Design economics and cost planning Flashcards
What is the difference between an order of cost estimate and a cost plan?
An order of cost estimate is crafted in early design stages and relies on cost per m2/sqft or functional unit, while a cost plan offers a detailed breakdown through measurements, rates, and assumptions.
What is the pivotal role of cost planning in projects?
The pivotal role of cost planning is maintaining financial control over projects.
At what stages of the project is an order of cost estimate typically crafted?
An order of cost estimate is typically crafted in early design stages, specifically Stage 0-2.
Why is precise cost estimating important?
Precise cost estimating is important because it impacts project feasibility.
What are some examples of efficiency ratios?
Examples of efficiency ratios include wall to floor and net to gross ratios.
What stages of the RIBA Plan of Works have you contributed cost plans and order of cost estimates to?
Various stages of the RIBA Plan of Works,
What tasks did you undertake at Citi Bank pretender?
Successfully completed pre-tender estimates for several trade packages.
What did you do at Triton Square during RIBA Stage 3?
Meticulously measured fit-out elements and secured rates for each line item from diverse sources.
How do you ensure accurate and current costs in your projects?
By consistently market-testing different project items, such as structural alterations to office buildings.
What aspect of cost plans have you provided counsel on to clients?
Different specification options
How have you organized package cost information for AECOM’s internal benchmarking software?
By formatting it into a compatible format for personal or company-wide use.
Can you provide an example of your value engineering expertise?
Proposing cost-effective options to enhance value, such as replacing joinery dividing screens with part-height drywall partitions and reducing bespoke acoustic paneling within meeting rooms.
How do you contribute to managing post-contract design changes?
By managing and reporting them through change control processes and contributing to the preparation of monthly cost reports.
Can you provide an example of advising a client on component life-cycle costing?
Recommending a high-spec carpet over a medium-spec one to align with their lease duration.
How did you enhance cost accuracy during the Stage 3 cost estimate for The Citi Bank Project?
By maintaining regular communication with the design team and making informed assumptions on specification and finishes when necessary.
How did you present the Stage 3 cost estimate for The Citi Bank Project to the client?
Meticulously, elucidating the impact of design developments on the estimated project cost and advising on assumptions and exclusions.
What did you develop to enhance cost accuracy?
A workplace fit-out rate database leveraging tender return information from various projects.
ow did you ensure clients remained well-informed about project costs during the design of the Executives Cloud Lounge at Citi Bank?
By continuously updating the estimate as design changes unfolded and adapting to varying levels of design information.
What approach did you take to empower clients to make informed decisions during the design phase of the Executives Cloud Lounge at Citi Bank?
Providing estimates based on initial designs and continuously updating them as design changes unfolded.
When is a cost estimate typically prepared in the design process?
Between RIBA Work Stages 0 to Stage 2.
Why is a cost estimate prepared earlier in the design process?
Because the level of design information is more limited at this stage.
On what basis is a cost estimate prepared?
On a cost per m² or cost per functional unit basis.
When is a cost plan typically produced?
At each RIBA Work Stage from Stage 2 onwards.
How does the level of design information affect the cost plan?
As the design progresses, more detailed information is included in the cost plan.
How is the cost of the development broken down in a cost plan?
The estimated cost is broken down elementally into components such as sub-structure, superstructure, services, and professional fees.
What is cost?
The cost is the total cost of labour, plant, materials and management deployed for a specific activity.
What is price?
The price is the amount a purchaser or client will pay for an item or product and is made up of the cost
plus the main contractor’s profit margin.
How do you proceed if the cost plan exceeds the project budget?
- I would analyse the costs to assess the source of the increase and identify whether any element of work is abnormally high against the order of cost estimate.
- When the reason for the overspend is identified I would then look to propose value engineering
options to my client and design team to bring the forecast back in line with the project budget.
What is buildability?
Buildability is harnessing the contractor’s expertise and knowledge during the design stage to generate
ideas for effective and efficient methods of construction.
What are the advantages of buildability?
- Buildability can result in better programming, sequencing and construction methods.
- A quicker more efficient programme can be achieved.
- Reduced capital and life cycle costs of the building can be obtained.
- The quality in the finished building’s performance and maintenance characteristics can be improved.
What is a wall to floor ratio?
- This shows the relationship between the wall area and floor area.
What is the wall to floor ratio used to show?
The cost efficiency of the building.
What is best a low or high wall to floor ratio?
The lower the ratio, the cheaper the building is to construct as there is less external envelope to
construct in comparison to the floor area.
What is the most efficient floor plan shape?
In theory a building with a circular floor plate building would offer the most efficient design as there is
less wall to floor area.
Why would a square floor plate be used over a circular floor plate?
A circular floor plate has a poor lettable floor area and is difficult to fit out therefore a square
floor plate is considered to be the most efficient.
How would you prepare an estimate for M&E works?
I would ask an M&E specialist surveyor to undertake the estimate.
How would you prepare an Feasibility estimate for M&E works?
For feasibility estimates the M&E amount would be included in the m2 or functional unit rate.
What is a Section 106 agreement?
S106s are agreements between local authorities and developers that are negotiated in the context of
granting planning consent.
What is shell and core?
Shell and core is the basic structure, services and envelope of the building.
What does construction to ‘shell and core’ include?
This normally includes the fit out of landlord and common areas for example the reception, toilets, lifts
& stair cores.
What is a CAT A fit out?
CAT A is also known as a ‘developer’s fit out’.
What does a CAT A fit out provide?
CAT A is also known as a ‘developer’s fit out’.
What is included in a CAT A fit out?
Generic fit-out items to suit most developers for example life safety elements and basic fittings such as suspended ceiling tiles, raised floors, carpets, lighting and power distribution to floor plates.
What is a CAT B fit out?
A CAT B fit out overlays the CAT A provision with bespoke elements that are specific to the needs of
the building’s user to enable the tenant to occupy and use the space.
What would a CAT B fit out typically include?
partitions, power distribution to floor boxes, data cabling, artwork and branding, upgrading CAT A finishes and toilet finishes.
Where could you find the definitions of CAT A & B fit out ?
The British Council of Offices (BCO) fit-out guide.
What is BWIC?
BWIC accounts for the Main Contractor to perform any drilling, fixing, cutting and penetrations to
enable the services installation.
What does BWIC stand for ?
Builders Work In Connection and is usually set as a percentage of the services cost.
What is an order of cost estimate?
Under NRM this is described as the determination of the possible cost of a building early in design
stage in relation to the employer’s fundamental requirements.
What is the purpose of an order of cost estimate?
To establish if the proposed building project is affordable and, if affordable, to establish a realistic cost limit.
When does an order of cost estimate take place ?
This takes place prior to preparation of a full set of working drawings or bills of quantities and forms the initial build-up to the cost planning process.
What is a cost limit ?
The cost limit is the maximum expenditure that the client is prepared to spend on the proposed
building project.
In what formats can a feasibility estimate or order of cost estimate be presented?
On a cost per m², functional unit, or elemental basis.
How might a feasibility estimate or order of cost estimate be expressed?
It may be presented as a range, for example, £700-£850/m².
What main building elements might be included in the element rates of a feasibility estimate?
Substructure, Frame, External Walls, Upper Floors, and Roof.
What site-specific factors are considered in a feasibility estimate?
Site abnormal costs or enabling works.
What additional factors are included in a feasibility estimate?
Preliminaries, Contingency, Inflation, and location factor adjustments.
What is a functional unit?
A functional unit is a unit of measurement that considers the prime use of the building.
