Costmodelling

Costmodelling Works - Construction Cost Modelling Software

Introduction

Costmodelling Works is a fully integrated construction estimating, cost planning, risk analysis, whole life costings and cost modelling application producing 4-dimensional cost models of buildings. It is widely used to deliver detailed cost models for estimates and budget approval within the public and private sector.

Aimed at the UK construction market, cost models can be produced within a few minutes from databases and refined as project information becomes available.

NRM and OCG Compliant

All cost models comprise the RICS' 'New Rules of Measurement' elements as can be seen from Costmodelling Works' group element cost summary screen below. Each group is further broken down into its component elements meaning construction costs are produced in the 68 NRM construction elements, with a separate cost plan for each element. The post-construction costs are produced in the 39 elements, again each with a separate cost plan. Detailed and up to date cost libraries, integrated Monte Carlo risk analysis and whole life costings ensures the program complies with the UK Office of Government Commerce's recommendations on determining spending and funding accuracy, and establishing robust risk allowances and whole life costs before budget approval.

Cost Plans and Libraries

All construction and whole life cost elements have cost plans supported by extensive drag and drop libraries, automated dimsheets and digital measuring. All costs in the cost model and libraries are continually benchmarked and automatically adjusted against a complex formula for economies of scale, location and timescale. Combined with quarterly updates via the Internet, prices are always up to date and appropriate for the proposed development. Automated user-friendly dimsheets support each cost plan item if required, and dimensions can be imported from digital measuring software.

Whole Life Costs

Whole life costs can be calculated for any period from 1 to 100 years. Each post-construction cost is entered into a cost plan in a similar way to construction costs (you can use the drag and drop libraries as well). The program does the rest and calculates the total cost of these works over the selected life period of the building and converts the cost in to a net present value using unique smart-logic calculations.

Risk Analysis

Historically, during the preparation of construction budgets, a simple 'gut-feel' or 'finger-in-the-air' percentage added to cover all the unknown items without really identifying or assessing what these might be. Result: the final cost of the project often exceeded the initial estimate. The typical construction project will often overrun its cost estimate if the cost estimate fails to take into account the risk that the work will actually cost more (or less) than even the most competent estimate. Estimates are not facts but statements of probability about how things will turn out.

Costmodelling Works incorporates a cost risk estimating method that provides more accurate estimates of total project cost. The method is based on Monte Carlo simulation, which helps gain better information than traditional methods of estimating because it recognises that project costs are uncertain. For each risk item, a minimum of three pieces of information need to be entered, an optimistic cost, a likely cost and a pessimistic cost.

The Monte Carlo simulation uses random numbers to calculate multiple scenarios of a model by repeatedly sampling values from the probability distributions for the uncertain variables. Costmodelling Works uses either normal, triangular, uniform or absolute distribution patterns of results in the simulation. Each simulation comprises 100,000 iterations all carried out in a fraction of a second! The simulation will display a suggested allowance for the risk item, the probabilities of occurrence of each case, and a confidence factor of the sufficiency of the suggested allowance.

The risk simulation will also indicate the lowest, most likely and highest cost results, which will be different from your assessed optimistic, likely and pessimistic costs, thereby giving an independent set of results. Templates and wizards are also provided allowing the incorporation of over 100 common construction risk items to be included in the cost model.

Cost modelling

Base data is the heart of the cost model and allows full cost modelling. Any changes in base data will be passed on throughout the whole of the cost model - all its components, right down to the smallest detail. For example, changing the gross floor area of the building will automatically update all cost plan items accordingly.

Once a cost model has been created, changes in base data can be made to determine the effects of different scenarios; what will be the effect of a change in the start date or contract period, what if the building is made taller, or has a different number of stories, or is more rectangular on plan? By examining different scenarios, optimum solutions can be obtained, all part of value engineering exercises.

Base data is also used to update existing cost models and databases. This means that any existing cost model or database can be updated and manipulated simply and quickly into a new cost model, all in incredible detail.

Conclusion

All the above may sound complex, but the program is easily understood and simple to use. Using it will soon become second nature and will allow you to produce complex cost models for any type of construction project, sometimes in just seconds!

As well as producing detailed construction cost models and estimates, the program can also produce tender documents, even elemental Bills of Quantities. A SMM7 drag and drop library can be supplied for this function. All reports can be printed out without costs for pricing by tenderers. Also all information can be exported into Microsoft Excel®.

Have a look at some typical cost model reports that were generated by Costmodelling Works in just a few minutes (reports open in new window):

• Two storey office construction cost model report



• 4 Bedroom house whole life cost model report



• 4 Bedroom house elemental bills of quantities

And what is the price of this amazing software? Single licences are available for just £499 with monthly payment options available. Discounts are available for multiple licences. Don't be fooled by this low price. This is an incredibly powerful piece of software that will pay for itself immediately - what took you days to produce previously will now take you hours! We have been around now for nearly 10 years and can keep our costs low by return on investment, low overheads and no sales persons. The people you deal with are the people who created this product and know it inside out.

Have a look at our Frequently Asked Questions for more information and answers to some common questions.

Free Trial and Demonstrations

Try the Software for Free

Want to see it in action for yourself? The fully-functioning program can be downloaded and used free for 30 days. There is no other program on the market like it. We are convinced that once you try it you will be impressed. Click the button to go to the download page and experience this amazing product now!

Costmodelling Works will run on Microsoft® Windows XP, Windows Vista or Windows 7.

In-house Demonstrations

We can provide in-house demonstrations and training sessions at a time and venue to suit you.

Please contact us for details.

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