Outturn cost - Revision history

Designing Buildings at 07:09, 6 February 2023

2023-02-06T07:09:49Z

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	* Quantity surveyor.		* Quantity surveyor.
	* Sunk cost.		* Sunk cost.
−	* ~~Variations~~.	+	* Types of cost.

	= External references =		= External references =

Designing Buildings at 07:08, 6 February 2023

2023-02-06T07:08:58Z

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	The term ‘outturn’ or ‘out-turn’ refers to an amount achieved in a certain time, for example, an actual amount produced, or actual sales made. This is in contrast with the amount that might have been predicted or estimated. It is thought to be derived from, or related to, the term ‘turn out’.		The term ‘outturn’ or ‘out-turn’ refers to an amount achieved in a certain time, for example, an actual amount produced, or actual sales made. This is in contrast with the amount that might have been predicted or estimated. It is thought to be derived from, or related to, the term ‘turn out’.
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	* Fluctuations are a way of dealing with inflation on large projects that may last for several years. The contractor is asked to tender based on current prices (prices at an agreed base date) and they are then reimbursed for price changes to specified items over the duration of the project (a fluctuating price).		* Fluctuations are a way of dealing with inflation on large projects that may last for several years. The contractor is asked to tender based on current prices (prices at an agreed base date) and they are then reimbursed for price changes to specified items over the duration of the project (a fluctuating price).
	* Risk allowances are financial allowances for works or services that are unknown in terms of quantity and specification, and are the client’s risk.		* Risk allowances are financial allowances for works or services that are unknown in terms of quantity and specification, and are the client’s risk.
		+
		+	[https://www.rics.org/uk/upholding-professional-standards/sector-standards/construction/rics-cost-prediction-professional-statement-global-1st-edition/ Cost prediction, Professional Statement, 1st edition], published in November 2020 by the Royal Institution of Chartered Surveyors (RICS), defines out-turn cost (‘final account’, ‘actual cost’ or ‘cost outcome’) as: ‘The known cost at the end of a project. Generally, it refers to the actual, total construction cost calculated at the end of the project, which includes the effects of any changes made to the design and the impact of any disruption. It may also refer to the costs incurred over a defined period, such as in life cycle cost.’

	See also: Final account.		See also: Final account.

Designing Buildings at 08:05, 3 February 2023

2023-02-03T08:05:07Z

← Older revision		Revision as of 08:05, 3 February 2023
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	The term ‘outturn’ or ‘out-turn’ refers to an amount achieved in a certain time, for example, an actual amount produced, or actual sales made. This is in contrast with the amount that might have been predicted or estimated. It is thought to be derived from, or related to, the term ‘turn out’.		The term ‘outturn’ or ‘out-turn’ refers to an amount achieved in a certain time, for example, an actual amount produced, or actual sales made. This is in contrast with the amount that might have been predicted or estimated. It is thought to be derived from, or related to, the term ‘turn out’.

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	* Variations.		* Variations.

−	=== External references ===	+	= External references =

	* RICS - [https://consultations.rics.org/consult.ti/Cost_Reporting/viewCompoundDoc?docid=5910516&sessionid=&voteid=&partId=5910900 Cost reporting]		* RICS - [https://consultations.rics.org/consult.ti/Cost_Reporting/viewCompoundDoc?docid=5910516&sessionid=&voteid=&partId=5910900 Cost reporting]

	[[Category:DCN_Definition]] [[Category:DCN_Guidance]] [[Category:Contracts_/_payment]] [[Category:Cost_/_business_planning]]		[[Category:DCN_Definition]] [[Category:DCN_Guidance]] [[Category:Contracts_/_payment]] [[Category:Cost_/_business_planning]]

Designing Buildings at 08:04, 3 February 2023

2023-02-03T08:04:23Z

← Older revision		Revision as of 08:04, 3 February 2023
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	* Risk allowances are financial allowances for works or services that are unknown in terms of quantity and specification, and are the client’s risk.		* Risk allowances are financial allowances for works or services that are unknown in terms of quantity and specification, and are the client’s risk.

−	~~= Find out more =~~	+	See also: Final account.

−	=== Related articles on Designing Buildings ~~Wiki: ==~~=	+	= Related articles on Designing Buildings =

	* Balance sheet.		* Balance sheet.

