Budget control, contracts

The accuracy of a fixed capital estimate tends to be a function of the design effort involved. As the project definition is refined, the estimates evolve from the various preliminary phases, ie, order of magnitude, predesign, factor estimates, etc, into the more detailed estimates used for budget authorization, project control, and contracts. At the same time, the uncertainty in the estimate decreases from 50% to as Htfle as 5%. 

Business competencies. Commented themes included contracting, project management, commercial awareness, finance, economics, planning, marketing, budgeting and cost control. 

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