Parametric Cost Modelling of Cost Estimates for Construction Project Planning

The Challenge

Generating accurate early-stage estimates for construction projects is difficult when detailed designs are not yet available. Even after first designs are available, the cost implications to even simple variations take time to recalculate.

Our Solution

A parametric engine that uses key project variables (e.g., gross floor area, building type, location) to generate instant cost simulations. Interactive tooling allows for changes to be made to frequently changed attributes of projects such as façade types and outdoor space to update cost estimates in real time.

Key Outcomes

Enabled "What-If" scenario analysis during the feasibility phase, reducing the time to produce initial estimates by up to 70%.

Who benefits?

• Investors
• Developers
• Master Planners

Cost savings

• Measurement estimates
• Complex communication of requirements
• Benchmarking against historical data lookups
• Typical outcome: 95% reduction in the cost of providing a master plan estimate.

Time savings

• Hypothesis experiments now possible. What happens if change this in real-time?
• Modelled based on digital geo-spatial data models
• Time to estimate slashed
• Typical outcome: 97% time reduction in producing new master plan variations, allowing for multiple examples of the usage of the same plot to be generated