What is Cost Estimation?
A 5D BIM model is an extended 4D BIM model with a variable known as cost of labour and materials needed for construction. A 5D BIM model enables fast estimation of cost for purchasing, installing, running, maintenance and renewal costs as the estimation process is automated through the adoption of a BIM software. The cost estimation documents are often used for tender bids or clients to assess their budget.
A 5D BIM model is an extended 4D BIM model with a variable known as cost of labour and materials needed for construction. A detailed measurement of these two components in a construction project is very essential, known as ‘quantity take-off’. A 5D BIM model enables fast estimation of quantities of materials and labour needed for construction as the data can be extracted from the BIM model, enabling the generation of cost estimation documents for tender bids. However, it is very crucial that the BIM models are generated as accurately as possible with the necessary properties and information.