What is a calculated cost of construction materials and/or labor known as?

A calculated cost of construction materials and/or labor is known as a cost estimate. This term refers to the process of predicting the total financial expenditure required for a construction project, which typically includes both material costs and labor expenses.

Cost estimates are essential for budgeting and resource allocation in construction projects, allowing project managers and stakeholders to secure funding, manage financial risk, and make informed decisions throughout the project's lifecycle. The accuracy of cost estimates can significantly impact the success of the project, as they provide a framework for monitoring actual costs against projected costs.

In contrast, an expense report typically details expenditures that have already occurred rather than estimating future costs. Cost analysis involves a more comprehensive review of costs to identify variances and inefficiencies but does not specifically represent a calculated projection of costs. A financial report usually encompasses a broader assessment of an organization or project's financial status, including income, expenses, and overall fiscal health, rather than focusing exclusively on construction cost calculations.