Exploring accuracy factors in cost estimating practice towards implementing Building Information Modelling (BIM)

Ismail, Noor A., Utiome, Erezi, Owen, Robert L., & Drogemuller, Robin (2015) Exploring accuracy factors in cost estimating practice towards implementing Building Information Modelling (BIM). In Ejdys, Joanna, Chua, David, & Smallwood, John (Eds.) Proceedings of the 6th International Conference On Engineering, Project, and Production Management (EPPM2015), Griffith School of Engineering, Griffith University, Gold Coast, Qld, pp. 364-373.

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Cost estimating has been acknowledged as a crucial component of construction projects. Depending on available information and project requirements, cost estimates evolve in tandem with project lifecycle stages; conceptualisation, design development, execution and facility management. The premium placed on the accuracy of cost estimates is crucial to producing project tenders and eventually in budget management. Notwithstanding the initial slow pace of its adoption, Building Information Modelling (BIM) has successfully addressed a number of challenges previously characteristic of traditional approaches in the AEC, including poor communication, the prevalence of islands of information and frequent reworks. Therefore, it is conceivable that BIM can be leveraged to address specific shortcomings of cost estimation. The impetus for leveraging BIM models for accurate cost estimation is to align budgeted and actual cost. This paper hypothesises that the accuracy of BIM-based estimation, as more efficient, process-mirrors of traditional cost estimation methods, can be enhanced by simulating traditional cost estimation factors variables. Through literature reviews and preliminary expert interviews, this paper explores the factors that could potentially lead to more accurate cost estimates for construction projects. The findings show numerous factors that affect the cost estimates ranging from project information and its characteristic, project team, clients, contractual matters, and other external influences. This paper will make a particular contribution to the early phase of BIM-based project estimation.

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ID Code: 87943
Item Type: Conference Paper
Refereed: Yes
Keywords: Accuracy, Accuracy Factors, Building Information Modelling (BIM), Cost Estimates, Cost Estimating Practice
ISBN: 9781922216762
Divisions: Current > Schools > School of Civil Engineering & Built Environment
Current > Institutes > Institute for Future Environments
Current > QUT Faculties and Divisions > Science & Engineering Faculty
Copyright Owner: Copyright 2015 Association of Engineering, Project, and Production Management (EPPM-Association)
Deposited On: 01 Oct 2015 01:33
Last Modified: 07 Dec 2015 23:36

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