0
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.
What else can I help you with?
What is the difference between a work order and a purchase order?
what is the difference between a work order and a purchase order?
What is the difference between work order and purchase order?
There is no specific difference between Work Order and Purchase Order. However, in general the term Purchase Order is used wherein there is only Supply part involved or Installation is free of cost and Work Order is wherever there is Supply + Installation or Installation Works. But either can be used anywhere.
What is the difference between cost accounting and cost management?
For retail companies, computing cost of goods sold is a fairly straight forward process. Beginning inventory + purchases - ending inventory = COGS. For manufacturing firms, however, that simple formula won't work. They have to compute how much something cost to build, which can be extremely complicated. Hence, cost accounting evolved for manufacturing companies.
What is the Difference between letter of intent and a purchase order?
LOI is for giving work to Employer Purchase order is for Components in work (Like Materials) Simply LOI- WORK PO - Material
What is production cost in cost accounting?
COST OF PRODUCTION IN ACCOUNTING: is defined as the amount spent in the converting of raw material into finished goods. in the manufacturing account is calculated by Add:opening stock of ram material :purchase +carriage inward -return outward=cost of goods available-closing stock=cost of sales +prime cost+factory overhead+net work in progress=cost of production
What is prime cost sum?
A prime cost is the allowance that is usually measured by the cost consultant for the needed supplies at work. It is to be provided by the contractors or the suppliers.
What is difference between work group and domain?
what is difference between work-group and domain
What is the difference between a work order and a purchase order?
what is the difference between a work order and a purchase order?
What is the difference between erythromycin tablets and capsules?
The capsules will dissolve quicker and thus go to work faster. Capsules probably cost more.
What is the difference between payment for work done and an honorarium?
What is difference between payment for honorarium
What is the difference between work and leisure?
The difference is that leisure is relaxing and work is work ? yeah bro
What is the difference between machine and work?
machines are used to work
What is the difference between work order and purchase order?
There is no specific difference between Work Order and Purchase Order. However, in general the term Purchase Order is used wherein there is only Supply part involved or Installation is free of cost and Work Order is wherever there is Supply + Installation or Installation Works. But either can be used anywhere.
What is the difference between artwork and work of art?
The main difference between artwork and work of art is that a work of art is generally held in higher regard than an artwork.
What is the difference between community work and community development?
what is the difference beetween social work and community development
What is the difference between art-work and Artwork and artwork?
The main difference between artwork and work of art is that a work of art is generally held in higher regard than an artwork.
Why is the difference between scalars and vectors important?
Without the difference between scalars and vectors the Universe doesn't work !
