The underutilization of robust construction cost management methods continue to drive high levels of waste across virtually all public sector organizations.
You can’t manage what you don’t measure…
A standardized approach to construction data collection, maintenance, and use should be established use a common format data format and yields objective, verifiable, and current local market labor, material, equipment, and productivity details. The data should then be made available to both public and private sector audiences to leverage the latest methods and tools supporting optimal project planning, costing, procurement, delivery, and lifecycle management.
Both data and tools are readily available to align and optimize owner, design-builder, and facilities management teams.
Metrics for a Construction Cost Database
#1 Verifiable – All components are traceable, including labor, material, and equipment costs.
#2 Current – Cost data has been updated within the past quarter.
#3 Standardized, Easy to Understand, and Uniquely Identified – Common industry terms and definitions are used for all construction, repair, renovation, and maintenance task. Data is organized using a standard data architecture such as CSI MasterFormat or expanded UNIFORMAT.
#4 Detailed – Data is presented at a granular level sufficient to support line item estimating.
#5 Local Market – Data is locally researched and does not rely upon location factors or economic factoring.
“Prevailing wage” is equivalent to the wage paid to at least 30% of workers in a given trade in a locality.
4bt.us – Your exclusive resource for current, actionable, and verifiable local market construction cost data.