COST PLANNING

COST PLANNING

Cost Planning Methods
1. Building Costs per square metre (m2 rates)
2. Elemental Rates (GFA)
3. Elemental Unit Rates (Unit Quantity)
4. Detailed Rates (Build up)
5. Ballpark figure
6. Interpolation Method: "To estimate an unknown value from neighbouring known values"
  1. 1. Choose most suitable cost analysis, record, or price
    1. 2. Isolate major difference between analysed and proposed building
      1. 3. Make allowance for differences
7. Simple proportion method: Based on assumption that cost of an element is directly proportional to general market price level and quantity of element
  1. Useful when source cost data is from same building type
  2. 1. From base rate, adjust for quantity
    1. 2. Adjust for inflation
      1. 3. Adjust for quality
8. Approximate quantities method, quantities are measures from specifications
Preliminary and general 7.5% (P&G)
Contractors margin (5%)
Contingency 10%
3 Principles
1. Frame of reference (brief)
2. Method of Checking
3. Means of remedial action
  1. Redesigning, changing specifications, or seeking alternative solutions
Sources of inaccuracy
1. Difference in floor area
2. Quantity (bulk pricing)
3. Things excluded from source price
4. Time (inflation, markets etc)
5. P&G / contingencies requirements eg temporary access roads, storage...
Purposes of cost planning
1. Value for money (balance between quality, fitness for purpose initial capital cost and life cycle cost)
2. Balance of expenditure (e.g. spending too much on furnishing and cannot afford the roof)
Cost Planning Process
1. Pre design
  1. Site Analysis
    1. Preliminary Design
      1. DEVELOPED & DETAILED COST ESTIMATE
        Detailed design and documentation
        Procurement
        Contract administration
        Supplementary
        After client acceptance this becomes the cost estimate

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