Procedure of Rate Analysis – The analysis of rates is worked out for the unit payment of the particular item of work under two heads: Materials and Labour.

The cost of items of work = Material cost + Labour cost Other costs included to the above cost of items of work are:

Tools and Plants ( T & P ) = 2.5 to 3 % of the labour cost Transportation cost (if conveyance more than 8 km is considered.) Water charges = 1.5 to 2 % 0f total cost Contractor’s profit = 10 %

Why are rates analyzed separately for each project site?

Importance of rate analysis – Rate analysis gives a well-defined picture of tools, services, and machinery involved in the construction of a project. Rate analysis helps in proportioning the effect of the market on the payments made for construction work. Cloud-based estimating ROI calculator See how much you could save with cloud-based estimating Get your estimate

What are the different factors involved in the rate of an item?

Size and extent of work. Nature of project. Height/Level of work at which it is being executed. Environmental and climatic conditions.

What is the formula to rate?

Rate = (100 × Interest)/(Principal × Time) = 5.555. Therefore, Rate = 5.56 %.

What are the two types of rates?

What to know – Your monthly payments are more likely to be stable with a fixed-rate loan, so you might prefer this option if you value certainty about your loan costs over the long term. With a fixed-rate loan, your interest rate and monthly principal and interest payment will stay the same.

1. Your total monthly payment can still change—for example, if your property taxes, homeowner’s insurance, or mortgage insurance might go up or down.
2. Adjustable-rate mortgages (ARMs) offer less predictability but may be cheaper in the short term.
3. You may want to consider this option if, for example, you plan to move again within the initial fixed period of an ARM.

In this case, future rate adjustments may not affect you. However, if you end up staying in your house longer than expected, you may end up paying a lot more. In the later years of an ARM, your interest rate changes based on the market, and your monthly principal and interest payment could go up a lot, even double.

What is the percentage of the contractor’s profit included in the analysis of rates?

Generally a provision of 10% is made in the rate analysis as contractor’s profit for ordinary contracts. For small jobs 15% profit and for large jobs 8% profit may be considered as reasonable. Contractors profit is not included in rate analysis if material is supplied by the department.

What are the pre required to carry out rate analysis?

Following points need to read to know the need of rate analysis. Finalization of bidding amount. Sanctioning of budget. Finalization of every item rate if tender in item rate tender.

What are the 3 methods of measuring rate?

Measuring the volume of gas given off by a reaction over time. measuring the loss of mass of a reaction over time when a gas is produced. measuring the amount of light that passes through a reaction mixture (as a precipitate forms) over time – this can be done by inspection or using a light sensor and data logger.

What is the rate equation in Excel?

RATE Function – Financial Edge The RATE function is a financial function in Excel that calculates the interest rate per period of an annuity. The function is used to calculate the periodic interest rate, which can then be multiplied as required to calculate the annual interest rate.

The RATE function is a financial function in Excel used for calculating the interest rate of a loan or an investment for a given period. The function can be applied to loans to calculate the percentage of interest charged or to investments to calculate the percentage of return offered While interest rate can also be calculated without the RATE function, it makes the calculation more efficient The RATE function gives its output through trial and error. If the results do not converge within 20 iterations, it presents a #NUM! error in Excel The function returns a #Value! error if any of the supplied arguments are non-numeric

What is a good labor cost percentage?

How to Decrease Labor Costs – You can determine what’s a good labor to sales ratio and whether or not to decrease labor costs to get there. Labor cost should be around 20 to 35% of gross sales, Cutting labor costs is a balancing act. Finding ways to streamline labor costs is rooted in reducing costs without sacrificing workforce morale or productivity.

Despite what you think is driving up costs, hiring more workers isn’t usually the culprit; it’s actually overtime. Those time and a half hours add up, and according to the Bureau of Labor Statistics, it accounted for 4.6% of total statewide revenues, And it’s just not hourly workers either. Even some salaried contracts are structured in a way that if a worker works over their allotted 40, there are overtime perks written in.

This is where effectively scheduling employees is critical. Luckily, there is overtime software that even gives warnings if costs are getting too high. Starting in January, 2020, the Department of Labor passed new federal laws around worker compensation allowing employees to more easily acquire overtime hours, which, at this scale will affect up to three million workers.

Raises the “standard salary level” from the currently enforced level of $455 to $684 per week (equivalent to $35,568 per year for a full-year worker); Raises the total annual compensation level for “highly compensated employees (HCEs)” from the currently-enforced level of $100,000 to $107,432 per year; Allows employers to use nondiscretionary bonuses and incentive payments (including commissions) that are paid at least annually to satisfy up to 10 percent of the standard salary level, in recognition of evolving pay practices; and Revises the special salary levels for workers in U.S. territories and in the motion picture industry.

The relevant provision states “that exempt salaried employees must be paid at least $684 per week, or $35,568 annually. Employees who do not meet this salary level must be classified as non-exempt, and be paid overtime for all hours worked over 40 in a workweek,” according to NFIB.

Other factors to consider are fair workweek laws, parental leave, living wage ordinances, and the rise of the minimum wage across the board. Fair workweek laws require employers to create schedules ahead of time while paying a premium if the schedule changes or if employees have to work outside scheduled hours.

The same goes for employers who cut hours, which would drastically affect an employee’s livelihood. And then there’s healthcare, vacation time, bonuses, and sick leave. All of these things add up. With margins being razor-thin as it is, one unexpected change could flip everything on its head.

What percentage should labor cost on a construction project?

