As these are part of works in the main contract and to be tendered out to other parties, the Main Contractor shall be paid a small percentage say 2-4% for profit and attendance of the PC sum items allocated by the Client. Further more, the Main Contractor shall still be liable to coordinate the said prime cost items with the main work of the same contract.
gross profit
Prime Cost has two meanings in construction. 1) Prime cost is the sum of all of the specialist works and specialist materials from nominated sub-contractors (NSC) and suppliers on site. The main Contractor can place a % profit and attendance on NSC, this must be adjusted in the final account. This is a Prime Cost as referred to in the Bill of Quantities 2) Prime cost in regards to a contract is the sum of all the major works which the Main Contractor must produce under the contract. Maybe knowing this will help you see the difference? I have never heard the phrase "work cost" to compare with prime cost.
To seperate the cost of production from profit to allow analysis like ROI (Return on Investment), cost vs benefit, and cost reducing production improvements.
Selling price less profit equals cost price. The markup is the profit plus cost price.
fomula for profit is Sell price - Cost price= profit
gross profit
Prime Cost has two meanings in construction. 1) Prime cost is the sum of all of the specialist works and specialist materials from nominated sub-contractors (NSC) and suppliers on site. The main Contractor can place a % profit and attendance on NSC, this must be adjusted in the final account. This is a Prime Cost as referred to in the Bill of Quantities 2) Prime cost in regards to a contract is the sum of all the major works which the Main Contractor must produce under the contract. Maybe knowing this will help you see the difference? I have never heard the phrase "work cost" to compare with prime cost.
The term "Prime Cost Sum" shall mean a sum provided for work or services to be executed by a Nominated Sub-contractor or for material s or goods to be obtained from a Nominated Supplier. Such sum shall be deemed to be exclusive of any profit or attendance required by the Contractor and provision shall be made for the additional thereof.
Some private loans allow you to borrow up to the cost of attendance minus other financial aid. Abusing this type of loan to borrow more then the cost of attendance may result in loss of other financial aid and/or being put in default on your student loans. Some private loans allow you to borrow up to the cost of attendance, without considering your other aid. Know the terms of the loan before you apply.
To seperate the cost of production from profit to allow analysis like ROI (Return on Investment), cost vs benefit, and cost reducing production improvements.
Add the profit margin (cost*profit%) to the cost. Add the profit margin (cost*profit%) to the cost. Add the profit margin (cost*profit%) to the cost. Add the profit margin (cost*profit%) to the cost.
The basic formulas for profit are represented as follows: Profit = Price - Cost % Profit = Profit / Cost So, if an item sold for 2,602.58 and cost 2,090.42, the profit (absolute) is : Profit = 2,602.58 - 2,090.42 = 512.16 The % profit (relative to the cost) is: % Profit = 512.16 / 2,090.42 = 24.5%
profit can be calculated from profit percentage and cost price.profit percentage=profit*100/cost price.profit=selling price-cost price
Selling price = Cost + Profit= Cost + Cost*30% = cost*(1.30) = 156*1.3 = 202.80Selling price = Cost + Profit= Cost + Cost*30% = cost*(1.30) = 156*1.3 = 202.80Selling price = Cost + Profit= Cost + Cost*30% = cost*(1.30) = 156*1.3 = 202.80Selling price = Cost + Profit= Cost + Cost*30% = cost*(1.30) = 156*1.3 = 202.80
First of all, we need to understand what is explicit cost and implicit cost. Explicit cost mean real expenses, while implicit cost mean opportunity cost. In accounting profit, we only minus explicit cost, while in economic profit we minus explicit cost and implicit cost. therefore accounting profit is higher than economic profit.
fomula for profit is Sell price - Cost price= profit
because the lower the cost the more profit the business makes profit = revenue - cost