3457996
NRM Cost Definitions
- Authorised budget
- approved estimate value
- approved estimate value
- Base date of cost data
- date of the rates/prices taken 4
benchmarking for a basis for
caluclations
- date of the rates/prices taken 4
benchmarking for a basis for
caluclations
- Base cost estimate
- estimate without risk or inflation
- estimate without risk or inflation
- building works
- Componants measured + incorporated in 2
elements 1 2 8 (substructure/superstructure etc).
- Componants measured + incorporated in 2
elements 1 2 8 (substructure/superstructure etc).
- building work estimate
- sum of cost target for elements 1 to 8
- sum of cost target for elements 1 to 8
- component
- measured item that forms a
part of an element
- measured item that forms a
part of an element
- construction inflation
- allowance in OofC/CP for fluctuations in plant/labour/materials
from date of tender return to mid-point of construction period.
- allowance in OofC/CP for fluctuations in plant/labour/materials
from date of tender return to mid-point of construction period.
- cost check
- comparing current est. costs against
previous cost targets for elements + sub
elements
- comparing current est. costs against
previous cost targets for elements + sub
elements
- cost per functional unit
- unit rate X no.functional units =
building works est. (exc prelims; OH&P)
- unit rate X no.functional units =
building works est. (exc prelims; OH&P)
- £/m2 or GIFA
- unit rate when X by GIFA = total building
works est (exc. Prelim & OH&P)
- unit rate when X by GIFA = total building
works est (exc. Prelim & OH&P)
- cost target
- recommended total expenditure
for an element
- recommended total expenditure
for an element
- Deflation
- downward movement of av level
prices and/or costs
- downward movement of av level
prices and/or costs
- element
- maj part of a group element
e.g. wall finishes
- maj part of a group element
e.g. wall finishes
- Element Unit Quantity (EUQ)
- unit of measurement that relates
soley to quant of the element or
sub element e.g. area of ext walls
or area of windows
- unit of measurement that relates
soley to quant of the element or
sub element e.g. area of ext walls
or area of windows
- Element unit rate (EUR)
- total cost of an element/ EUQ
- e.g. EUR of ext wall = total
cost 4 ext walls/ EUQ of ext
walls
- inc. cost for
materials/labour/plant/prelims/OH&P
- EUR can Exclude
prelim/OH&P/& other
allowances such as
risk
- EUR can Exclude
prelim/OH&P/& other
allowances such as
risk
- total cost of an element/ EUQ
- Element cost plan
- breakdown of cost limit into target costs of each element
- shows distribution of cost
amongst elements
- provides work breakdown structure (WBS)
and cost breakdown structure (CBS) which
helps for work packages
- breakdown of cost limit into target costs of each element
- Elemental Cost analysis
- full apraisal of costs in prev constructed bdg
- provide info 2 assit in estimating costs of
future bdgs.
- use as a basis for cost
elemental cost plans
- full apraisal of costs in prev constructed bdg
- provide info 2 assit in estimating costs of
future bdgs.
