Term:
Schedule of prices method (construction price indices)
This method used for the compilation of construction price indices entails the selection of a representative sample of construction projects either taking place, or completed, in a given geographic area, over a specified period of time. The cost of each technical component (derived from blueprints, work specifications, etc.) of a given construction in the sample is priced as at the base reference date. This involves the use of a schedule of prices containing the price of each component of the construction at the base period date.