A glossary of terms with reference to Construction Cost Estimating
Construction Cost Estimating
JULY 1, 2014
Some refer to these risks as "known-unknowns" because the estimator is aware of them, and based on past experience, can even estimate their probable costs. The estimated costs of the known-unknowns is referred to by cost estimators as cost contingency. RSMeans refers to this as, "Price the quantities."
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