BIM as an Instrument of a Conceptual Project Cost Estimation

A conceptual stage of a construction project’s lifecycle is characterized by a high level of estimation error because of an accurate data absence. The paper provides a completed construction project budget structural analysis. It shows that major expenses are land plot purchase and a construction process itself. In case of a conceptual design, the main goal is to improve an accuracy of construction cost evaluation as a land plot price has to be determined at this moment. A Building Information Modeling (BIM) technology can be used in a cost estimation process. The research presents a step-by-step guideline based on quantities derived from a model application. First of all, a company has to select a suitable Building Information Modeling software. Then, it has to develop a BIM standard to make modeling process efficient in accordance with specific rules. After a quantities takeoff, they have to be connected to recourses’ prices database. As a result, a process of a conceptual stage budgeting becomes fast and accurate due to an automatization and a human error likelihood reduction.