Design Economics and Cost Planning Flashcards
Can you tell me what a good Net:Gross is on a project you have worked on?
70% - 80%.
Can you tell me what a good Wall:Floor is on a project you have worked on?
0.35 - 0.45
Your PwC Glasgow project you mention using Benchmarked data. What are some factors to consider when using benchmarked data?
1) Location
2) Time / Inflation
3) Project abnormals
PwC Manchester you said it was £25/ft2. This seems very small, what was the scope?
This £25/sqft was a minor refresh of their existing office. So there were no new partitions, doors, minor wall and floor finishes although no ceiling finishes. Included Client Directs. So 750k of Construction Costs.
What was the GIA of PwC Manchester?
6,748m2 - total budget of £1.96m.
Why had the costs increased from Stage 3 to 4?
The Client was under a strict budget and wanted to save on Design Fees. As a result, the Stage 3 design that was issued was based off of floor plans without a detailed specification schedule or report.
Your ITB Project, how did you advise the Client?
I advised on the key changes since the previous cost plan issued, as well as detailed the items which were design development, inflation, and which costs were to be attributed to a third party.
What are your typical responsibilities on a project?
1) Manage risk allowance expenditure
2) Initiate action to avoid overspend
3) Prepare pricing documents for tendering
4) Evaluation of tender
5) Prepare interim valuations
6) Value variations
7) Negotiate and agree final accounts
8) Manage cash flow
9) Produce cost plans and OCE’s
What are some headings for Main Contractor’s Preliminaries under NRM 2?
1) Employer’s Requirements
2) Site accommodation
3) Site records
4) Completion & post-completion requirements
5) Main Contractor cost items
6) Management and staff
7) Site establishment
8) Temporary services
How do you deal with risk in a cost plan?
Have a risk register that labels the risks surrounding the project and allocate sufficient funds to cover these risks. They should be monitored and controlled as the design of the project progresses.
Can you tell me what you believe is the best source of cost data?
It depends on the Client’s requirements.
In my opinion, market testing is the most accurate, however is time consuming gaining feedback from the market.
How are rates adjusted for inflation or location?
I would obtain the inflation/location indices from BCIS and adjust accordingly.
Can you name the 4 risk categories?
Employer Change Risk
Employer Other Risk
Design Development Risk
Construction Risk
Name me an “Employer Other” risk?
Interest rates, exchange rates, COVID
What % would you allow for design development at RIBA Stage 2?
It would depend on the project and the level of design available at that stage, but typically at stage 2 between 6-7%.
