Advancing construction cost estimating data, tools, communications, and technology is central to achieving sustainable facilities management.
Traditional tools, such a national average cost data, location factors, historical costs, and spreadsheet no longer support today’s need for enhanced cost visibility, transparency, and management.
“Decisions made to adjust to changing circumstances are all based on the data collected.”
While advancing construction cost estimating remains a challenge as it requires a change in the way things have been done in the past, organizations who depend on facilities must be prepared for the journey.
Advancing Construction Costs Estimating Tools for Today and Tomorrow
- Local market research – To be relevant, construction cost data must reflect local market conditions. This means specifically researching local labor markets across all trades, research local market materials to determine local, regional, and national interdependencies, and of course, equipment costs.
- Dynamic vs. static – Cost data is in continuous flux, therefore local market data needs to be research at least on a quarterly basis, or more frequently basis upon market conditions.
- Granularity – All cost data needs be presented a detailed, individual construction task data to provide the highest level of cost visibility and reliability.
- Objective – Using an independent resource for local market cost data avoid any potential bias or conflict of interest.
- Standard Format – Cost data represented using expanded CSI MasterFormat, with all description in plain English and using industry standard terms.
Inquire about the availability of Objective, Verifiable, Current, Local Market Construction Cost Data…