A 5D BIM cost estimation process uses a building information model for quantification, i.e., to take out the material takeoffs, counts, and measurement information, used for cost estimation. The introduction of 5D BIM has digitized the cost estimation process. The integration of design, schedule, and cost estimation in a project workflow adds significant value to it through enhanced cost management and construction schedule with the help of BIM 5D services. The bill of materials generated from the Revit BIM model is sent for procurement orders as the procurement schedule integrates into the project timeline. In addition to scheduling and facility management, 5D BIM contributes to the timely procurement of project materials without causing a delay in planned milestones.
Real-time quantity estimation or material take off generates an accurate cost estimation with several additional benefits like reduction in re-work, lesser document errors and omission, and fewer claims and litigation. Where high-value projects are almost 80 percent over budget and take 20 percent longer than the scheduled time, 5D BIM addresses these pain points by reducing the project execution life cycle approximately by 22 percent and construction cost by around 30 percent. Regardless of the size, each project requires a quantitative assessment of the cost of resources to create an effective project plan.
Cost is one of the vital and controlling factors in deciding a project’s functioning, management, and successful delivery.
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