The economic evaluation of buildings Essay

The economic rating of public lodging undertakings ( Betts )

There are researches provided the economic rating of edifices with new and emerging techniques. These have included life rhythm costing, elemental cost planning, cost modeling, and the usage of knowledge-based systems. Most of these techniques appear to follow one or two attacks: to plan a edifice and so work out its cost, or to put a cost mark for a edifice and so seek to plan within that restraint.

Recognizing this, research workers have made much attempt to better the ratings and estimations made. This has been go oning over a long period and has included techniques for be aftering cost schemes ( Ferry, 1964 ) , attempts to take broader positions of costs and grosss in edifice investings ( Stone, 1967 ) , attempts to pattern the tradeoffs between cost and design variables ( Brandon, 1978 and McCaffer, 1975 ) , and exploit progresss in engineering ( Brandon, 1990 ) .

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These techniques have been successful as theory. A consistent set of techniques has developed and good efforts made to consolidate the academic subject of economic rating ( Brandon, 1982 ; Bowen and Edwards, 1985 and Raftery, 1987 ) .

The pattern of economic rating of edifices has non caught up with these valid promotions in theory. There is an execution spread. The new precedences are to turn to the grounds for this spread and to research schemes for implementing the organic structure of cognition that already exists.

A critical model of effecgtive economic rating

An ideal economic rating should be, see the life clip of undertakings and the portion of the life that any system embraces. A edifice undertaking has several stages: feasibleness, design, building, commissioning, usage, retrofitting and destruction. The activities in each have a cost in themselves, and contribute to the entire cost of the edifice to its proprietor and users. An economic rating system should therefore screen as many of these activities as possible.


Some peculiar features that influence economic rating are the short term attitudes that administrations take. All appear preoccupied with the undertakings on which they are engaged and their precedences instead than looking in front to future undertakings. This mostly arises from the one-off nature of many edifices and the deficiency of uninterrupted work loads of a insistent nature and design from individual clients.

Undertakings subject to economic rating differs in footings of their size, complexness, clip for building, beginning of staff, labour and major constituents, and their agencies of funding. A organic structure of undertakings is likely to exhibit great variableness within these factors that makes economic rating a job.

The aims for all undertakings can be simplified into a combination of clip, quality and cost parametric quantities. The jobs for economic rating semen when the comparative precedence of these parametric quantities is invariably altering from one undertaking to the following and when cost as a parametric quantity is a low precedence. But, this is non ever the state of affairs for a individual administration.

There are clearly different types of undertakings with really different aims and administrations executing economic rating of them. The extent to which the model can be achieved in all these state of affairss differs well.

  • Ferry, D. J. ( 1964 ) . Cost Planning of Buildings. London. Lockwood & A ; Sons.
  • Rock, P. A. ( 1967 ) . Constructing Design Evaluation – Costs-in-Use. London. E & A ; FN Spon
  • Brandon, P. S. ( 1978 ) . A Model for Cost Exploration and Strategic Cost Planning in Design. Building and Quantity Surveying Quarterly.
  • Brandon, P. S. ( 1990 ) . The Development of an Expert System for Strategic Planning of Construction Projects. Construction Management and Economics.
  • Brandon, P. S. ( 1982 ) . Constructing Cost Techniques: New Directions. London. E & A ; FN Spon.
  • McCaffer, R. ( 1975 ) . Some Examples of the Use of Regression Analysis as an Estimating Tool. The Quantity Surveyor.
  • Bowen, P. A. and Edwards, P. J. ( 1985 ) . Cost Modelling and Price Forecasting: Practice and Theory in Perspective. Construction Management and Economics.
  • Raftery, J. J. ( 1987 ) The State of Cost Modelling in the Construction Industry: A Multi Criteria Approach. Constructing Cost Modelling and Computers. London. E & A ; FN Spon.

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