cost of direct costs, including labor and materials.
Dispute Resolution, a process used in Mechanical Systems Estimating Principles,… #
Estimators must be familiar with dispute resolution methods, including mediation and arbitration.
Distribution System, a type of mechanical system, refers to a network of… #
Estimators must consider the cost of distribution systems, including equipment, installation, and maintenance.
Ductwork, a type of mechanical system, refers to a network of ducts</i… #
Estimators must consider the cost of ductwork, including equipment, installation, and maintenance.
Earned Value Management, a method used in Mechanical Systems Estimating Principl… #
Estimators must be familiar with earned value management principles to ensure that projects are completed on time and within budget.
Economizer, a type of mechanical system, refers to a device that reduces … #
Estimators must consider the cost of economizers, including equipment, installation, and maintenance.
Energy Audit, a process used in Mechanical Systems Estimating Principles, involv… #
Estimators must consider the cost of energy audits, including labor and equipment.
Energy Efficiency, a goal of Mechanical Systems Estimating Principles, refers to… #
Estimators must be familiar with energy efficiency strategies, including the use of high-efficiency equipment and smart building technologies.
Engineering News #
Record, a publication used in Mechanical Systems Estimating Principles, provides information on the construction industry, including cost indexes and market trends. Estimators use the Engineering News-Record to stay current with industry trends and to adjust estimates for inflation.
Equipment, a type of mechanical system, refers to machines or devices<… #
Estimators must consider the cost of equipment, including the purchase price and installation cost.
Estimate, a document used in Mechanical Systems Estimating Principles, provides… #
Estimators must be familiar with estimate preparation principles to ensure that estimates are accurate and reliable.
Estimating Software, a tool used in Mechanical Systems Estimating Principles, in… #
Estimators must be familiar with estimating software to streamline the estimating process and to improve accuracy.
Facility Management, a process used in Mechanical Systems Estimating Principles,… #
Estimators must consider the cost of facility management, including labor and materials.
Fan, a type of mechanical system, refers to a device that creates a cu… #
Estimators must consider the cost of fans, including equipment, installation, and maintenance.
Feasibility Study, a process used in Mechanical Systems Estimating Principles, i… #
Estimators must consider the cost of feasibility studies, including labor and materials.
Fire Suppression System, a type of mechanical system, refers to a system … #
Estimators must consider the cost of fire suppression systems, including equipment, installation, and maintenance.
Fluid Dynamics, a concept used in Mechanical Systems Estimating Principles, refe… #
Estimators must be familiar with fluid dynamics principles to ensure that mechanical systems are designed and installed correctly.
Gas System, a type of mechanical system, refers to a network of pipes<… #
Estimators must consider the cost of gas systems, including equipment, installation, and maintenance.
Green Building, a type of building that is designed and constructed</b… #
Estimators must consider the cost of green building features, including energy-efficient equipment and sustainable materials.
Heat Exchanger, a type of mechanical system, refers to a device that transfer… #
Estimators must consider the cost of heat exchangers, including equipment, installation, and maintenance.
Heat Pump, a type of mechanical system, refers to a device that transfers … #
Estimators must consider the cost of heat pumps, including equipment, installation, and maintenance.
Heating System, a type of mechanical system, refers to a system that p… #
Estimators must consider the cost of heating systems, including equipment, installation, and maintenance.
Heating Ventilation and Air Conditioning, a type of mechanical system, refers to… #
Estimators must consider the cost of HVAC systems, including equipment, installation, and maintenance.
Hydronic System, a type of mechanical system, refers to a system that … #
Estimators must consider the cost of hydronic systems, including equipment, installation, and maintenance.
Indirect Cost, a type of cost used in Mechanical Systems Estimating Princ… #
Estimators must consider the cost of indirect costs, including overhead and profit.
Industrial Hygiene, a concept used in Mechanical Systems Estimating Principles,… #
Estimators must be familiar with industrial hygiene principles to ensure that mechanical systems are designed and installed safely.
Inflation, a concept used in Mechanical Systems Estimating Principles, refers to… #
Estimators must consider the impact of inflation on estimates and adjust them accordingly.
Insulation, a type of material used in Mechanical Systems Estimating Principles,… #
Estimators must consider the cost of insulation, including materials and labor.
Integrated Project Delivery, a type of project delivery method used in Me… #
Estimators must consider the cost of integrated project delivery, including the cost of design, construction, and operation.
Life Cycle Costing, a method used in Mechanical Systems Estimating Principles, i… #
Estimators must consider the cost of life cycle costing, including the cost of maintenance, repair, and replacement.
Maintenance, a process used in Mechanical Systems Estimating Principles, involve… #
Estimators must consider the cost of maintenance, including labor and materials.
Makeup Air, a type of mechanical system, refers to a system that provi… #
Estimators must consider the cost of makeup air systems, including equipment, installation, and maintenance.
