Building Cost Indices & Building Cost Data Flashcards
What are price or cost indices
A price or cost index is a statistic designed to measure how prices/costs vary by period or location
What is TPI
Tender figure is compared with the figure produced when BOQ is priced at base year standard rates to compute an index
Takes into account market conditions and resource cost changes
Uses of cost indices
Updating elemental cost analyses
Extrapolation of existing trends
Computation of price fluctuations
Assessment of market conditions
Considerations when adjusting prices
Date/time
Location
Design cost parameters such as building function, specification and size
How does building cost data interact with indices
Building cost data is adjusted/rebased through TPI
What is a cost analysis
Record of how the cost of a building has been distributed over its elements
Uses of cost analyses
Estimating costs of similar buildings
Estimating costs of similarly elements
Comparing cost of design options at element level
Cost modelling design solutions
Main standard format of cost analysis used in UK
BCIS SFCA
Sources of cost analysis
Company’s own information
Cost information from SC’s and consultants
Bought in (BCIS)
What is benchmarking
The process of collecting and comparing data within an organisation or external to an organisation to identify best in class (NRM 2012)
Difference between benchmarking and cost analysis
If multiple projects of a similar nature are cost analyses, then the data can be used to create the benchmark construction cost limit
