
186 • Practical Project Management for Building and Construction
• Uncertainties that were neglected
• Cost index development
• Currency uctuations
Remember that there are direct and indirect cost components:
Direct costs (directly attributed to the project) include
• Labor
• Internal
• Contracted
• Material and equipment
• Other direct costs
• Travel
• Fees
• Other
Initiate
Execute
Purchasing
Counterestimate
request
documents
Finish
Final payment
Adjust guarantee
bonds
Show result
Document
experiences
Document
experiences
Agree on costs
for changes
Establish
payment
schedule
Production
Archive bonds
and insurance
documents
Analyze
React
Forecast
Feasibility study
Study ...