Benefits of 5D BIM Cost Estimation in Construction

Tweet

5D BIM cost estimation is the fusion of the Building Information Modelling (BIM) and cost estimation. This 5D BIM cost estimation enables the professionals to assess, manage, and optimise the budgets of the project. The 5D BIM models help to extend the capabilities of the 4D BIM models through a critical dimension and that is the project cost. At each stage of the construction project, 5D BIM model factors are required in the labour cost and material costs.

The automation feature of the 5D BIM cost estimation helps to facilitate swift estimation for the installation, procurement, operation, and maintenance as well as the renewal costs. In addition, the document of the 5D BIM cost estimation has also become invaluable for the tender bids as well as helps to empower the clients to manage and evaluate the overall project budget more effectively.

Usefulness of the 5D cost estimation in the construction project

There are numerous benefits of using the 5D BIM cost estimation process in the construction industry, which are as follows:

Real-time estimation of the project cost

The 5D BIM cost estimation process has the ability to provide real-time estimates about the project costs. This program helps to combine 3D models of the project along with the cost data, as a result, the project manager can visualise and evaluate the project cost implications in the meantime of the design phase of the project. Thus, stakeholders can make effective decisions and can avoid costly changes.

Increased collaboration

The 5D BIM cost estimation program also helps to facilitate the seamless communication among the engineers, designers, architects, contractors and clients. In addition, this program also helps to centralize the information of the project in a digital platform in which project stakeholders can collaborate effectively, share project updates, as well as can identify project clashes. Thus, the 5D BIM cost estimation process helps to reduce the chances of costly errors and helps to make effective decisions regarding design and construction projects.

Improving resource and time management

The 5D BIM cost estimation program helps to optimise the time and resources of the design and construction project by providing valuable insights to the project managers. This procedure helps to visualize the project timeline and allocate resources. Thus, the project manager can implement proactive measures for streamlining the delivery of the project.

Mitigate project risk

The 5D BIM cost estimation software enables the project managers to identify and manage project risks more effectively. The 5D cost estimation software helps to simulate different project scenarios as well as analyse the cost implications of the project. Thus, the stakeholders are able to develop several risk management strategies and reduce the chances of project cost overruns and delays.

Exploration of dynamic design

The 5D BIM cost estimation enables the stakeholders and clients to explore different design avenues. The automated quantity generation and cost impact simulation feature of this software helps to empower the exploration of insightful budgets for different types of designs.

The implementation procedure of the 5D BIM cost estimation in the construction project

The project team members have to follow several stages to implement the 5D BIM cost estimation methodology, which are as follows:

Developing 3D model

The creation of the detailed 3D model has been done by using the 5D BIM cost estimation software. These 3D models include accurate components, geometry and assemblies. This 3D model acts as the foundation for the cost estimation activities.

Associating cost data with model elements

The project team members also need to combine the cost data with the 3D models. This process involves assigning the cost attributes to the wall, doors, floors, windows, and other project components.

Establishing databases

The establishment of the cost libraries and databases is essential to streamline the cost estimation process of the project. The cost libraries and databases help to ensure the accuracy and consistency in the cost estimation process throughout multiple projects.

Conducting cost calculation

With the help of the 5D modelling software, the project team members can extract quantities from the 3D models automatically, as well as help to calculate the cost of the project on the basis of the associated cost data.

Evaluating cost estimates

The project team members need to evaluate the cost estimates. This process involves the review of the cost breakdown, the analysis of the cost distribution throughout the project elements and the comparison of the cost estimates against the industry benchmark. This helps to ensure the accurate prediction of the project cost.

To get online demonstration, watch the following video tutorial.

Video Source: Balkan Architect

Collaborating on cost information

The 5D BIM cost estimation procedure also allows the project teams to collaborate seamlessly, as well as share the cost information among project teams. This approach helps to foster project transparency as well as increase project accuracy.