PX-Chapter 18: Cost Estimating & Budgeting Flashcards
when should you set the budget (what part of the design phase)
early in the programming because it influences many design decisions and helps determine whether a project is feasible
what are the cost influences of a design project (overall headings)
Construction costs FF&E Contractor's overhead & profit Professional Fees Taxes Moving (if required) Phone and Data install Contingencies Inflation if it's a long project Squaerfootage of project
why must you add contingencies to a budget
to account for unforseen change requests by the clients and other conditions that will add to the total cost.
how much contingency should you add to a budget at the beginning of the design process
around 10%- it should be higher than later on in the project because there are more unknowns at this time
how often should you revise a budget
at each phase pf the project as more decisions are made- like once construction documents are complete you’ll know more
name the three methods of estimating (don’t describe)
Square footage
Parameter
Detailed Quantity Takeoffs
What is a square footage based budget
buget based on size. square footage of the project is multiplied by a cost per square foot based on experiece or from books. Might or might not include contractor’s overhead, profit and tax
can also do per hotel room or per hotel bed
do a low, medium and high cost per square foot to see the range of costs that might be required
what is the most preliminary budget type- or which one would you use first in a project
square footage
What is a Parameter method budget
expanded itemization of construction quantities and furnishings and aassignment of unit costs to these quantities. like how much exit lights will be because you know you’ll need 6, you know they are $100 so you can budget 600.
Still kinda broad- like you can say carpet is around 21/sf based on an average price but you don’t need to pick the actual carpet yet since you might not know what it is yet.
based on experience
which type of budget is the second most detailed and should be used once you know more about the project
parameter method
what is an “allowance” in a budget
a set amoutn of money that the designer has guessed will cover the costs of the item- the cost of the item cannot be determined at the time of estimating.- it’s your best guess on what you think it will be as an overall price- put the “allowance” in the quantity column
what is the most precise kind of budget
Detailed Quantity Takeoffs
what is a detailed quantity take off budget
counts actual quantities of materials and furnishings based on quoted costs from manufactuerers
why would you not use BIM for a detailed quantity budget
because data is not always available and contractors need to modify the amounts
what is the most difficult part of developing a budget for a project
obtaining current,r eliable prices because taxes or costs can increase of time or the client may change their mind and want a less or more expensive item
