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• Project-specific indexes are often appropriate for <br /> very large projects, which require the following <br /> procedures: <br /> 1. Identify the major categories of labor and <br /> materials required to construct the project <br /> from the project budget and outline <br /> specifications. <br /> 2. Calculate appropriate weights or proportions <br /> of the required inputs to one another and the <br /> total project. <br /> 3. Select an index to suit each trade category. <br /> 4. Select a base date for the project index and <br /> identify the appropriate individual indexes <br /> for each category from the above sources. <br /> 5. Calculate the revised project index at <br /> quarterly intervals as the independent index <br /> data is published. <br /> This approach has the distinct advantage of <br /> • tailoring an index to suit the specific project <br /> requirements and provide a far and objective <br /> method of establishing price fluctuations over the <br /> project's time frame, rather than relying on more <br /> generalized index data. The approach also has the <br /> advantage of giving an independent indication of <br /> actual escalation occuring which can then be <br /> measured against the escalation projections <br /> included in the budget. <br /> 16 <br />