i have an IFC file, do you have to complete 4D BIM first to make 5DBIM or can you do 5D straight away even though 4D hasn't been done yet ? @SigmaDimensions
In my opinion 5D (Cost) is only useful if you can compare planned cost to actual cost. Cost (5D) is time (4D) related and cannot be separated. The use for 5D is to establish a project cash-flow and ensure the project costs don’t exceed the project budget.
The operational cost also has a 4D element (Time).
Don’t think 5D without the completion on 4D can work and 4D can only work when production rates are included in 4D values.
@Roel said:
In my opinion 5D (Cost) is only useful if you can compare planned cost to actual cost. Cost (5D) is time (4D) related and cannot be separated. The use for 5D is to establish a project cash-flow and ensure the project costs don’t exceed the project budget.
The operational cost also has a 4D element (Time).
Don’t think 5D without the completion on 4D can work and 4D can only work when production rates are included in 4D values.
I agree, time is a cost component, or at least an important factor since many activities may depend on duration. 4D & 5D are two of the 3 vertices, Quality being the third one. If you reduce/increase any of them the others are affected accordingly, basic project management often times neglected in real life ;-)
@Roel said:
In my opinion 5D (Cost) is only useful if you can compare planned cost to actual cost. Cost (5D) is time (4D) related and cannot be separated.
...
Don’t think 5D without the completion on 4D can work and 4D can only work when production rates are included in 4D values.
For planning costs, you don't need a definite work schedule. Usually there isn't that much time to plan a work schedule when doing feasibility assessments.
@Roel said:
In my opinion 5D (Cost) is only useful if you can compare planned cost to actual cost. Cost (5D) is time (4D) related and cannot be separated.
...
Don’t think 5D without the completion on 4D can work and 4D can only work when production rates are included in 4D values.
For planning costs, you don't need a definite work schedule. Usually there isn't that much time to plan a work schedule when doing feasibility assessments.
I would say as part of the feasibility assessment time would play a critical role in the feasibility of a project. The level of detail for the work schedule is relative to the project stage and I think a very basic work/project schedule should be part of the initial feasibility assessment.
Return on investment: -
Interest rate, Loan amount, Loan duration, Payback Period, and more
Project: - Site cost & access date, Ground works cost & duration, Foundation cost & duration, Structure cost & duration, Finishes cost & duration, Services cost & access date and more.
The better the works schedule is detailed the less risk on return on investment/feasibility.
Ok, it's my bad that I omitted a key detail.. For planning costs in 3rd world countries, such as the one I'm living in, you don't need a definite work schedule. The way it works here is -especially in public projects- we are given a deadline already. So everything you do must be inside that closed box. We don't go from work schedule to planning cost. After the contract we sit down and calculate a work-breakdown-structure and if it doesn't fit the time frame, we make it fit the time frame :)
Comments
Straight to 5D is ok !
In my opinion 5D (Cost) is only useful if you can compare planned cost to actual cost. Cost (5D) is time (4D) related and cannot be separated. The use for 5D is to establish a project cash-flow and ensure the project costs don’t exceed the project budget.
The operational cost also has a 4D element (Time).
Don’t think 5D without the completion on 4D can work and 4D can only work when production rates are included in 4D values.
I agree, time is a cost component, or at least an important factor since many activities may depend on duration. 4D & 5D are two of the 3 vertices, Quality being the third one. If you reduce/increase any of them the others are affected accordingly, basic project management often times neglected in real life ;-)
For planning costs, you don't need a definite work schedule. Usually there isn't that much time to plan a work schedule when doing feasibility assessments.
I would say as part of the feasibility assessment time would play a critical role in the feasibility of a project. The level of detail for the work schedule is relative to the project stage and I think a very basic work/project schedule should be part of the initial feasibility assessment.
Return on investment: -
Interest rate, Loan amount, Loan duration, Payback Period, and more
Project: - Site cost & access date, Ground works cost & duration, Foundation cost & duration, Structure cost & duration, Finishes cost & duration, Services cost & access date and more.
The better the works schedule is detailed the less risk on return on investment/feasibility.
Ok, it's my bad that I omitted a key detail.. For planning costs in 3rd world countries, such as the one I'm living in, you don't need a definite work schedule. The way it works here is -especially in public projects- we are given a deadline already. So everything you do must be inside that closed box. We don't go from work schedule to planning cost. After the contract we sit down and calculate a work-breakdown-structure and if it doesn't fit the time frame, we make it fit the time frame :)