BIM facilitates building stakeholders with exact cost estimation

When it comes to enhancing the productivity of a construction project it is most important for building owners to have an estimate about the budget and exact budget estimation has even more benefits. For taking any decision concerning the project its budget must be known. One cannot hire any sort of services without a brief understanding of his investments in the project. And hence for managing and making powerful construction decisions it is extremely important for building owners that have a valid idea about their budgets.

Earlier when BIM was far from the reach of building stakeholders, building owners with the assistance of architects and engineers used to calculate the approximate cost of the project. But when the actual construction used to take place they used to find great variations in it.  That means their estimated budget often used to be wrong.

But when Building Information Modeling entered into the landscapes of Architecture Engineering and Construction industry building stakeholders started to get accurate cost estimates for their projects. With the assistance of BIM models accurate material takeoffs can be generated by architects and engineers along with their quantity. Cost estimates can be obtained by architects and engineers from the conceptual BIM models as well as during late design phase. When the project cost is calculated from the conceptual BIM model effective decisions can be taken by building stakeholders especially owners which can ultimately govern the project cost from there onwards.

Cost estimation from conceptual BIM model helps in reducing the total cost of the project because productive decisions are taken by architects and engineers which positively affect the budget of the projects.

Cost estimates that are carried out by architects and engineers during late design phase are done in details.  The total cost of the project is estimated or calculated by AEC professionals by optimizing material takeoffs.  Material takeoffs describe the details of all the materials that are required by construction professionals for constructing the building. With the assistance of 5D Building Information Model AEC professionals can easily figure out all sorts of material along with their quantity that is needed for constructing the building.