Abstract:
The intention of every investitor is to obtain construction work in the most effective and economic manner. In other words the
investor is trying to achieve the highest value for money for his capital
investment. This goal can be achieved by systematic management
of the investments throughout the planning process, design and
construction phases of a project until the final account is paid and
permission granted for use of the building. In order to achieve this, it
is necessary to estimate the development cost during the planning and
design phase and control or manage this cost throughout the project.
The cost management process and the selection of a contractor are
important factors for investor to achieve this goal.
Keywords:
costs management,
investment process,
life cycle of a building,
cost estimate, economic
efficiency
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