Typically, a project’s cost includes material expenses, labor fees, machinery charges, and subcontracting costs. In BIM’s cost model, each component of the model is linked to the corresponding inventory resources and cost items. This connection allows for accurate tracking of actual and budgeted costs, while seamlessly integrating contract planning with cost management.
During the construction phase, dynamic cost analysis relies on budgeted costs, contract revenues, and actual expenses. Leveraging BIM technology, these three sets of data can be quickly obtained. The 5D BIM model generates a detailed bill of quantities based on actual progress, which is then imported into the project management system to create owner reports. Actual revenue is calculated using the owner-approved quantities and budgeted unit prices, and costs are summarized by project categories. This completes the contract revenue tracking for cost items.
Based on completed tasks, the BIM model determines the scope of work accomplished, exports the actual quantities completed, and generates budget costs through cost aggregation. Within the BIM management system, as materials, labor, and equipment are consumed, actual costs are automatically calculated monthly according to subcontract agreements.
Traditional cost analysis often reveals situations where the total actual cost of a project stays within budget, but some sub-projects exceed their planned costs while others save money. Without thorough analysis, overspending on certain parts can continue unchecked in subsequent accounting periods. However, BIM technology enables cost analysis down to individual components and processes, especially by controlling resources through the BIM model.
Main materials are refined to specific floors and locations within the model, allowing precise control of actual consumption through BIM budgeting. Budget and revenue data are compared, analyzed, and controlled proactively. Regarding contracts, costs can be broken down in detail according to subcontract agreements, with process reporting and settlement quantities managed based on BIM model quantities. This approach ensures tighter cost control throughout the project lifecycle.
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