Materials Management, a process used in Mechanical Systems Estimating Principles… #
Estimators must be familiar with materials management principles to ensure that materials are procured and managed efficiently.
Mechanical System, a type of system used in Mechanical Systems Estimating Princi… #
Estimators must consider the cost of mechanical systems, including equipment, installation, and maintenance.
Microtunneling, a type of construction method used in Mechanical Systems… #
Estimators must consider the cost of microtunneling, including labor and equipment.
Modeling, a process used in Mechanical Systems Estimating Principles, involves t… #
Estimators use modeling to estimate the cost of mechanical systems and to identify potential cost savings.
Network Analysis, a method used in Mechanical Systems Estimating Principles, inv… #
Estimators must be familiar with network analysis principles to ensure that projects are completed on time and within budget.
Occupational Safety and Health, a concept used in Mechanical Systems Estimating… #
Estimators must be familiar with occupational safety and health principles to ensure that mechanical systems are designed and installed safely.
Operating Cost, a type of cost used in Mechanical Systems Estimating Prin… #
Estimators must consider the cost of operating costs, including energy, labor, and materials.
Overhead, a type of cost used in Mechanical Systems Estimating Principles… #
Estimators must consider the cost of overhead, including insurance, taxes, and profit.
Piping System, a type of mechanical system, refers to a network of pip… #
Estimators must consider the cost of piping systems, including equipment, installation, and maintenance.
Plumbing System, a type of mechanical system, refers to a system that … #
Estimators must consider the cost of plumbing systems, including equipment, installation, and maintenance.
Pneumatic System, a type of mechanical system, refers to a system that <b… #
Estimators must consider the cost of pneumatic systems, including equipment, installation, and maintenance.
Predictive Maintenance, a type of maintenance used in Mechanical Systems… #
Estimators must consider the cost of predictive maintenance, including labor and materials.
Preventive Maintenance, a type of maintenance used in Mechanical Systems… #
Estimators must consider the cost of preventive maintenance, including labor and materials.
Pump, a type of mechanical system, refers to a device that transfers flui… #
Estimators must consider the cost of pumps, including equipment, installation, and maintenance.
Refrigeration System, a type of mechanical system, refers to a system tha… #
Estimators must consider the cost of refrigeration systems, including equipment, installation, and maintenance.
Reliability #
Centered Maintenance, a type of maintenance used in Mechanical Systems Estimating Principles, involves the use of reliability analysis to determine the most effective maintenance strategy. Estimators must consider the cost of reliability-centered maintenance, including labor and materials.
Renewable Energy, a type of energy used in Mechanical Systems Estimating… #
Estimators must consider the cost of renewable energy systems, including equipment, installation, and maintenance.
Risk Management, a process used in Mechanical Systems Estimating Principles, inv… #
Estimators must be familiar with risk management principles to ensure that projects are completed on time and within budget.
Schedule, a document used in Mechanical Systems Estimating Principles, provides… #
Estimators must be familiar with schedule preparation principles to ensure that projects are completed on time.
Schematic Design, a phase of the design process used in Mechanical System… #
Estimators must consider the cost of schematic design, including labor and materials.
Scope of Work, a document used in Mechanical Systems Estimating Principles, prov… #
Estimators must be familiar with scope of work preparation principles to ensure that projects are completed on time and within budget.
Service Contract, a type of contract used in Mechanical Systems Estimatin… #
Estimators must consider the cost of service contracts, including the cost of labor and materials.
Site Work, a type of work used in Mechanical Systems Estimating Principle… #
Estimators must consider the cost of site work, including labor and materials.
Smart Building, a type of building that is designed and constructed</b… #
Estimators must consider the cost of smart building features, including energy-efficient equipment and sustainable materials.
Specification, a document used in Mechanical Systems Estimating Principles, prov… #
Estimators must be familiar with specification preparation principles to ensure that projects are completed on time and within budget.
Sprinkler System, a type of mechanical system, refers to a system that <b… #
Estimators must consider the cost of sprinkler systems, including equipment, installation, and maintenance.
Steam System, a type of mechanical system, refers to a system that use… #
Estimators must consider the cost of steam systems, including equipment, installation, and maintenance.
Storm Water Management, a type of mechanical system, refers to a system t… #
Estimators must consider the cost of storm water management systems, including equipment, installation, and maintenance.
Subcontract, a type of contract used in Mechanical Systems Estimating Pri… #
Estimators must consider the cost of subcontracts, including the cost of labor and materials.
Supply Chain Management, a process used in Mechanical Systems Estimating Princip… #
Estimators must be familiar with supply chain management principles to ensure that materials and equipment are procured and managed efficiently.
Sustainability, a concept used in Mechanical Systems Estimating Principles, refe… #
Estimators must consider the cost of sustainable features, including energy-efficient equipment and recyclable materials.
System Design, a phase of the design process used in Mechanical Systems E… #
Estimators must consider the cost of system design, including labor and materials.