Importance for Early Cost Estimates Free-Samples for Students

Questions: 1.You are required to select one group and explain how the factors in the chosen group generally affect accuracy of building cost estimating 2.Compare and contrast in a table commonly used preliminary estimating techniques including elemental estimating in theconstruction industry, covering criteria such as description of the method, accuracy levels, level of information required, popularity in the industry and convenience to use. Answers: Importance for early cost estimates The estimation of the construction cost is set with the higher accuracy with the proper planning of the project that is set with the financing. For this, the construction for the clients also need to work on the accuracy with the advice that is given to the sites for the acquisition and the commitment to build and enable to take all the important decisions for the construction of the project. The major determination is about identifying the status of the contractor and how the material price fluctuation is going to directly affect the costs. There are top five factors which include the political situation, fluctuation in the prices for the different materials, planning is poor with the previous experience with the contractor. (Dziadosz et al., 2015). It is important to focus on uncertainty patterns with the costs that needs to be incurred. This mainly reflects the series of the decision-making process. The project includes development planning where there are concepts, development, e xecution and the transfer. Factors for early stage There are different estimations based on how the costs are affiliated with the working on the performance that is set for the detailed designing. (Lung et al., 2014). Here, the major focus is to work on the accuracy as well as the consistency of the system that includes the real pricing and the forecasted too. This works with the estimates for properly handling the designing of facility with the data cost that is important to build up a proper project. For this, the check is also on how the detailed estimates are able to work on the costs which are associated to the facility with the level of detail for the tasks that depends on the cost types to be prepared. The major focus is on the pre-tender stage which could be for checking whether the project is continued or dropped. Along with this, there is a possibility to make the decisions about the conceptual concepts and then work on the different findings which relate to the facets or the services. The majority is able to define and wor k on the project factors with the early stage with procurement methods with project location and size. Here, the inconsistency is measures which is influenced by the size of the project with the method and location. The quantity surveyors are for the increased planning, with the controlled designing phase and checking the estimated period.(Ahiaga Smith, 2014). The importance is based on working over the changes and the calculations that depends on the needs and the cost indices. The patterns are also related to work with the site conditions and how the shipping charged are applicable to with the change in the estimation time. Market conditions which are: Material Pricing, Quality and availability The cost of construction need to include the different variable factors which is mainly to work on the new project costs with the construction material costs. This includes the shipping charges and the other taxes are applied to it. There are calculations which relate to handling the labor wage rate and then working over the project site conditions that could lead to the increase of the cost of construction. The site conditions are related to the poor soil conditions, wetlands and the contaminated minerals with some of the conflicting utilities. For the material management, there is a proper need of the planning and then controlling the efforts which are important to make sure of the quality and the material specifications. The material is based on improving the opportunities for the reduced cost of the overall project (Choi et al., 2015). The management of the poor material will lead to the deterioration at the time of storage with the check on how the timely flow of materials could help in balancing the procurement and the inventory plan. With the material management, there is a need to check on the issues of the design related factors, contractor related, site and the labor, equipment issues. The construction is based on the operations with the site storage space. The methods are considered to be important for working on the productivity which can lead to the delay in the project and result in the project cost overrun. The projects need to work on the building of the structure and the activities are maintained through proper support and the best quality material which is available at the adequate price according to the budget. The change in economy has a major impact on the business where the procurement material and the management is working for 1.92 man hours without any system. It has been seen that the quality is measured with the planning and setting all the schedules that include the inventory records with the product components that are including the material availability with the fast track or the tight sched ules. The poor cost of the material management can also lead to the change in the avoidable costs with the time set for the construction (Ceke Milasinovic, 2015). Preliminary Estimating Techniques They are considered to be important for the activities with the particular work with the possibility to execute the tasks based on the time stipulation. The techniques are based on the construction project through the systematic calculation. There are three methods unit, cubic and the floor area methods for the estimates. The unit method is for the handling of inception feasibility when the project is set at the standardized unit for the cost for the student, bed etc (Mathew et al., 2016). The cubic method is for the outline proposal for the calculation of volume of air in m3. The floor area method is for the use of the different buildings in m2. Elemental estimating This is to work on the comparison of the designing alternatives with the budget and the economic designing. Here, it includes the presentation for the building of the plans with the finance and the sponsor. The elemental cost plan is for the preparation of the bills of the quantity and then working on the match as per the budget of the client. The elemental cost is for the analysis and to involve the cost breakdown which is for the taking of the biggest costs that are identified with the methods that include the choice of the affordable designing which is priced and set by the quantity surveyor. For this, the check is also on building the analysis for the superficial area methods and to plan the adjustments based on the architecture and the re-pricing at the time of the designing stage eliminates (Swei et al., 2017). The disadvantage is the planning adjustments which leads to the fluctuation in the budget and the issues related to the designing specification changing the entire construction technology (Molcho et al., 2014). References Ahiaga-Dagbui, D. D., Smith, S. D. 2014. Rethinking construction cost overruns: cognition, learning and estimation.Journal of Financial Management of Property and Construction,19(1), 38-54. ?eke, D., Milainovi?, B. 2015. Early effort estimation in web application development.Journal of Systems and Software,103, 219-237. Choi, J., Kim, H., Kim, I. 2015. Open BIM-based quantity take-off system for schematic estimation of building frame in early design stage.Journal of Computational Design and Engineering,2(1), 16-25. Dziadosz, A., Tomczyk, A., Kapli?ski, O. 2015. Financial risk estimation in construction contracts.Procedia Engineering,122, 120-128. Iung, B., Laounan, C., Himbert, D., Eltchaninoff, H., Chevreul, K., Donzeau-Gouge, P., ... Prat, A. 2014. Predictive factors of early mortality after transcatheter aortic valve implantation: individual risk assessment using a simple score.Heart, heartjnl-2013. Mathew, G., Menzies, T., Hihn, J. 2016. Impacts of Bad ESP (Early Size Predictions) on Software Effort Estimation.arXiv preprint arXiv:1612.03240. Molcho, G., Cristal, A., Shpitalni, M. 2014. Part cost estimation at early design phase.CIRP Annals-Manufacturing Technology,63(1), 153-156. Swei, O., Gregory, J., Kirchain, R. 2017. Construction cost estimation: A parametric approach for better estimates of expected cost and variation.Transportation Research Part B: Methodological,101, 295-305