How to assess the full life cost of a project
Updated 31 March 2024
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1. How to assess the full life cost of a project
The estimated project cost should include all costs linked to the project or activity. These are required for the project to be completed or to bring it up to the condition necessary for it to be capable of operating in the manner intended.
For continuous or ongoing works the estimated project cost should cover the costs over the life of the work.
The project cost should cover works that are:
- below the mean high water springs mark
- in any tidal river to the extent of the tidal influence
Costs may include those directly attributable to:
- purchase of the land, plant or equipment
- construction
- subcontractors
- labour costs and overheads
- bringing the assets to the location
- testing
- monitoring
- dismantling or removing the item and restoring the site
- site preparation
- initial work and handling
- installation and assembly
- professional fees
- internal overheads
- rental and maintenance of plant
The Marine Management Organisation may request evidence to validate the cost estimates.