Design Economics And Cost Planning Flashcards
How did you produce your Cost Estimate? What did it include?
- Summary of Cost estimate
- Area schedule
- Cost breakdown
- Drawing & Spec list
How would you under go Value Engineering if the estimate was over budget?
- I would firstly discuss with the Client any areas they feel are over their budget.
- I would provide cost feedback using the drawings and spec available, on these items in the form of cost options for the client to consider
Tell me your understanding of Life cycle costing?
Life cycle costing is preparing costs that include the running costs, maintenance, utility, services, management of the whole building after construction.
How did you advise the Client on efficiency of the design in respect of the Cost?
I advised my client that at RIBA stage 1-2 the costs will be an estimated amount on the GIFA
Once the level of design has progressed, we can update our cost plan to reflect the design details, included for elemental breakdowns and itemised rates etc. this will in turn provide a more accurate estimate.
What was your advice on risk? Would you recommend any risk management techniques?
- I would advise my client and the team to carry out a risk register, to clearly identify the potential risks and scoring these on the likelihood of these occurring.
- This can in turn build a contingency allowance for my client, reducing any cost risk.
How did you advise your client in relation to inflation, considering your estimate was based on current day costs?
- Allowed for a percentage increase due to:
- Brexit
- Covid 19
- Ukraine
Increased in material and labour rates
What market factors did you discuss?
- Increase in material prices due to Brexit/Covid.
- Increase in labour rates
How did you integrate the benchmarking data? We’re any adjustments made?
How did you value risk within your Cost Report/Estimate?
- Measure and value the costs being incurred and reduce the risk allowance as the actual cost emerges.
- If a general contingency is required to be included in the budget by the Client, then its reporting treatment should be agreed with the client at the outset of the project.
On Project X, what level of contingency did you advise your client?
- With input from the design team, i identified key risk items which i inputted into a risk register
- I then valued the cost and programme implications of each item.
- I used these items to build the project contingency allowance
- This allowance was updated as the projected continued and the contractor priced each risk item.
What is an Order of Cost Estimate?
- It estimates the cost of a building early on in the design stage, built from the ER’s
- Forms the basis of a Cost Plan
How would you advise your client to proceed if the Cost Estimate/Plan exceeds the budget.
- I would advise the client to consider Value Engineering techniques
- Review the Cost Plan for any abnormally high costs
What is meant by the term buildability?
- Using the contractors expertise and experience during the design stages
- The contractor may be able to assist with cost effective or efficient methods of construction
What is meant by functional unit?
- This is a unit of measure used to represent the prime functional use of a building.
- Examples such as, hotel rooms, hospital beds, m2 retail space.
What are the advantages of Buildability?
- Potential for better construction methods
- Possible cost saving methods
- Improved quality of finishes and building performance
