Define the term variation as provided and describe three methods of valuing variations?

Variation refers to any change or modification made to the original scope of work in a construction project. This can include changes in design, materials, or specifications that result in a change in cost or time.

Three methods of valuing variations in a construction project are:

1. Cost-plus method: This method involves calculating the actual cost of the variation, including materials, labor, and overhead costs, and adding a percentage markup for profit. This method is often used when the scope of work is unclear or when the client requests changes that are difficult to quantify.

2. Fixed price method: In this method, a fixed price is agreed upon for the variation before work begins. This price is based on estimates of the additional costs and time required to complete the variation. This method provides certainty for both the contractor and the client but may require careful estimation to avoid disputes.

3. Time and materials method: This method involves billing the client for the actual time and materials used to complete the variation, plus a markup for profit. This method is often used for small variations or changes that are difficult to estimate in advance. It provides transparency in pricing but may result in higher costs for the client if the variation takes longer than expected.