article thumbnail

12 Step Program for Creating Credible Construction Estimates

Job Order Contracting

The below 12 Step Program for Creating a Credible Construction Estimate is a valuable tool for any real propery owner or services provider. #1 1 Define estimate’s purpose ■ Who will use the estimate and how. Monte Carlo simulation) to develop a confidence interval around the point estimate. ■

article thumbnail

Credible Construction Estimate Core Elements

Job Order Contracting

A credible construction cost estimate is required prior to engaging in procurement. The follow elements are common to a credible construction cost estimate. Credible Cost Estimate Core Elements #1 Objectivity – The information used and those invovled in the creation of the construction cost estimate must be objective.

professionals

Sign Up for our Newsletter

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

article thumbnail

Validity of a Construction Cost Estimate – Public Sector

Job Order Contracting

The validity of a construction cost estimate, the most important aspect, is often overlooked and resulting in billions of dollars was every year. A construction cost estimate must be independently validated. Key Principles There are key principles that should be adhered to when preparing a construction cost estimate.

article thumbnail

Introduction to Current Construction Cost ESTIMATING Techniques 

Job Order Contracting

Introduction to Current Construction Cost ESTIMATING Techniques . Robust construction cost estimating is critical to improving productivity, quality, delivery times, cost control, and overall satisfaction for any renovation, repair, or new project. ESTIMATING FORMATS. TYPES OF ESTIMATING & ESTIMATES.

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. BIM is the life-cycle management of the built environment supported by digital technology. The recent increase in demand for sustainable or green buildings is further making the consideration of life cycle cost an issue.

article thumbnail

” Evidence-based ” Life-cycle Federal Facility Management, BIM, and the Status Quo – NIBS, FFC

Building Information Management

Key Topics / Take Aways: Identify and advance technologies, processes, and management practices that improve the performance of federal facilities over their entire life-cycle, from planning to disposal. Requirements for facility life-cycle management, efficient repair/maintenance/sustainability, BIM. Budget call process.

article thumbnail

LEAN Job Order Contracting

Job Order Contracting

If you’d like a full presentation on what LEAN Job Order Contracting can provide to your organization, give is a call. LEAN FM – Overview of Asset Life-cycle Management ?. JOC Estimating Methodology & Best Practices?. 4BT OpenJOC Building in Cloud Estimating Software Overview ?. Current Best Practices?.

Contract 100