Nevertheless, the architect is expected to deliver the normal, professional standard of care in preparing an estimate of probable construction costs and providing cost advice. Such a warranty may void portions of an architect’s professional liability insurance policy. Due to the variable market conditions, the architect should never guarantee or warrant a construction cost estimate. This estimate is neither a quotation nor a guarantee. In most client-architect agreements, one responsibility of the architect is to prepare an estimate of the probable construction cost. Cost management is more common today because of increased expectations for cost control, expertise in this field, and the availability of sophisticated analytical tools. Clients are unlikely to allow their architect to proceed unless the architect first estimates the cost of a venture and then monitors the process. The importance of construction project cost planning and control in the delivery of professional architectural services cannot be overemphasized. Quantity Survey: A bill of quantities or a detailed listing and quantities of all items of material and equipment necessary to construct a project. Project Risk: The sum of uncertainties associated with a project undertaking.
It includes, but is not limited to, the construction budget, professional fees, costs of land, rights of way and all other costs to the client for the project. Project Budget: The client’s estimated total expenditure for the entire project. Project: An endeavour undertaken within a defined period of time that produces a unique outcome. Program: Group of related projects and operations that are managed in a coordinated way to obtain the benefit that could not be achieved if managed separately. Indexing: Applying an index or factor to adjust costs from one geographic region to another (a typical index might be expressed as a percentage, such as 102.7%). Construction cost excludes the compensation of the architect and consultants, land cost, land development charges and other professional fees.Ĭonstruction Cost Estimate: The anticipated total construction cost at the anticipated time of construction, including contingency allowances, as determined or agreed to by the architect from time to time, the accuracy of which corresponds to the available level of detail of design development and the construction documents, and the extent of construction completed.Ĭonstruction Contingency: A reserve included in the construction cost estimate established to provide funds for the implementation of risk management strategies should risk events occur, including such events as the evolution of the design prior to construction, price escalation between the time of cost estimate preparation and construction, unknown conditions, and/or function and design changes made during construction.Įlement: Term used in cost estimating to describe a component of a building, such as a sub-structure (footings, foundations) or envelope (walls and roof).
Professional Service for Each Phase of the Project.Definition of Project Requirements (Functional Program).Characteristics of the Owner/Client/Stakeholders.Sample Cost Estimate Breakdown Over the Design Project Life Cycle.Formats for the Presentation of Cost Information.
The Role of the Architect in Cost Planning and Control.Chapter 4.2 : Construction Project Cost Planning and Control
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