ABSTRACT
After reading this chapter, you should have an understanding about cost modelling in the construction industry. You should be able to:
models ■■ assess the value-for-money implications
16.1 INTRODUCTION
Cost modelling is the symbolic representation of some observable system which exists or is proposed, and which in terms of its significant cost, features for the purposes of display, analysis, comparison or control. Cost modelling, as a term, is used when referring both to forecasting construction costs for clients and to estimating resource costs for contractors.
