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COST is considered to be the 5th Dimension in BIM. 5D BIM Models are used estimate the project budget. This is achieved by integrating cost related information into the existing models used for Quantity Take-off.
At a basic level, BIM models are used to calculate the cost of all the materials involved in the construction by feeding the model with the unit cost for all materials. The major advantage for the team is to be able to have the budget automatically update with any design change.
Currently 5D BIM models are prominently used for cost of the material calculation while efforts to incorporate the budget defining construction logic and cost of delay etc into BIM models such as cost of delay, labor cost etc. are in progress.
Value & Cost Engineering
BIM is an iterative process providing the team with the ability to develop and analyze multiple design options and scenarios. By being able to have the cost estimation updating live with each scenario, the value engineering process using BIM Models is made more efficient and effective.
Life Cycle Costing (LCC)
Life cycle cost analyses the total cost of the construction project from Initiation through Demolition. Some of the important things to consider in this process are cost of construction, operation and maintenance of certain systems that define the building performance.
Building Information Modeling with 5D capabilities covering the project life-cycle, will enable the team to streamline the life-cycle costing process. 5D BIM models provide the capability to analyze the energy efficient of the systems with alternative design studies.
MoRE on "The I in BIM"
3.2 4D BIM
Models carrying information regarding the construction schedule incorporated into each...
Read More3.4 6D BIM
As-built BIM Models embedded with facility management related information such...
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