Integrated cost budgeting and cost estimation model for building projects

Cost estimation is an essential skill in the construction industry. For each stage in the project life cycle, conceptual design till decommissioning, there are particular techniques to perform cost estimation. Starting from the preliminary design stage, cost estimates progressively become more detailed and more challenging as a task that requires more man-hours. Consequently, it is not feasible to be performed repetitively. Considering this, detailed cost estimates are only performed at specific points during the design and at the bidding; leaving gaps were project cost can grow out of control. This research proposes a methodology to develop an integrated cost budgeting and cost estimation model for building projects. The proposed model is implemented by integrating an automated quantity take-off system, with a relational database to generate cost estimate reports. The dynamic environment of the proposed model, streamlines the preparation of cost estimates in order to reflect, virtually instantly, the impact of changes in project scope on the cost. Accordingly, decision makers will be able to; venture various scenarios to meet the client budget without compromising the project quality, save tremendous amount of resource-hours allocated to prepare cost estimates and cut down design process cost. The benefits of such a model can extend well beyond the doors of engineering offices to tremendously reduce the time required by contractors for preparing bidding estimates