Budgeting and cost estimating Flashcards
is to develop cost parameters within which the owner and architect will work. The project budget establishes cost limits, which reflect all anticipated costs.
project budget
require adjustments during the course of development
construction estimate
project budget includes:
- site acquisition
- construction cost 85%
- equipment and furnishings 5-10%
- professional services 5-10%
- inspection and testing
- escalation cost (inflation) 2-10%
- contingency 5-10%
- financing
- moving expenses
cost per square foot based on recent experience – it enables estimators to apply cost data accumulated from one building to a different building type, provided the design and performance criteria are similar.
unit cost (programming)
enables comparison between different conceptual solutions.
Building subsystem (sd)
enables a more precise selection of components and systems.
component cost system (dd)
these rates are for construction components, assemblies, and systems and are required for pre-bid estimates, final cost checks, the contractor’s cost breakdown, and used as a basis for verifying the contractor’s payment requests.
composite unit rates (cd)
involves an expanded itemization of construction quantities and assignment of unit costs to these quantities. It makes it possible to evaluate the cost implications of each building component and to make decisions concerning both quality and quantity in order to meet the original budget estimate. Instead of using one number for floor finishes, the cost is broken down into carpeting, unfinished concrete…
parameter method
it is a way of comparing and evaluating alternative construction components. In this method, a matrix is drawn showing, along one side, the various alternatives, and, along the other side, the individual elements that combine to produce the total cost of the alternatives.
matrix costing
