What is the total cost of a project and what are the major cost areas?

Question

Accepted Answer

The total cost of a project includes all expenses incurred from start to finish, with major cost areas typically being labor, materials, equipment, and overhead.

Labor costs: wages, salaries, benefits for employees working on the project
Materials costs: raw materials, supplies, components needed for the project
Equipment costs: machinery, tools, technology required for the project
Overhead costs: utilities, rent, administrative expenses related to the project
Other costs: permits, licenses, subcontractor fees, contingency funds
Example: A construction project's total cost would include labor for workers, materials like concrete and steel, equipment like cranes and bulldozers, overhead for office space and utilities.

What is the total cost of a project and what are the major cost areas?

Top NoBroker Assistant General Manager Technology interview questions & answers

Popular interview questions of Assistant General Manager Technology

Top HR questions asked in NoBroker Assistant General Manager Technology