Design Economics and Cost Planning Quiz - 3

What sources are there of cost data in order to produce a cost plan?

• Client own cost data

• SPON's and other published pricing books

• TCM (RLB's internal cost database)

• BCIS

How do you take into account inflation when benchmarking?

• Producer price index.

• Retail price index.

• Consumer price index.

• Tender price index.

What is the current TPI?

• I am not 100% sure I would have to check but I believe it is around the 270 mark

• It is 150

• It is 300

• It is 200

Where can you get TPI information from?

• BCIS

• Client own cost data

• External forecasts

• In house forecasts

What does BCIS stand for?

• Building cost and information service

• Building cost index system

• Building construction information system

• Building cost information service

How would you take into account locations factors?

• By using regional average data

• By using global average data

• By using national average data

• By using location indices from BCIS or in house data

What is a feasibility estimate?

• A detailed estimate of all project costs

• A high level estimate to assess whether a project is financially viable and to set an outline budget for the scheme

• An estimate of design costs only

• An estimate of construction costs only

What is the purpose of an order of cost estimate?

• To provide a detailed breakdown of all project costs

• To establish if the proposed building project is affordable and, if so, to establish a realistic cost limit for the project. Cost limit is max the employer is prepared to spend to complete project.

• To estimate the cost of materials only

• To estimate the cost of labor only

What information is required to carry out a feasibility estimate?

• Type of building, new build or extension or refurbishment, location, size, indication of quality

• Type of building, location, size, indication of quality

• Type of building, location, size

• Type of building, location

What is a cost estimate?

• An estimate of design costs only

• A detailed breakdown of all project costs

• An estimate of construction costs only

• A forecast of the possible cost of a building based on historical data. To establish if the proposed building is affordable and establish budget