The evolution of cost estimates in construction projects

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November 23, 2018

The evolution of cost estimates in construction projects

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The construction business is evolving at a speedy pace. Along with that, the cost estimation methods are changing as well. The development of technology plays a major role behind these changes. A variety of new tools are available for the people to figure out the estimates of a construction project. As a result, they are provided with the opportunity to save a considerable amount of money when going forward with the construction projects as well.

From a study that was conducted by National Institute of Standards back in 1994, it was identified that the capital facilities industry of United States is losing around $15.8 billion per year due to the interoperability issues that are linked with estimating, computer aided design and facility management. After that, several advancements in technology and development have been able to contribute towards the overall reduction of losses. Therefore, people who venture into construction projects are provided with the chance to save a considerable amount of money.

The estimates of construction projects vary in terms of accuracy and depth. Hence, construction quantity takeoff is not an easy thing to do. The primary objective of construction estimating is to arrive at an accurate and a well-informed figure, which clearly explains the expenses that are associated with different stages of a construction project.

During the past, paper construction documents were used by people to analyze the cost estimates in construction projects. However, people had to go through a lot of hassle when working with them. In fact, they had to draw two dimensional structures on paper with pencil, manage handwritten spreadsheets and focus on architectural scales manually. This was a time consuming process as well and it took several months for people to get the job done. This created an ideal opportunity for digital takeoff and estimating to become popular among people.

In today’s world, sophisticated technology systems are being used by people out there in the world to generate takeoffs. This process is quick and people are provided with the opportunity to save a considerable amount of time. In addition, it can also reduce the human overheads and inefficiencies. Hence, there is a possibility to save up to 45% with cost estimations in construction project. The BIM cost estimating software available for the people to use provide an excellent assistance for them to get the job done, without coming across any hassle or frustration.

The technology driven process used for construction project cost estimations has evolved exponentially up until what we see nowadays. Along with time, it has transformed to become a value oriented process. In addition, the design and delivery method is based upon the constructor and the designer. They are provided with the chance to work collaboratively and end up with improved results.

General contractors and architects are using this collaborative method in construction with the latest available software, so that the viewers will be able to quantify and price the materials digitally. They can also seek the assistance of best quantity software during this process.

The entire takeoff process is digitalized. They have made the life easy for all individuals who are engaged with cost estimations as well. The electronic plans hold a prominent place out of them. The estimators are now in a position to transfer dimensions and quantities directly from the 2D AutoCAD drawings into digital screens and use them in a better way. The digital formats can provide them with the opportunity to get their work done with improved efficiency. On the other hand, it can give life to more accurate figures at the end of the day.

Incorporation of BIM can be considered as another advancement in cost estimations that you can see in the construction industry. It is seeking the assistance of three dimensional models to end up with positive results. It has got the ability to expose all the costly omissions and errors that can take place in the BIM model. Therefore, the teams are provided with the chance to streamline their activities and provide more insightful reports.

The next generation of BIM can be used to work on designing and construction of the models with the assistance of a large number of cloud based systems. These systems are in a position to provide enhanced accessibility, mobility and power. Multidiscipline construction and design teams will be able to work with them and improve the project outcomes at the end of the day. This can contribute a lot towards the construction cost estimates as well.

These advancements in technology have already helped the people engaged with construction projects to save a considerable amount of time and money. However, the technology is still being evolved and the future would look definitely better with them.

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