Designing Buildings at 06:44, 24 September 2020

2020-09-24T06:44:17Z

← Older revision		Revision as of 06:44, 24 September 2020
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	* RICS - [https://consultations.rics.org/consult.ti/Cost_Reporting/viewCompoundDoc?docid=5910516&sessionid=&voteid=&partId=5910900 Cost reporting]		* RICS - [https://consultations.rics.org/consult.ti/Cost_Reporting/viewCompoundDoc?docid=5910516&sessionid=&voteid=&partId=5910900 Cost reporting]

−	[[Category:Contracts_/_payment]] [[Category:Cost_/_business_planning]]	+	[[Category:DCN_Definition]] [[Category:DCN_Guidance]] [[Category:Contracts_/_payment]] [[Category:Cost_/_business_planning]]

Designing Buildings at 10:57, 15 June 2018

2018-06-15T10:57:57Z

← Older revision		Revision as of 10:57, 15 June 2018
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	* Prime cost sum.		* Prime cost sum.
	* Quantity surveyor.		* Quantity surveyor.
		+	* Sunk cost.
	* Variations.		* Variations.

Editor at 16:30, 13 December 2017

2017-12-13T16:30:39Z

← Older revision		Revision as of 16:30, 13 December 2017
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	* Contract sum.		* Contract sum.
	* Cost plans for construction projects.		* Cost plans for construction projects.
		+	* Cost reporting.
	* Cost Value Reconciliations (CVR).		* Cost Value Reconciliations (CVR).
	* Disallowed cost.		* Disallowed cost.

Editor: Created page with "The term ‘outturn’ or ‘out-turn’ refers to an amount achieved in a certain time, for example, an actual amount produced, or actual sales made. This is in contrast with th..."

2016-02-02T17:04:28Z

Created page with "The term ‘outturn’ or ‘out-turn’ refers to an amount achieved in a certain time, for example, an actual amount produced, or actual sales made. This is in contrast with th..."

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The term ‘outturn’ or ‘out-turn’ refers to an amount achieved in a certain time, for example, an actual amount produced, or actual sales made. This is in contrast with the amount that might have been predicted or estimated. It is thought to be derived from, or related to, the term ‘turn out’.

The ‘outturn cost’ or ‘out-turn cost’ of a project is its actual construction cost. Generally this refers to the actual, total construction cost calculated at the end of the project, but it may also refer to the cost of a specific contract, or to costs incurred over a defined period. This contrasts with cost estimates, or target costs, which are calculations of the cost that is expected, or the cost that should be achieved.

This meaning of outturn cost is slightly confused by the use of terms such as ‘forecast outturn cost’, ‘estimated outturn cost’ or ‘target outturn cost’ which refer to the cost that is anticipated or should be achieved at the end of the project.

According to the Royal Institution of Chartered Surveyors (RICS), these outturn cost comprises: fixed costs, variable costs, variations, fluctuations and risk allowances.

* Fixed costs are costs that have been pre-calculated and agreed to be paid.
* Variable costs include; provisional sums, provisional quantities, prime cost sums and daywork allowances.
* Variations are alterations in the form of additions, substitutions or omissions from the original scope of works.
* Fluctuations are a way of dealing with inflation on large projects that may last for several years. The contractor is asked to tender based on current prices (prices at an agreed base date) and they are then reimbursed for price changes to specified items over the duration of the project (a fluctuating price).
* Risk allowances are financial allowances for works or services that are unknown in terms of quantity and specification, and are the client’s risk.

= Find out more =

=== Related articles on Designing Buildings Wiki: ===

* Balance sheet.
* Bill of quantities BOQ.
* Budget.
* Capital costs for construction projects.
* Construction costs.
* Contract conditions.
* Contract sum.
* Cost plans for construction projects.
* Cost Value Reconciliations (CVR).
* Disallowed cost.
* Discounted cash flow.
* Elemental cost plan for design and construction.
* Final account.
* Prime cost sum.
* Quantity surveyor.
* Variations.

=== External references ===

* RICS - [https://consultations.rics.org/consult.ti/Cost_Reporting/viewCompoundDoc?docid=5910516&sessionid=&voteid=&partId=5910900 Cost reporting]

[[Category:Contracts_/_payment]] [[Category:Cost_/_business_planning]]