Cost Planning Flashcards
What is Cost Planning
An elemental breakdown of the Cost Plan which may be further developed as the design develops
Enhances cost control throughout DD
What are the formats of cost planning at what RIBA stage typically?
➢ Formal Cost Plan 1 - Concept Design - RIBA stage 2
➢ Formal Cost Plan 2 - Developed Design - RIBA stage 3
➢ Formal Cost Plan 3 - Technical Design - RIBA stage 4
Whats the measurement rules for prelims
Formal Cost Plan 1 - the estimated cost of main contractor’s preliminaries will be based on a % addition derived from a properly considered assessment of cost analyses of previous buildings.
Formal Cost Plan 2 & 3 - it is essential that thorough cost checks are carried out on cost significant items of main contractor’s preliminaries. To facilitate the cost checking process, it is recommended that the checklist of main contractor’s preliminaries items included in these rules of measurement be used as an aide memoire.
What would you typically include within your Cost Plan
a) executive summary
b) project title
c) project description
d) status of cost plan
e) a statement of cost (including cost limit)
f) details of the information and specification on which the cost plan was prepared
g) a statement of the floor areas
h) the cost plan
i) basis of cost estimates (i.e. assumptions)
j) estimate base date (i.e. to which inflation has been applied)
k) reasons for changes to previous cost targets (explaining the transfers and adjustments that have taken
place against the previous cost plan)
l) estimated costs of and a request for decisions on any alternative proposals;
m) value engineering options
n) conclusions
o) recommendations
p) cash flow forecast, where appropriate
q) inclusions and exclusions (i.e. a statement of what is included and excluded).
What is a pre tender estimate
Means a cost estimate prepared immediately before calling tenders for construction.
£/ft2 on benchmarking for a resi development like this?
£300 - £380/sq.ft
In your Cost Plan did you factor in anything for Brexit, inflation etc?
Inflation to mid point construction
How to build up a rate by first principles?
Don't have a rate to benchmark or pricing document. Labour Plant Materials OHP SC Design Prelims Risk
What is included in Facilitating Works?
All elements included within Section 0
Demolition works, works involving the
removal of hazardous and deleterious materials, and soil stabilisation
What abnormals may you have on a cost plan?
Site Constraints
Planning conditions
Stats
Pre-existing buildings
What are the steps of undertaking a cost plan?
Establish a team for cost plan Upload Drawings to CostX Design queries & responses issue information to market for market tested rates Prepare quants in line with NRM1 Prepare rates (market test / benchmark) Benchmark Reconciliation Submit draft for comment Issue final / present
What are the constituent parts of your cost plan?
Building Works Estimate Preliminaries Design Team Fees OH&P Risk Allowance Inflation
What is a cost reconciliation?
Reconciling from your original estimate showing elementally movements, showing the client where cost movements have been
Have you managed the cost plan? If so, what was the process you undertook as a first instance?
Establish a team
Coordinate design queries and meetings
What would you adjust cost plans to consider different procurement routes?
As the design has been developed further I’d expect items such as
Risk
Prelims
Design Fees to be different
