Remove Budgeting Remove Documentation Remove Life Cycle Remove Risk
article thumbnail

12 Step Program for Creating Credible Construction Estimates

Job Order Contracting

Monte Carlo simulation) to develop a confidence interval around the point estimate. ■ Monte Carlo simulation) to develop a confidence interval around the point estimate. ■ Monte Carlo simulation) to develop a confidence interval around the point estimate. ■ Monte Carlo simulation) to develop a confidence interval around the point estimate. ■

article thumbnail

Job Order Contracting Life-cycle Facilities Value Management

Job Order Contracting

Job Order Contracting Life-cycle Facilities Value Management and improving AECOO outcomes for all participants and stakeholders. Job Order Contracting Life-cycle Facilities Value Management enables the efficient use of available funds targeted for executing renovation, repair, maintenance, and minor new construction projects.

professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

Credible Construction Estimate Core Elements

Job Order Contracting

GAO, 2009 The associated processes for developing a credible construction cost estimate are equally well documented. “Despite the fact that these basic characteristics have been published and known for decades, we find that many agencies still lack the ability to develop cost estimates that can satisfy them”. –

article thumbnail

Validity of a Construction Cost Estimate – Public Sector

Job Order Contracting

Risk and Uncertainty: Costs should be determined for uncertainties within an estimate. All elements of the project must be reduced to a cost that can be accounted and budgeted at a line item level. There should be a disciplined and comprehensive method of assessing and reassessing project risk and uncertainty.

article thumbnail

School Districts can Learn from LEAN Construction

Job Order Contracting

More specifically, Job Order Contracting, JOC, a LEAN construction delivery method, consistently delivers over 90% of renovation, repair, and construction projects on-time, on-budget, and to the satisfaction of all participants and stakeholders. Shared risk/reward. Core tenants of LEAN construction. Focus upon best value.

article thumbnail

BIM, Value Management, Life-cycle Cost Management

Building Information Management

BIM is the life-cycle management of the built environment supported by digital technology. Unfortunately, too much emphasis has been placed upon 3-D visualization and other technology components vs. the process of life-cycle management. Consequently, the need for value management emerges. INTRODUCTION.

article thumbnail

Open Construction Cost Estimating

Job Order Contracting

Create you own line items from a core line item database, build estimates, manage projects, store and view virtually all forms of documents. Begin to improve your planning, budgeting, and construction management decisions today. Mitigate variance and risk! Gain an integrated, real-time view of project cost and and status.