COST DATA

What is the definition of COST ?

• the amount of money PAID to PRODUCE a product or service

• the amount of money PAID to GAIN a product or service

• the amount of money RECEIVED to PRODUCE a product or service

• the amount of money RECEIVED to GAIN a product or service

What is the definition of COST ?

• the amount of money PAID to PRODUCE a product or service

• the amount of money PAID to GAIN a product or service

• the amount of money RECEIVED to PRODUCE a product or service

• the amount of money RECEIVED to GAIN a product or service

The below is included in the building cost EXCEPT

• Material Cost

• Labour Cost

• Plant and Equipment Cost

• Overhead Cost

• Consultation Cost

Formula of Index Number

• Proposed rate =  current rate x original index

    Original index

• Proposed rate =  original rate x current index

    Current index

• Proposed rate =  original index x current index

    Original rate

• Proposed rate =  original rate x current index

    Original index

Price is defined as ​ (a)   whereas COST is defined as ​ ​

​ (b)  

• the amount of money PAID to GAIN a product/service
• the amount of money RECEIVED to PRODUCE a product or service

• the amount of money RECEIVED to GAIN a product or service

• the amount of money PAID to PRODUCE a product/serv

There are a few types of Index Number. However, as a QS, we frequently used 2 types of Index Number which are

• Consumer Price Index and Tender Price Index

• Tender Price Index and Building Cost Index

• Building Cost Index and Market Price Index

• Tender Price Index and Market Price Index

What does the location index measure?

• Changes in weather patterns

• Changes in population density

• Changes due to different time periods

• Changes due to different locations

What does the Cost Building Index (CBI) measure ?

• Changes in construction materials' availability

• Changes in the quality standards for building materials

• Changes in the overall cost of building construction over time

• Changes in the availability of labor for construction projects

What does the Tender Price Index (TPI) measure?

• Changes in the cost of raw materials

• Changes in the availability of construction equipment

• Changes in the number of bidders for construction projects

• Changes in the prices of construction contracts over time

How is the Tender Price Index (TPI) used in construction management?

• To determine the size of construction projects

• To adjust contract prices for inflation or deflation

• To calculate the environmental impact of construction projects

• To adjust contract prices for inflation or deflation