What does 'project cost' encompass?

Project cost represents the comprehensive total of all expenses incurred throughout a project. This includes not only the construction costs, which cover the physical building and labor but also encompasses professional fees, such as those for architects, engineers, and consultants, as well as any other associated expenses that may arise during the project. These additional costs can include permits, inspections, and contributions to the project such as site preparation or utility connections.

This comprehensive view is essential for stakeholders to understand the full financial commitment involved in a project. By including all elements related to the project's execution, the concept of project cost allows for more accurate budgeting, forecasting, and financial management, which is critical for successful project completion.