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- Cost_escalation abstract "Cost escalation is defined as changes in the cost or price of specific goods or services in a given economy over a period. This is similar to the concepts of inflation and deflation except that escalation is specific to an item or class of items (not as general in nature), it is often not primarily driven by changes in the money supply, and it tends to be less sustained. While escalation includes general inflation related to the money supply, it is also driven by changes in technology, practices, and particularly supply-demand imbalances that are specific to a good or service in a given economy. For example, while general inflation (e.g., consumer price index) in the US was less than 5% in the 2003-2007 time period, steel prices increased (escalated) by over 50% because of supply-demand imbalance. Cost escalation may contribute to a project cost overrun but it is not synonymous with it.Over long periods of time, as market supply and demand imbalances are corrected, escalation will tend to more-or-less equal inflation unless there are sustained technology or efficiency changes in a market.Escalation is usually calculated by examining the changes in price index measures for a good or service. Future escalation can be forecast using econometrics. Unfortunately, because escalation (unlike inflation) may occur in a micro-market, and it may be hard to measure with surveys, indices can be difficult to find. For example, the Bureau of Labor Statistics has a price index for construction wages and compensation (what the construction contractor's labor cost), but has none for the prices that owners must pay the construction contractor for their services.In cost engineering and project management usage, escalation and cost contingency are both considered risk funds, that should be included in project estimates and budgets. When escalation is minimal, it is sometimes estimated together with contingency. However, this is not a best practice, particularly when escalation is significant.".
- Cost_escalation wikiPageID "6282752".
- Cost_escalation wikiPageLength "2354".
- Cost_escalation wikiPageOutDegree "12".
- Cost_escalation wikiPageRevisionID "609505622".
- Cost_escalation wikiPageWikiLink Bureau_of_Labor_Statistics.
- Cost_escalation wikiPageWikiLink Category:Cost_engineering.
- Cost_escalation wikiPageWikiLink Chemical_plant_cost_indexes.
- Cost_escalation wikiPageWikiLink Consumer_price_index.
- Cost_escalation wikiPageWikiLink Cost_contingency.
- Cost_escalation wikiPageWikiLink Cost_engineering.
- Cost_escalation wikiPageWikiLink Cost_overrun.
- Cost_escalation wikiPageWikiLink Deflation.
- Cost_escalation wikiPageWikiLink Econometrics.
- Cost_escalation wikiPageWikiLink Inflation.
- Cost_escalation wikiPageWikiLink Price_index.
- Cost_escalation wikiPageWikiLink Project_management.
- Cost_escalation wikiPageWikiLinkText "Cost escalation".
- Cost_escalation wikiPageWikiLinkText "Escalation".
- Cost_escalation wikiPageWikiLinkText "cost escalation".
- Cost_escalation wikiPageWikiLinkText "escalation".
- Cost_escalation hasPhotoCollection Cost_escalation.
- Cost_escalation subject Category:Cost_engineering.
- Cost_escalation type Discipline.
- Cost_escalation comment "Cost escalation is defined as changes in the cost or price of specific goods or services in a given economy over a period. This is similar to the concepts of inflation and deflation except that escalation is specific to an item or class of items (not as general in nature), it is often not primarily driven by changes in the money supply, and it tends to be less sustained.".
- Cost_escalation label "Cost escalation".
- Cost_escalation sameAs تصاعد_التكاليف.
- Cost_escalation sameAs Escalación_del_costo.
- Cost_escalation sameAs m.03bxl9_.
- Cost_escalation sameAs Q574320.
- Cost_escalation sameAs Q574320.
- Cost_escalation wasDerivedFrom Cost_escalation?oldid=609505622.
- Cost_escalation isPrimaryTopicOf Cost_escalation.