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COST DATA (CHAPTER 3) - Coggle Diagram
COST DATA (CHAPTER 3)
SOURCES OF COST DATA
Information Services
The cost data that store information of resource cost information and cost estimating
The information included
-Cost and price information to the construction industry that comprehensive, accurate and independent data
Example (UK); Building Cost Information Service (BCIS)
Published under Royal Institution of Chartered Surveyors (RICS)
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Priced Books
This sources refer to tradiitional sources used in country such as UNITED KINGDOM (UK) and not yet available in Malaysia.
The information included
-Consultant's fees
-Labour Constants
-Building Cost Limit
-Rate For Various Types Of Labours
-Building Cost Index
-Price Rte Of Materials
Example Books; Spon's Asia Pacific Construction Cost Handbook
Contain price information for the Asia Pacific countries including Malaysia.
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Technical Data
The cost data is published in journals, magazine
The information included
-Materials
-Labour wages
-Hire purchase of plant
Example Magazine; The Malaysian Surveyor
Published by Royal Institution of Surveyors Malaysia (RISM) contains: ECA, studies on price of materials and labour wages & brief report on property market in Malaysia.
Example Journal; Architect's Journal, The Building, Smart Investor
USAGE OF COST DATA
Comparison of cost
Cost data is not merely to obtain the actual value of the building
There is the best comparison on alternative item / element that has similiar functions
Example the roof
-Pitch roof
-Flat roof
There are same function, but the cost is different due to the design
Balancing of cost
Overall cost is distributed into smaller unit / elements based on client's budget.
Cost of smaller unit or per element can be used to conduct cost check. This is to ensure the money spent is based on the client's preferences.
Prediction of cost
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Data must be an updated set of data, which is means the previous collected data must be adjusted for current use
Analysis of cost trend
The cost of material and labour in an element of a building changes through time.
Example; A construction that starts from 2016 to 2020. Suddenly, the price increased in 2018 will cause the construction stop.
With cost data, the future changes can be forecast to accommodate client's financial status.
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COST FEEDBACKS
The traditional principle of gathering site performance data from projects are know as cost feedback
The record sheets are usually copied to the estimating
department in the form of feedback that can be used to
estimates future projects.
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