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316327
COST PLANNING
Description
Mind Map on COST PLANNING, created by ejkortegast on 30/10/2013.
Mind Map by
ejkortegast
, updated more than 1 year ago
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Created by
ejkortegast
over 10 years ago
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Resource summary
COST PLANNING
Cost Planning Methods
Building Costs per square metre (m2 rates)
Elemental Rates (GFA)
Elemental Unit Rates (Unit Quantity)
Detailed Rates (Build up)
Ballpark figure
Interpolation Method: "To estimate an unknown value from neighbouring known values"
1. Choose most suitable cost analysis, record, or price
2. Isolate major difference between analysed and proposed building
3. Make allowance for differences
Simple proportion method: Based on assumption that cost of an element is directly proportional to general market price level and quantity of element
Useful when source cost data is from same building type
1. From base rate, adjust for quantity
2. Adjust for inflation
3. Adjust for quality
Approximate quantities method, quantities are measures from specifications
Preliminary and general 7.5% (P&G)
Contractors margin (5%)
Contingency 10%
3 Principles
Frame of reference (brief)
Method of Checking
Means of remedial action
Redesigning, changing specifications, or seeking alternative solutions
Sources of inaccuracy
Difference in floor area
Quantity (bulk pricing)
Things excluded from source price
Time (inflation, markets etc)
P&G / contingencies requirements eg temporary access roads, storage...
Purposes of cost planning
Value for money (balance between quality, fitness for purpose initial capital cost and life cycle cost)
Balance of expenditure (e.g. spending too much on furnishing and cannot afford the roof)
Cost Planning Process
Pre design
Site Analysis
Preliminary Design
DEVELOPED & DETAILED COST ESTIMATE
Detailed design and documentation
Procurement
Contract administration
Supplementary
After client acceptance this becomes the cost estimate
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