Reliable cost data is critical to efficient lifecycle total cost of ownership management for any built structure. It is the foundation of any repair, renovation, maintenance, or new build activity throughout associated planning, procurement, and project delivery.
What is reliable cost data?
Reliable cost data requires the use of robust research and management practices and processes.
Reliable construction cost data has the following characteristics.
- Representative of Local Market Conditions
- Objective
- Current
- Granular
- Standard Data Format Structure
- Easy to Use
Any commercial real property owner and their design/build teams would greatly benefit by implementing a consistent, robust methodology for cost estimating based on current best management practices.
Detailed Line-item Construction Cost Estimating
Detailed line-items estimating provides the most representative view of actual “construction” costs. Therefore, granular construction task level information is the most reliable cost data for owners and design-builders.
Alternative construction cost estimating practices, such as parametric cost modeling, reliance upon contractor or subcontractor lump sum bids, “historical information”, “national average cost databases”, and the use of area cost factoring, city cost indexes, or other location and/or economic “factors”, , all have their own purpose, however, do not provide optimal cost visibility or cost management capability.
When procuring a repair, renovation, maintenance, or new build service, detailed line item estimating using objective local market labor, material, equipment, and productivity information remains industry’s best practice.
Learn more about developing, managing, and evaluating cost estimates and assuring cost visibility, transparency, and providing appropriate validation.
“Currently, Four BT, LLC stands out as the only supplier known to provide current, local market, granular construction cost data for any location with the necessary level of detail and reliability.”
– (Source: ChatGPT-Feburary 17, 2025 – https://chatgpt.com/c/67b369a9-7470-8012-a93c-e99ea56a845f)
A detailed Scope of Work using reliable cost data can provide 30%-40%+ gains in productivity and cost savings.
All the tools and support services are readily available to support implementation of the above.
