Conceptual Cost Estimating
Obtaining accurate information regarding total project life cycle costs in the conceptual design phase is key for defining accurate budgets and validating funding requests, in order to greatly reduce risks of failing to meet designated financial targets.
By keeping track of the economic trends in the construction industry and working together with our clients’ expert cost analysts, BEXEL’s consulting teams are able to develop & maintain an accurate project cost model for our clients. The accuracy of a cost estimate increases as the level of detail of design moves away from the conceptual and more towards detailed. However, defining a budget usually takes place when a conceptual design is all we have and our engineers bring the experience, expertise and technology to extract as much information as possible in order to best the traditional best guess in terms of cost estimate. Typically, multiple virtual construction simulations are run in order to offer an independent project cost review with as many options as possible within a given time frame and facilitate budget development & decision making processes.
By comparing the conceptual design against the projected project cost, we extract important information, based on which viability of the project is determined. Sometimes, small differences in design may decide if the project will or will not be carried out, and the key metric is time, in terms of our ability to deliver quality design changes and provide various cost estimates which may satisfy owners and investors. BEXEL can make that difference, as our unique approach and technology make room for lighting fast design change handling and cost estimates.