BIM is Used for Construction Cost Estimation
BIM 5D is also popular as it has the ability for cost estimation by connecting a 3D model to an estimation database (a 5D cost library). Top level of facts can be applied to these estimates at various stages of the project.
3D models are fed with multi dimensional objects and correlated information about the components of these objects - for instance, the quantity and specification features.
In case of BIM, each and every component’s information is allied with the equivalent geometry. If any kind of change happens in the design, simultaneously geometry and the related information also changes straight away.
Consequently these details facilitate precise and automatic quantification. This in-turn enables exact and well-organized cost estimation, by reducing the need for manual take offs that are highly error prone.
Cost estimators, who are aware of the BIM functionalities, use BIM to their projects and profit, can produce accurate and fast cost estimations using 5D BIM functions and automatic quantification. Besides, accuracy and efficiency, BIM intervention generates time efficiencies for the estimator as well.
Is BIM a miraculous tool enough to offer instant and exact cost estimates, are these cost estimates constantly accurate?
The answer which comes out is absolutely negative. If you assume that BIM implementation is enough, the project will definitely go downward, and there is no fault of BIM as a technology.
Building information modeling is totally counts upon the information that is fed into it. In spite of the fact that BIM execution for cost estimation is individually an estimator’s responsibility to widen information database that is handy for estimation. Cost estimation, specifically the 5Th dimension of BIM, comprises of several levels of activities, including cost planning, quantity extraction, and verification of - MEP, structural and rebar fabrication models and visualization of series of activities with corresponding accrued costs and verifying the same. Therefore the significance of an experienced and knowledgeable cost estimator cannot be ignored.
Why precise cost estimation drives the effectiveness of a construction project?
Cost estimation indicates the prediction of the most practical form at diverse or any given stage in a project. This prediction is done on the basis of the inter-dependency of time, cost and actions. Perfect estimations diminish the alterations of uncertainties and hazards. The exactness of cost estimations is also very crucial for bids and tenders, as after the appraisal of risks and uncertainties, overheads are added to the estimates and turned into tenders.