RICS (Royal Institution and Chartered Surveyors) unveils Cost Analysis and Benchmarking Guidance Note which includes a procedure ideal for superior practice, cost analysis and benchmarking in property projects.
The international guidance facilitates the professionals to get the thorough knowledge on evaluating property project costs to maintain superior international standards, establish value for money and quality.
A cost analysis relates to an exploration of the allotment of cost across the construction elements of a project and consists of representing the construction cost, construction duration and scope of works conceptually for a building.
Construction cost plays an important role in the design development phase. It is determined to acquire value for money. For this purpose, construction cost is utilized as a standard for computing project cost and value.
With a view to measure costs briefly, the guidance note unfolds a process of benchmarking costs, contrary to historical projects and cost analysis structures.
The process shows that one element is not under-funded or under designed needlessly to the detriment of another element. The note allows property professionals to learn about how making a cost analysis of a proposal, the examination of the procurement process and the tendering process, and the requirement for base data related to a project.
There may be some differentiations between two identical buildings with the depth and type of foundations, various types and thicknesses of floor construction, and diversified specifications for wall finishes. The most of the deviations are denoted in the separate construction programs and the particular locations on a site.
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Published by Rajib DeyContent Writerwww.quantity-takeoff.com (An information hub for construction estimating)
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