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ARC 366 Presentation - Farmingdale State College
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Designing Project Budgets
Eric Anderson, AIAFarmingdale State College
Main Entry: bud·getPronunciation: 'b&-j&tFunction: noun
Etymology: Middle English bowgette, from Middle French bougette, diminutive of bouge leather bag, from Latin bulga, of Celtic origin; akin to Middle Irish bolg bag; akin to Old English belg bag -- more at BELLY Date: 15th century1 chiefly dialect : a usually leather pouch, wallet, or pack; also : its contents2 : STOCK, SUPPLY3 : a quantity (as of energy or water) involved in, available for, or assignable to a particular situation; also : an account of gains and losses of such a quantity4 a plan for the coordination of resources and expenditures c : the amount of money that is available for, required for, or assigned to a particular purpose
Main Entry: es·ti·matePronunciation: 'es-t&-"mAtFunction: transitive verb
Etymology: Latin aestimatus, past participle of aestimare to value, estimateDate: circa 15321 archaic a : ESTEEM b : APPRAISE2 a : to judge tentatively or approximately the value, worth, or significance of b : to determine roughly the size, extent, or nature of c : to produce a statement of the approximate cost of3 : JUDGE, CONCLUDE
R.S. Means Building Glossary
Budget: A rough estimate of the value of a portion of, or total cost of, a construction project.
Estimate: The anticipated cost of materials, labor, equipment, or any combination of these for a proposed construction project.
Sources of Information
Cost date from previous projects Estimating guides - published and
online Local contractors Quantity surveyors and estimators Personal experience
Cost Planning Types
Order of MagnitudeUnit cost estimates
– By function– By building type– By construction assembly
Cost Planning
We always must have :Building TypeProgram or Gross AreaSite
Cost Planning
A cost plan or budget should include:Design costsConstruction costsFixtures, Furnishings, and Equipment
costsProject Management costs
Cost Planning
Design Costs Basic Services Additional Services Reimbursable
Expenses Special Consultants
Cost Planning
Construction CostsConceptual SF Building Type By elements Uniformat Allowances AlternatesEstimates By unit price (take-off) Union vs..
Open Shop Allowances Alternates
Cost Planning
FFE Costs Furnishing Toilet and Kitchen
Accessories Sign Systems Specialized
Equipment Artwork
Cost Planning
Project Management Costs
General Conditions/ Overhead & Profit
Surveying Geotechnical Services Plan Review Permits Testing and
Inspection
Cost Planning
We adjust budgets: Contingencies by
conditions Other factors
We adjust estimates with:
Contingencies by phase
Escalation to the mid-point of construction
Other factors
Contingencies for Budgets
By conditions:Site Constraints: -5 to 15%Labor Availability : -5 to 10% Material Availability: 0 to 10%Document Quality: 0 to 20%
Contingencies for Estimates
By phase:Concept and Schematic: 15%Design Development : 10% Escalation to the mid-point of
constructionOther factors
Escalation
Inflation rate affecting the estimate between the time it is prepared and the midpoint of the projected construction schedule
Cost Projections + Contingencies + Escalation
Project BudgetProject Budget
Cost Projections + Contingencies + Escalation
Project BudgetProject Budget
Elements of a Budget
DRVC Budget Planner
Ohio State Architect’s OfficeCapital Budget Planning Tool
Cost Planning Samples
High
Median
Low
Develop Budget Ranges