Design economics & cost planning Flashcards
Level 2 - Design Economics & Cost planning
How did you deal with risk in your cost estimates and how did risk develop through the RIBA stages?
- Risk allowances were divided into four categories
- As information was limited, a percentage was allocated to each profile
- Percentage is based of a risk analysis, benchmarking and previous experience
- As more information is provided a formal risk register is developed
- I as QS help cost the risk allowance
Level 2 - Design Econmics & Cost planning
How did you calculate the risk allowances?
- Early stages a percentage based off experience or benchmark to risk allowance
- Cost planning stage, an assessment of the total cost of the risks allowance and the probability of occurance
Level 3 - Design Economics & Cost planning
On your office refurb project, what was included in your exclusions?
- VAT different clients incur different levels of VAT
- Asbestos removal
- Planning cost
Level 2 - Design economics & cost plnning
On your London Refurb project, how did you calculate the prelims through the RIBA stages?
- Preparing my cost estimate I included a percentage of the building works estimate
- Estimate arrived from an assessment of previous experience and benchmarked data.
- At cost planning stage I referred to the previous schemes and other internal tender rates and priced the preliminary constituents as per the NRM.
Level 2 - Design Economics & cost planning
How did you adjust historic data and what factors were considered?
- Calculated the weighted moving average of the tender price indicies.
Considered factors, such as;
* Date
* Location
Level 3 - Design Economics and cost planning
Talk about the key factors when presenting your cost plan
- Discuss the changes since the previous report and why
- Recommendations
- Outline assumptions made any exclusions
- Basis of my cost plan (drawings, specifications and reports)
Level 3 - Design Economics & cost planning
On your Lyonsdown project, what was included within your recommendation and why did you consider a hybrid option?
- Initial options were not feasible within the clients budget
- Compromised their objectives
- Hybrid option allowed the client to increase dining capacity and upgrade parts of the scholl
Level 1 - Design Economics & cost planning
What is the impact of bad cost advise?
Too High - Can’t afford investment, the client may have lost the oppurtunity to make capital
Too Low - Investment not enough, client required to sought additional funds elsewhere
Level 3 - Design Economics & cost planning
How did you advise on how the market uncertainty impacts the clients budget?
- Inflation - project could become unfeasible
- Deflation - How will residual funds be managed (Transfered to contingency)
Level 2 - Design Economics & cost planning
Project Lyonsdown; How did you determine the feasibility of your alternative option?
- Liased with the project team to inform my estimate
- Use of cost data allowed me to advise on £/m2 GIFA, therefore, the client could I identify key areas requiring upgrade
- Refer back to the initial brief
Level 1 - Design Economics & cost planning
What were the benefits of the client re-modelling the school?
- Increased pupil numbers
- Third party interest
- Increased dining seating
- Improved visitor access
Level 1 - Design Economics & cost planning
Lyonsdown; what were the drawbacks of the scheme?
- Reduce playground
- Negative social impact (staggered playtime)
- Re-modelling works not complete within term time
- Temporary classroom, additional cost
Level 1 - Design Economics & cost planning
Lyonsdown; what were the limitations of the school?
- Limited space
- Time
- Budget
Level 3 - Design Economics & cost planning
How did you advise your client on risk on your London refurb project?
- Clients forseen risk should be categorised inline with NRM guidance
- Contingency allowance can be included for unknown risks
- As greater detail is obtained a risk register should be produced
- Risk register should be assessed at regular intervals
Level 1 - Design economics and cost planning
What is the difference between a cost estimate and cost plan?
- Cost estimate calculates the capital building costs and establishes the affordability of the development for the client.
- Tests to see if the project is feasible
- Cost plans present how the estimated costs are allocated across the various elements
