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RICS APC > Design Economics & Cost Planning > Flashcards

Design Economics & Cost Planning Flashcards

1
Q

What is IPMS?

A

International Property Measurement Standards

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2
Q

How would you cost preliminaries at Stage 2 vs at Stage 4?

A

Stage 2 - Benchmark on £/week based on programme
Stage 4 - Full bottom up review of NRM2 Appendix B and C which itemises the typical Preliminaries elements and enables to effectively cost on the basis of the Construction Programme and expected works.

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3
Q

When is best to go into planning?

A

Stage 2 is common, but Stage 3 ensures that the areas have been Spatially Coordinated so there is less likeliness for change to massing

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4
Q

What suitable Design Contingency would you include at every RIBA stage?

A

Stage 2 - 10-15%
Stage 3 - 5-10%
Stage 4 - 0-5%

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5
Q

Difference between a Pre-Tender Estimate and a Cost Plan?

A
  • Pre Tender Estimate is based on the tender documents only.
  • Cost Plan has allowances for notional elements of design or elements / risk which is not yet drawn or to be drawn.
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6
Q

What are the components of a Pre-Tender Estimate?

A
  • Executive Summary
  • Assumptions & Exclusions
  • Cost totals
  • Design & Documents Basis
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7
Q

How would you order a Cost Estimate?

A

NRM1, each element is sorted into Group Elements, with the inclusions listed in each section (e.g Internal Finishes has Wall, floor and ceiling finishes).
Also refer to Appendix D and E of NRM2

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8
Q

How can you adapt a cost plan based on location?

A
  • BCIS Location indices.
  • Knowledge of benchmark schemes in the area (CPC have 7 offices across the UK).
  • Discussions with agents on Sales Values.
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9
Q

How do CPC update clients on inflation?

A

Quarterly updates published.
Reviewing typical goods on the market and reporting on quarterly change and giving reasons for market change, whether that be;
- Market strength
- Lack of labour
- High fuel costs
- High import costs
The document also gives a view on the next 3 years.

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10
Q

What deliverables as a cost consultant do you do at every RIBA stage?

A

Stage 1 -
Stage 2 - Issue tender for management contract, or Stage 2 cost plan
Stage 3 - Issue tender for D&B
Stage 4 - Issue tender for Traditional?
Stage 5 - Contract obligations
Stage 6 - Final Account agreement

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11
Q

What sort of scheme do you find on BCIS?

A
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12
Q

Name some different tenures you have come across?

A
  • Build to Rent
  • Affordable rent
  • Market sale
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13
Q

How do CPC report on building efficiencies?

A

Benchmark and break down costs into;

  • Wall to Floor ratio - 45%-55%
  • Glazed to Solid ratio - ~30%
  • Units per core per floor - 7-10 nr
  • NIA: GIA - 75%-80%
  • Average slab thickness - 200mm-225mm

This helps with monitoring and understanding the efficiency metrics of a building, so see where new developments could improve or to highlight where they are efficient. It does depend on the type of development / shape of the building.

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14
Q

Can you give an example on a time where you saved the client money?

A
  • 54 The Bishop’s Avenue - Extensive VE exercise had to be carried out due to the costs being over the client budget. I arranged a VE workshop and requested 5-10 items from each design discipline which I could cost and put in front of the client. I also went through the design myself and plucked out items to be pro-active and bring to the table some ideas. This was then reviewed and items were moved to accepted / rejected. This got the cost nearer to the client budget, and got the design team working towards the budget.
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15
Q

Why did you market test so early on for The Bishop’s Avenue?

A
  • Market volatility on concrete and steel at the time, and given the budget problems we needed to be sure of what we were suggesting needed to be Value Engineered.
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16
Q

Give an example of when you have successfully Value Engineered on a project?

A
  • The Bishops Avenue - VE -£5m
  • Escapade - VE workshop on finishes to bring design and contractor down to the budget and make scheme viable.
  • Westbury - Triple glazed suggested to meet required U value targets. I spoke to the market and managed to suggest a product which achieved the required u value and meant it was only needed on one elevation to deal with acoustic requirements (near a road).
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17
Q

What is the purpose of Life Cycle Costing and have you used this process on a scheme?

A

Considers costs over the whole life of a project and includes servicing costs and replacement costs.
- Implemented on Horizon 120, suggested materials which had a shorter life span and would need to be replaced whilst also suggesting alternatives which would have a lower Life Cycle cost. This was submitted for the consideration of the Design Team

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18
Q

What is a right of light agreement?

A

A “right to light” is an easement that gives a landowner the right to receive light through defined apertures in buildings on his or her land.

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19
Q

What is the difference between a Cost Estimate and a Cost Plan?

A

Cost Estimate - high level exercise for assessing the financial viability of a project and to set out an outline budget for the scheme.

Cost Plan - Is a budget distribution technique implemented during design. It involves the critical breakdown of the cost limit into cost targets for each element of the building.

20
Q

Information required at different design stages

A

RIBA Stage 2 - Plan, Elevation, Sections, Spec
RIBA Stage 3 - Plan, Elevation, Section, Spec
RIBA Stage 4 - Plan, Elevations, Details, Sections, Spec, Schedules, Co-ordinated architecture + M&E + Structural drawings

21
Q

What services are you aware that the BCIS provides?

