5D BIM (Building Information Modeling) is a great tool for tracking budget and working on cost analysis for cost managers. The use of 5D BIM allows automated generation of quantities or Quantity Takeoffs based on more accurate data or information. This allows cost managers or estimators to explore efficient and newer ways to plan and predict design performance and cost integrated BIM.
Cost management in construction is defined as the process of planning, coordinating, estimating, reporting and controlling every cost related aspect from project initiation to asset disposal.
There have been various challenges in traditional estimation techniques such as liabilities in design, project duration, inadequate or lack of communication and collaboration, insufficient design reviews etc.
Cost managers can leverage 5D cost estimation to gain a host of benefits such as:
- Cost managers can easily extract accurate project data from the model itself.
- Cost managers have the leverage of precise cost planning and analyzing project scope, time and cost based on latest industry forecasts, agile data comparison and cost-adjustments in real-time
- Cost managers have the opportunity to create accurate and transparent estimations for enterprises to win bids or projects based on proposal estimates
- Cost estimators can evaluate lifecycle cost through digital documentation and implement cost models by eliminating design and workflow clashes to ensure the numbers are accurate once the bidding is done
- With accurate calculations cost managers produce practical numbers using lean building that minimizes construction waste and saves on building costs
- Bill of Material or BOM and other construction documentation that helps general contractors win bids efficiently, can easily be generated.
This enables the development of efficient, sustainable, and cost-effective building.
Cost managers are increasingly embracing 5D BIM due to the plethora of benefits its offers. Hope the above brief on 5D cost estimation has provided significant information on how cost managers can leverage 5D BIM for better building and construction.