![]() ![]() The approach to making cost-effective choices for building-related projects can be quite similar whether it is called cost estimating, value engineering, or economic analysis. ![]() ![]() Building economists, certified value specialists, cost engineers, architects, quantity surveyors, operations researchers, and others might use any or several of these techniques to evaluate a project. They are consistent with the Lowest LCC measure of evaluation if they use the same parameters and length of study period. Some other commonly used measures are Net Savings (or Net Benefits), Savings-to-Investment Ratio (or Savings Benefit-to-Cost Ratio), Internal Rate of Return, and Payback Period. Lowest life-cycle cost (LCC) is the most straightforward and easy-to-interpret measure of economic evaluation. ![]()
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