6.1. Chapter Introduction
Learning Objectives
After reading this chapter, you will be able to:
- Define basic terms such as budget, estimate, price, cost, and value.
- Discuss the relationship between cost and budget.
- Explain basic concepts related to budgeting.
- Identify different types of costs, and discuss issues related to contingency funds, profit, and cost estimating.
- Explain the benefits of contingencies.
