Determining various technical and economic indicators during the decision-making phase significantly influences project costs. Since this phase has the greatest impact on overall expenses, the decisions made here serve as the foundation for estimating project costs. Traditionally, investment plans are compared based on historical project data for estimation purposes. Larger organizations often rely on their own “guidance prices” and standard estimation indicators, while smaller entities gather cost indicators and price data independently to calculate project expenses.
Implementing BIM technology enhances the efficiency of investment analysis during this critical project decision-making stage. BIM-based investment decision analysis focuses primarily on two key areas: investment cost estimation and investment plan selection.
During the decision-making process, the initial step is to determine the project’s investment and estimate costs for various construction plans. Cost estimations at this stage are usually project-specific. BIM technology enables the creation of preliminary building information models for each project proposal, facilitating the use of cost indicators from similar past projects to estimate investments accurately and efficiently. Since BIM models contain extensive parameterized data, historical project BIM models form an invaluable enterprise database. When estimating investment, relevant BIM models from past projects can be retrieved, adjusted to reflect the specifics of the new proposal, and used to derive key cost indicators such as quantities and expenses for each component. This approach allows for rapid and precise project investment cost estimation.
Another crucial task during the decision-making phase is selecting the optimal investment plan. Beyond comparing estimated costs, it’s essential to evaluate additional indicators like quantities and cost metrics to make a well-rounded decision. Establishing enterprise-wide or even industry-level BIM databases adds tremendous value to comparing and selecting investment schemes. BIM models encompass detailed component information, technical parameters, quantities, costs, schedules, and material data. When evaluating investment options, this information can be fully visualized in 3D. By extracting, modifying, and updating similar historical project models based on the features of new proposals, distinct scheme models can be quickly generated. Software tools then automatically calculate quantities, costs, and other indicators for each scheme, making the comparison process intuitive and straightforward.
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