Despite the value of actionable locally researched line item construction cost data, few real property owners in the public or private sector consider the need for improvement.
Far too many owners and facilities oversight groups rely upon historical costs and/or national average cost data. Historical cost data must be used cautiously for two reasons. First, relative prices for construction can change dramatically over time and have substantial impacts.. Secondly, there is the invalid assumption that historical costs reflect local market conditions and/or best value outcomes. National average cost days similarly doesn’t take into account local variations in labor, material, and equipment. The attempt to remedy this significant issue with location factors or indices is problematic and introduces gross errors.
Actionable cost data is critical for successful …
- Forecasting cost of future projects
- Comparison of cost of different projects
- Establishing unit rates for tasks / work orders
- Monitoring and controlling of construction cost
- Design cost planning
Detailed line item unit price cost data is critical to both accurate costing and scope of work definition. Until now, locally researched detailed unit price cost data that provides full and open access to material, labor, equipment, crew, and productivity information has been unavailable.
The advent of locally researched detailed unit price cost data also enables the implementation of LEAN, best value construction planning, procurement, and project delivery processes that have proved to consistently enable quality project completion, on-time, and on-budget, and to the satisfaction of all participants and stakeholders.
via Four BT, LLC – Four BT, LLC (4BT) is the AEC industry’s innovative integrated project delivery, construction cost data, and SAAS technology provider. We help guide organizations to achieve accelerated improvement of their facilities repair, renovation, and construction outcomes through the development of a culture centered upon delivering customer value, supported by proven LEAN processes, actionable data, enabling cloud technology, and ongoing training. www.4bt.us