Inaccurate estimating can cause a business to lose money on a project if costs are underestimated. Equally, overestimating can tip the balance from success to failure at the bidding stage.

Even if this risk can be directed to the contractor, as with traditional fixed price contracts, the project overall will invariably suffer if estimation is poor. With target cost and shared risk/reward contracts becoming more common, the need for accurate estimation has never been greater.

This article examines why inaccuracies are so prevalent using current estimating processes.
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Quantities extracted from a Building Information Model provide the baseline data required to create accurate estimates.

Structuring this data correctly is the next step, but when done and linked to the model, estimates can be generated quickly and updated as the design model changes.

This article gives a high level overview of the process of model based estimating and highlights the key benefits of adopting this approach.
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Reducing project contingency for a major power project utilising Model Based Estimating.

Presented by:

International Project Estimating

BIM Engineering Solutions

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