Construction labor costs: Fast facts – According to the industry-standard Construction Labor Market Analyzer (CLMA), labor cost percentages in construction lie between 20% and 40% of the total project’s budget. Costs that fall under the labor umbrella include not just wages but also things like:

payroll taxes paid time off worker’s compensation and other forms of insurance equipment such as vehicles and company phones payroll fraud (which is more common and subtle than you might think) recruiting and training costs

As you can see, construction labor costs are very multi-faceted. In some cases, it may even be the most complex aspect of project financials.

What is the Excel rate formula?

RATE Function – Financial Edge The RATE function is a financial function in Excel that calculates the interest rate per period of an annuity. The function is used to calculate the periodic interest rate, which can then be multiplied as required to calculate the annual interest rate.

The RATE function is a financial function in Excel used for calculating the interest rate of a loan or an investment for a given period. The function can be applied to loans to calculate the percentage of interest charged or to investments to calculate the percentage of return offered While interest rate can also be calculated without the RATE function, it makes the calculation more efficient The RATE function gives its output through trial and error. If the results do not converge within 20 iterations, it presents a #NUM! error in Excel The function returns a #Value! error if any of the supplied arguments are non-numeric

What is T and P in rate analysis?

Free CT 1: Prehistoric History of Madhya Pradesh 10 Questions 10 Marks 7 Mins Explanation: Rate Analysis: (i) The process of determining the rate per unit of any work in Civil Engineering project like earthwork, concrete work, brickwork, plastering, painting etc.

is known as Analysis of Rates or simply Rate Analysis. (ii) The rates of materials and labour vary from place to place and hence the rates of different items of works also vary from place to place. The rates of these works further help in determining the cost of particular work and in turn cost of the project.

(iii) The analysis of rates is worked out for the unit payment of the particular item of work under two heads: Materials and Labour.

The cost of items of work = Material cost + Labour cost Other costs included in the above cost of items of work are:

Tools and Plants (T & P) = 2.5 to 3 % of the labour cost Transportation cost (if conveyance more than 8 km is considered) Water charges = 1.5 to 2 % 0f total cost Contractor’s profit = 10

Last updated on Sep 29, 2022 MPPSC AE Revised Selection List Out! This is for advt no 05/2020. Earlier, the Madhya Pradesh Public Service Commission (MPPSC) had released the MPPSC AE Result for the written examination 2021. Candidates who have qualified the same have been shortlisted for the interview.

How do you calculate rate analysis for plastering?

Rate analysis for 6mm (1:4) thick plaster per sq meter – Rate per sq m for 6mm (1:4) ceiling plaster include quantity of cement sand and water And Labour expenses, now do the following step calculation find out cost and quantity of cement sand used in ceiling plastering.

● Step 1 : Dry volume of cement mortar :- consider we have plastering area 1m2 and their thickness is 6mm, now calculate wet volume of cement mortar = 1×0.006 = 0.006m3 Suppose 5% of wastage of cement mortar during plastering work,so 5% of 0.006 = 0.0003m3, then total wet volume of cement mortar = 0.006 + 0.0003 =0.0063m3.

For conversion of wet volume to dry volume we will multiply 1.33 into wet volume,so Dry volume = 1.33 × wet volume Dry volume of mortar = 1.33 × 0.0063 = 0.008379m3, so dry volume of cement mortar is equal to 0.008379m3. ● Step 2 : quantity of cement sand and their cost :- we have given cement sand ratio in mix is 1:4 in which one part is cement and 4 part is sand.

And density of cement = 1440 kg/m3 and 1m3 sand = 35.3147 cft. Quantity of cement = 1/5×0.008379m3 ×1440m3/kg = 2.41 Kg, if market rate of cement is rs 8 per kg, then cost of 2.41 kg cement = 2.41 × 8 = INR 19. Quantity of sand = 4/5 ×0.008379 ×35.3147 = 0.24 cft, if market rate of sand is INR 50 per cft, then cost of 0.24 cft sand = 0.24 ×50 = INR 12.

● step 3 :- quantity and cost of material required for 1m2 plastering is sum of cement quantity and sand quantity. Subtotal material cost = cement cost + sand cost = 19 +12 = INR 31. ● step 4 :- labour rate and charges:- labour rate and cost for ceiling plastering is INR 12 to 15 per sq ft or INR 130 to 161 per sq m, consider labour rate and cost in this calculation is INR 140 per sq meter.

• Hance subtotal cost = 31 + 140 = INR 171 ● step 5 :- others expenses :- other expenses include contractor profit 10%, overhead expenses 1.5%, water charges 2% and equipment and tools charges 1.5%.
• So other total expenses is about 15%, so others expenses 15% of 171 = INR 17 Total cost = 171 + 17 = INR 188.

Ans. Total cost and rate of 6mm (1:4) thick plaster per sq meter is INR 188 or INR 18 per sq ft for ceiling. Plastering cost per sq ft in india:- Total plastering cost includes labour cost, material cost, overhead expenses, equipment & tools & contractor profit.

1. The rate of plaster depend on the area of the city because there are different price on different location but actual plastering cost per sq ft in india is rs 18 to 34 including labour cost which is ranging between rs 12 to 25 per sq ft.
2. Plastering cost per sq meter in india:- Total plastering cost includes labour cost, material cost, overhead expenses, equipment & tools & contractor profit.

The rate of plaster depend on the area of the city because there are different price on different location but actual plastering cost per sq meter in india is rs 188 to 360 including labour cost which is ranging between rs 130 to 269 per sq meter. ◆You Can Follow me on Facebook and Subscribe our Youtube Channel You should also visits:- 1)what is concrete and its types and properties 2) concrete quantity calculation for staircase and its formula