- Elemental Method
- budget setting technique
- OofC based on an elemental B.down
of a bdg project. uses element unit
quantities (EUQ) and element unit rates
(EQR)
- budget setting technique
- Employer
- owner/dev
- owner/dev
- Enabling works
- work completed ahead of
main building contract
- e.g. demos/cont land
rem/soil stablisation
- e.g. demos/cont land
rem/soil stablisation
- work completed ahead of
main building contract
- Estimate Base date
- date cost ,lmit est
- helps with calc
of inflation
- helps with calc
of inflation
- date cost ,lmit est
- Facilitating works
- component in group 0
- e.g. demos/ soil
stabilisation
- e.g. demos/ soil
stabilisation
- component in group 0
- Facilitating works Estimate
- costs of group 0
- exc. bdg wks
est./
prelims/OH&P
- exc. bdg wks
est./
prelims/OH&P
- costs of group 0
- Facilitating works &
Building Works
estimate
- cost target of grps 0 to 8
- Exc. prelims/OH&P
- Exc. prelims/OH&P
- cost target of grps 0 to 8
- Formal cost plan
- elemental cost plan reported to
emp on completion of a specific
RIBA Work Stage/ OGC
Gateway
- elemental cost plan reported to
emp on completion of a specific
RIBA Work Stage/ OGC
Gateway
- Functional Unit
- unit of measurement used
to represent the prime use
of the building e.g. hospital
bed/hotel bed/school pupil
- unit of measurement used
to represent the prime use
of the building e.g. hospital
bed/hotel bed/school pupil
- Functional unit method
- budget setting tech - selecting a
functional unit X projected no, of units
by an appropriate cost/ functional unit
- budget setting tech - selecting a
functional unit X projected no, of units
by an appropriate cost/ functional unit
- Gross External Area (GEA)
- Area of the bdg measured
externally (ext face of perim
walls) at each floor levell
- Area of the bdg measured
externally (ext face of perim
walls) at each floor levell
- Gross Internal Floor Area (GIFA)
- Area of bdg measured 2
internal face of perimeter walll
@ each floor level
- Area of bdg measured 2
internal face of perimeter walll
@ each floor level
- Group Element
- heading used 2 describe
facets of elemental cost
plan e.g. substructure
- heading used 2 describe
facets of elemental cost
plan e.g. substructure
- Inflation
- upward movement of
av. prices or costs
- upward movement of
av. prices or costs
- Main Contractor (MC)
- MC respon 4 total
construction and completion
process of the building projj.
- Named a Prime contractor in
Public sector/defense
projects
- MC respon 4 total
construction and completion
process of the building projj.
- MC OH&P
- Assoc with head office admin
proportioned to each contract plus
MC return on capital investment
- Excl. subbies
OH&P as its
included in unit
rates
- Assoc with head office admin
proportioned to each contract plus
MC return on capital investment
- MC Preliminaries
- Items that cannot be allocated
to a specific element
- Inc. e.g. temp
services; site staff;
site est.
- Items that cannot be allocated
to a specific element
- Net Internal Area (NIA)
- Usuable area within a bdg
measured to int face of perim
walls @ each floor level
- Usuable area within a bdg
measured to int face of perim
walls @ each floor level
- OGC Gateways
- key decision pts wihtin
the OGC gateway
process
- key decision pts wihtin
the OGC gateway
process
- OGC Gateway process
- process of examin
programmes + proj @
key decision pts in LC
- Look ahead 2 provide
assurance that emp. can
progress 2 nxt stage
- OGC Gateway 1 to 5
- normally 3 reviews before
commit 2 invest
- Public procurement
- emphasis 2 exam business case which
req. assessment of the total dev. cost of
bdg.
- emphasis 2 exam business case which
req. assessment of the total dev. cost of
bdg.
- process of examin
programmes + proj @
key decision pts in LC
- Option Costs
- est. of cost for various
design solutions
- est. of cost for various
design solutions
- Order of Cost Estimate (OofC)
- determine possible cost of
bdg in early design stage
- determine possible cost of
bdg in early design stage
- Prime Cost Sum
- sum of money included in a unit rate 2 b
expended on mat/goods from suppliers
- e.g. supply only
ceramic tiles/ furniture
etc.
- e.g. supply only
ceramic tiles/ furniture
etc.
- excl. fixing/install/ancillary/sundry materials
or MC/subbies design fees,prelims, OH&P
- sum of money included in a unit rate 2 b
expended on mat/goods from suppliers
- Residual risk
- risk retained by emp.
- risk retained by emp.
- Retail Area
- NIA for retail
- NIA for retail
- RIBA Plan Of Work
- procedure dealing with steps
in decision making.
- identifies responsibilities of
design team @ each stage
- procedure dealing with steps
in decision making.
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