3.3 Project Costs and Value Flashcards
What does BCIS data look like?
Has three core outputs:
1-Cost analyses
2-Benchmarked analyses
3-Price and location indices
What will you see in a BCIS cost analysis
-A summary of the project
-Details such as function type of work (new build) postcode, dates-pay attention to the base date, description etc
-Areas and features
-Summary costs
Specification information (high level)
The detail of the cost breakdown will vary per cost analysis. In this case you can see:
-Total cost
-Cost/m2 (GIFA)
-Element unit quantities
-Element unit rates
-% distinct
You will always a total contract sum and a cost/m2 GIFA
You will see a reference to ‘rebased’ against cost items. What is rebased?
This isn’t how the cost analyses will have been stored in BCIS. It’s a function that has been used to update the cost information
Action so that it represents a certain point in time and a certain location
Why do we need to rebase costs?
To benchmark
How do we rebase the costs
Using indices
How do we rebase the costs
Using indices
What are the two considerations when rebasing?
1-Location-Location of the analysed project compared to location of the proposed project
2-Value of money-movement in price between the base date of the analysed project compared to the anticipated base date of the proposed project (inflation/deflation)
What are the two considerations when rebasing?
1-Location-Location of the analysed project compared to location of the proposed project
2-Value of money-movement in price between the base date of the analysed project compared to the anticipated base date of the proposed project (inflation/deflation)
Understanding indices-All in TPI
Equivalent sample:
-e.g. 62-Indicates indices are fixed (sufficient sample size)
-Provisional-Indicates indices could change (insufficient sample size for confidence)
-Forecast-Anticipated based on economic analysis and trend
How do you make adjustments?
(Total) x New Location x New TPI
Old Location. Old TPI
