Estimating costs for a building project is complicated which calls for a systematic way of enumerating costs. The costs of a constructed facility to the owner include both the initial capital cost and the subsequent operation and maintenance costs.
Each of these major cost categories consists of a number of cost components. The capital cost for a construction project includes the expenses related to the initial establishment of the facility: Land acquisition, including assembly, holding and improvement; Planning and feasibility studies; Architectural and engineering design; Construction, including materials, equipment and labor; Field supervision of construction; Construction financing; Insurance and taxes during construction; Owner’s general office overhead; Equipment and furnishings; Inspection and testing
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