Construction Planning and Budgeting There are 2 critically important terms in projecting an estimate of probable cost for a healthcare project that are frequently con- fused. The terms construction cost and project cost are not
synonymous terms, and it is important for nurse executives to understand the difference in the terms and the budget components that comprise these line items in a project budget. Figure 1 outlines the 11 line items of a project budget, and each line item will be discussed in further detail. Figure 2 outlines an estimation of probable cost for a hypothetical project, demonstrating the differences between the terms construction cost and project cost.