Innovative generation in cost management through BIM environment

Abstract

Construction cost management is essential for the success of a project. The procedures in the project cost management include pre-contract cost estimating and post-contract cost control. Cash flow forecasting, as one of the processes in the postcontract cost control, serves the functions of: 1) assisting project managers to anticipate the total planned budget, 2) illustrating a difference between anticipated and actual expenditure of the project in a monthly basis, and 3) timely reminding the client possible risks of overbudget and to take prompt remedial actions. Building Information Modeling (BIM) is a new innovative technology that allows relevant graphical and topical information related to the built environment to be stored in the database for access and management through a project lifecycle. With development of digital technology, data and information can be linked with 3D components in BIM to provide 4D, 5D and 6D BIM. It is predicted that BIM could have a marked impact on the construction industry and is regarded as a major challenge to conventional professionals in AEC industry including Quantity Surveyors. However, there is seldom research about what services can Quantity Surveyors provide to Client on the BIM projects. This research will establish a framework of 5D BIM construction cost management and evaluate the degree of feasibility and efficiency of using 5D BIM for Quantity Surveyors in preparing cash flow forecast for cost control. During the research process, the procedures for generating 5D BIM cash flow forecast are demonstrated. The benefits and difficulties encountered are described and analyzed. Solutions for some problems and recommendations for improvement are discussed. This research involves a pilot study to create cash flow forecast by using 5D BIM technology. The steps in the pilot study include 3D model drawings, BIM quantities takeoff and measurement, Bills of Quantities production and pricing, construction programme planning, cash flow forecast and 5D simulation. Through this research, it is found that 5D BIM is feasible to be used for construction cost management by Quantities Surveyors. The benefits of 5D BIM in cost management include 1) visualized communication; 2) fast response in model-based cost management; 3) leveraged integration of information; and 4) close monitor on actual cash flow. However, there are some difficulties or loopholes revealed due to the contradictions between current cost management practices and BIM approach. It is recommended that the industry needs to redefine current standards in order to make BIM adoption and use easier. In addition, the university and the construction industry needs to work collaboratively to ensure that BIM modules are introduced into higher education curricula.