Remove Estimating Remove Life Cycle Remove Modeling
article thumbnail

Estimating Facility Life-cycle Costs

Job Order Contracting

Estimating Facility Life-cycle Costs is a critical aspect of facilities management. Key elements associated with Estimating Facility Life-cycle Costs include the following: Experience. Systems costs and systems life-cycles. Expected system/assembly life-times. Managing Life-cycle Costs.

article thumbnail

12 Step Program for Creating Credible Construction Estimates

Job Order Contracting

The below 12 Step Program for Creating a Credible Construction Estimate is a valuable tool for any real propery owner or services provider. #1 1 Define estimate’s purpose ■ Who will use the estimate and how. Monte Carlo simulation) to develop a confidence interval around the point estimate. ■

professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Credible Construction Estimate Core Elements

Job Order Contracting

A credible construction cost estimate is required prior to engaging in procurement. The follow elements are common to a credible construction cost estimate. Credible Cost Estimate Core Elements #1 Objectivity – The information used and those invovled in the creation of the construction cost estimate must be objective.

article thumbnail

Digital Twin – Aligning the physical and functional status of buildings and other physical objects with a corresponding digital model makes it possible to monitor and optimally manage capital reinvestment throughout their life-cycle.

Job Order Contracting

Aligning the physical and functional status of buildings and other physical objects with a corresponding digital model makes it possible to monitor and optimally manage capital reinvestment throughout their life-cycle. Requisite Components of a Physical Asset Life-cycle Management Solution.

article thumbnail

LEAN Construction Project Delivery and Facilities Operations, Maintenance, and Life-cycle Management

Job Order Contracting

LEAN Practices Asset Competency Model. Cost estimating. Life-cycle Management. COBie is an information exchange specification for the life-cycle capture and delivery of information needed by facility managers. Cost Estimating, Procurement, & Construction Project Delivery and Management Systems.

article thumbnail

BIM, Big Data, and Efficient Life-cycle Management of the Built Environment

Building Information Management

Efficient life-cycle management of the built environment comes down to analyzing large data sets— big data—from several knowledge domains. 3D visualization software products currently promoted as BIM (Building Information Modeling) are not solutions for this task. Big Data for BIM / Efficient Facility Life-cycle Management.

article thumbnail

The “I” for Information if Building Information Modeling or Life-cycle Facility Management

Building Information Management

Building Information Modeling (BIM) is a digital representation of physical and functional characteristics of a facility. A BIM is a shared knowledge resource for information about a facility forming a reliable basis for decisions during its life-cycle; defined as existing from earliest conception to demolition. – NIBS.