BIM 5D alias Cost estimation with BIM is performed by assigning a 3D model to an estimation database (a 5D cost library). Higher levels of details are included to these estimates at different phases of the project.
3D models are delivered with many dimensional objects and interrelated information concerning the elements of these objects like the quantity and specification details.
Here, in BIM, the information regarding every element is linked with the equivalent geometry. Any modification in the design will result in alteration in geometry and therefore the related information is also updated immediately.
So these details provide perfect & automatic quantification together with precise and well-organized cost estimation which can reduce the decade long time consuming & error prone manual takeoff processes.
Cost estimators, having sound knowledge in BIM workflow, will be able to produce precise and instant cost estimation through 5D BIM functions as well as automatic quantification.
Besides, accurateness and effectiveness, BIM also facilitates the estimators to manage time efficiently.
When estimators apply BIM for cost estimation, they should take the complete liability to build up information database advanta geous for estimation.
Cost estimation alias the 5Th dimension of BIM, comprises of several layers of activities involving cost planning, quantity extraction, and validation of MEP, structural and rebar fabrication models as well as visualization of wide array of activities through equivalent accrued costs and validating the same.
Cost estimation refers to forecasting the most rational figure at various or any given phase in a project. The forecasting is made on the basis of the interdependences of time, cost and activities. Extremely precise estimations; minimize the changes of unpredictabilities and risks.
The correctness of cost estimations is vital for bids and tenders, because once the risks and uncertainties are evaluated, overheads are included to the estimates and converted into tenders.
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