What is Cost Estimation?
A 5D BIM model is an extended 4D BIM model with a variable known as the cost of labour and materials needed for construction. A 5D BIM model enables fast estimation of cost for purchasing, installing, running, maintenance and renewal costs as the estimation process is automated through the adoption of a BIM software. The cost estimation documents are often used for tender bids or clients to assess their budget.
What are the benefits of Cost Estimation?
The exact quantity needed for the construction of various building components can be retrieved from the BIM models. These quantities with the addition of current purchasing rates can be used to estimate the cost of the entire structure, saving time for calculation pertaining to the entire project cost. Whenever a single component is replaced or changed, the direct impact on the cost would be calculated automatically. However, it is very crucial that the BIM models are generated as accurately as possible with the necessary properties and cost information.
Clients may want to explore the impact of different designs on the project programme and budget with the ability to generate the quantities automatically as the software would be able to simulate and explore the cost impact of different designs.