Data-driven science, control systems and even journalism are in vogue today, reflecting the increasing reliance on real facts and figures – rather than experience or subjective opinions – to drive successful pursuits. In the architecture, engineering and construction (AEC) realm, the same trend is helping make project teams and buildings more successful. The ultimate goal is to enhance value through a process that predicts accurately the cost of a building — even if its architects may not see the construction begin until two or more years after the start of schematic design.
After reading this article, you should be able to:
- DISCUSS the benefits of using accurate construction cost data for architects and other construction professionals in project delivery and business success.
- DESCRIBE how market volatility impacts construction material costs historically, and describe how future volatility may arise.
- LIST and contrast at least [six] ways that value engineering may be improved to better align designs with budgets.
- EXPLAIN the importance of having access to accurate construction cost data to overcome the real-world challenges of the construction industry.