A
  1. TPI - Quarterly updates on the Tender Price Index
  2. Location indices - Adjustment on costs which are relevant to a difference in location
  3. Dayworks rates
  4. Materials and labour rates that you can benchmark, forecast at a regional level.
22
Q

How can you price Variations?

A

In accordance to Valuing Change guidance note;
1. to be valued at the same rates and prices set out in the contract
2. use the relevant rates and prices set out in the contract as a basis for valuation, with reasonable adjustments for changes in quantity, conditions and character
3. new rates or prices to be derived from the reasonable cost of executing the work, together with reasonable profit
4. the engineer can determine a provisional rate or price until such time as an appropriate rate or price is agreed or determined
5. use of daywork, for work of a minor or incidental nature, if the engineer agrees.

23
Q

What is Schedule 2?

A

Schedule 2 Variations.
In paragraph 2.2 it requires the contractor to submit the contractors estimate within 14 days of the date of the relevant instruction, unless agreed otherwise (priced ECR).
The Contractor then has 7 days to receive the instruction as the validity period, unless amended. This was amended to 14 days on Horizon 120.

24
Q

What types of estimate are there?

A
  • budget / feasibility
  • cost estimate
  • cost plan
25
Q

What is the % error on a feasibility estimate?

A
  • 10%
26
Q

What are the principal components of a cost estimate?

A
  • construction cost
  • preliminaries
  • contractors oh&p
  • contingency
  • inflation
  • assumptions - programme
  • exclusions
  • area schedule
  • basis of estimate (drawings list etc)
27
Q

What is usually excluded from an elemental estimate?

A
  • VAT
  • Professional fees
  • client direct costs
  • Loose fixtures and fittings
  • inflation
  • site acquisition costs
  • Section 106
  • Removal of asbestos
28
Q

What is contingency?

A

A sum included to cover unknown expenses or unmitigated risks during the project

29
Q

How is contingency calculated?

A
  • should reflect the risks and unknowns specific to the project
  • during early estimate on little info it’s common to include a %
  • common to have a higher level of contingency for refurb work as more unknowns
  • common for 10% stage 2 and 5% at stage 3
30
Q

What is the purpose of a cost plan

A
  • used by cost consultant to control development of design
  • identifies client agreed cost limit and how the money is to be allocated to the different parts of the building
31
Q

Cost estimate vs cost plan

A

Cost estimate is a forecast of construction cost
Cost plan is a plan of costs for the works based on what has been designed

32
Q

Where do you get cost information from?

A
  • BCIS
  • Benchmarks
  • In house historic data
  • building cost models
  • SPONS
  • Market data
33
Q

What is a section 106 agreement?

A
  • also referred to as planning obligations
  • typically agreements between local authorities and developers negotiated in the granting of planning consent
34
Q

Give some examples of a typical s106 agreement?

A
  • affordable housing
  • new open space or environmental improvements
  • new roads
  • health / education facilities
35
Q

What is NIA

A
  • Net Internal Area, as defined by the code of measuring practice, published by RICS
  • the area of usable space to the internal face of the perimeter of each floor at each level
  • excludes spaces with headroom less than 1.5m, circulation spaces, plant spaces etc
36
Q

What is CAT A and CAT B fitout?

A

Cat A
- known as ‘developers’ fitout
- life safety, basic fittings, raised floor, carpet, lighting

Cat B
- in addition at CAT A, includes partitions, artwork, branding, data cabling

37
Q

Where is the definition for CAT A and CAT B

A

BCO - British Council of Offices

38
Q

What is BWIC

A

Builders work in connection

Typically a % of the services costs
Allowance for drilling, fixing, cutting etc

39
Q

What cost would you expect a build to rent apartment block in London

A

Buildings only, based on recent tender returns I would expect this cost to be around £250-£300/ft2.
This is dependant on the design efficiencies and would need further clarification.

40
Q

What are NRM1 2 and 3

A

1 - order of cost estimating and cost planning for capital building works
2 - detailed measurement for building works
3 - order of cost estimating and cost planning for building maintenance works

41
Q

What is a defined provsum and an undefined prov sum

A

Defined - sum provided for work that is not completely designed but for which the following is provided
- nature and construction of the work
- statement of how and where the work is fixed to the building
- quantity that indicates the scope and extent of works
- any specific limitations

Undefined
- sum provided for work that is not completely designed but for which the information required for a defined prov sum cannot be provided

42
Q

What is NRM 1 used for

A

Building a cost estimate. Enables quality and consistency on all estimates.
States all inclusions within each elemental package, and assists when building prelims

43
Q

What is NRM 2 used for?

A

How to measure each particular item for how it should be shown in a bill of quantities, which would’ve been built in NRM1.
Rules for measuring the building works.

44
Q

What is NRM3 used for?

A

Building a cost for building maintenance works

45
Q

What is ICMS?

A

International Cost Management Standard.
Provides a high level structure and format for defining, classifying, measuring, recording and analysing life cycle costs and carbon emissions associated with construction projects and construction assets.

46
Q

What is ICMSC?

A

The International Cost Management Standard Coalition.
A group of 49 professional not for profit organisations from around the world working together to develop and implement standards for benchmarking, measuring and reporting construction project costs

47
Q

What is a Locum agreement?

A

Required if a firm has a sole principal / director.
In the case of a death to that sole director it is for another professional to ‘stand in’ for the surveyor if they’re unable to work.
Will typically be another chartered surveyor but it could be a solicitor / accountant. Another trusted professional.

RICS APC (18 decks)

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