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Design Economics and Cost Planning > Estimates & Cost Plans > Flashcards

Estimates & Cost Plans Flashcards

1
Q

What types of estimate are there?

A

a) Budget / feasibility
b) Cost estimate
c) Cost plan

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2
Q

How can a feasibility / budget be priced / presented?

A
  • Rate per m2 or per functional unit
  • May be presented as a range
  • Benchmark the efficiencies (NIA:GIA, units per core, wall:floor, solid:glaze
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3
Q

What information do you need to be able to carry out an estimate?

A
  • Type of building (function)
  • New build or extension
  • Location
  • Size
  • Indication of quality
  • Site visit
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4
Q

What is the % error on an estimate?

A

10%

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5
Q

What is the purpose of an order of cost estimate?

A

To arrive at a cost limit for the client and establish affordability

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6
Q

Which design phases would you provide a cost estimate?

A

Stages 0-2

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7
Q

What is included in a cost estimate alongside the cost?

A
  • Construction cost
  • Preliminaries
  • Contractor’s OH&P
  • Risk
  • Inflation
  • Assumptions & Exclusions
  • Cost reconciliation
  • Programme
  • Benchmarking (Reconciliation)
  • VE Proposals
  • Basis of Estimate – drawings / specifications list
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8
Q

Name the elemental structure of a cost plan?

A
  • Facilitating Works
  • Substructure – excavation and substructure
  • Superstructure – frame, upper floors, external walls, roof, internal finishes
  • FFE
  • Services
  • External works
  • Prelims
  • OHP
  • Risks
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9
Q

What is contingency?

A
  • A sum included in the estimate to cover unknown expenses or unmitigated risks during the project
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10
Q

What are preliminaries?

A
  • They define the scope of works
  • Include the project, lists of drawings, description of the site, scope of work, details of management arrangements
  • Often contain items for pricing which are general items needed by the contractor to carry out the work that cannot be attributed to specific items of work
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11
Q

Name some preliminaries sections

A

Fixed
Time related
which should be based on the project particulars

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12
Q

What should be considered when assessing preliminaries levels?

A

a) Length of contract
b) Location – accessibility, space restrictions, accommodation possibilities etc
c) Type of project – new build / refurb, tower / one story etc
d) Size of project
e) Need for temporary works
f) Need for security
g) Limitations on method and sequencing of works, working hours – supervision requirements
h) Sectional completion
i) Availability of services
j) Level of contractor’s designed works

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13
Q

What would you consider when benchmarking? And how might you benchmark?

A

£/m2, £/unit, £/sq.ft

Location
Time
Abnormals
Procurement 
Tender strategy
Type of Contract
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14
Q

What does TPI show?

A

Comparison of lowest accepted tender for new work to account for market conditions

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15
Q

What is the BCIS?

A
  • Provides construction cost and price information through publications, online services and price books
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16
Q

What is a cost plan?

A
  • It is used by the cost consultant to control the development of the design
  • It identifies the client’s agreed cost limit and how the money is to be allocated to the different parts of the building
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17
Q

What is the difference between a cost estimate and a cost plan?

A
  • Cost plan is a plan of costs for the works in preparation for turning into a cost report to check against.
  • Estimate is a forecast of construction cost
18
Q

What is an estimate? What is the % on cost certainty?

A

Carried out usually prior to Cost Planning
o Set a realistic cost limit
o Ascertain 85/90% cost certainty

19
Q

Explain the function of a budget estimate and how you would carry one out?

A

To provide budgetary and a true reflection on the clients budget

20
Q

What design info needed for OOC?

A 
Accomodation schedule
Nr of units
Area Plans
Functionality
£/m2 allowances
Min Storey heights
NRM1 Risks
21
Q

What design info for a cost plan?

A 
Stage Report (all disciplines)
Elevations
GAs
Landscaping
Specification (FFE)
Structural Design
BIM Model
22
Q

What have you excluded in one of your cost plans?

A 
Brexit related impacts
Demolition of Interim Landscaping
Covid 19
Inflation
Professional Fees
VAT
Section 106
Stats
23
Q

What is the purpose of an OOC?

A

To form a cost limit for the client

24
Q

What is a cost plan? And its purpose?

A

An elemental breakdown of the Cost Plan which may be further developed

Enhances cost control throughout DD

25
Q

£/ft2 on benchmarking for a development like this?

A

£260 - £360/sq.ft

26
Q

In your Cost Plan did you factor in anything for Brexit, inflation etc?

A

Import Tariffs

Exchange rate

27
Q

How to build up a rate by first principles?

A 
Don't have a rate to benchmark or pricing document.
Labour
Plant 
Materials
OHP
SC Design
Prelims
Risk
28
Q

What abnormals may you have on a cost plan?

A

Site Constraints
Planning conditions
Stats
Pre-existing buildings

29
Q

What is included in Facilitating Works?

A

All elements included within Section 0
Demolition works, works involving the
removal of hazardous and deleterious materials, and soil stabilisation

30
Q

What are the steps of undertaking a cost plan?

A 
Establish a team for cost plan
Upload Drawings to CATO 
Design queries & responses
Prepare quants in line with NRM1
Prepare rates (market test / benchmark)
Benchmark 
Reconciliation
Submit draft for comment
Issue final / present
31
Q

How would you include preliminaries in your cost plans?

A

Benchmark

Fixed / Time related costs as stipulated by NRM

32
Q

What is a cost reconciliation?

A

Reconciling from your original estimate showing elementally movements, showing the client where cost movements have been

33
Q

What are the constituent parts of your cost plan?

A 
Building Works Estimate
Preliminaries
Design Team Fees 
OH&P
Risk Allowance
Inflation
34
Q

What would you use as a first instance to provide inflation to your cost plan?

A

Mace have direct tender returns from construction Greater visibility on actual tender returns
More comparable projects to benchmark and TPI

35
Q

What would you adjust cost plans to consider different procurement routes?

A

As the design has been developed further I’d expect items such as
Risk
Prelims
Design Fees to be different

36
Q

Have you managed the cost plan? If so, what was the process you undertook as a first instance?

A

Establish a team

Coordinate design queries and meetings

37
Q

How might costs differ based on the procurement route / tendering strategy?

A

All based on
Design
Risk
Prelims

Increase in prelims for two stage but likely less risk
More risk / design fees in single stage

38
Q

What types of inflation are you aware of?

A

TPI

Construction

39
Q

What is Building Works, Base, Cost Limit?

A

Building - Facilitating, Building Works, Prelims, OHP
Base - all above + design fees
Cost limit - all above exl inflation

40
Q

Where would you expect tenders to come back against your cost plan?

A

Generally I’d expect this to be within 5% of my S3 Cost Plan, however, I would utilise visibility on tender returns to understand and ascertain what the market is showing on tender returns.

Generally,

Some higher / lower tenders
Cost Plan is assessed on current market conditions
Risks on projects

41
Q

How is a cost estimate impacted by procurement / tendering strategies?

A

TBC??

Design Economics and Cost Planning (6 decks)

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