Formulating a conceptual estimate before all the details are known can be both a science and an art. The accuracy of the conceptual estimate, however often dictates whether a project is approved or denied. Modelogix enables owners to leverage their historical construction database and project experience to generate viable, reliable capital budgets and accurate cost models for current and future projects.
During initial budget development, owners can search their company’s entire estimate and cost history for work of similar type and scope. Modelogix’s Inflationary Price Index feature can then adjust costs to the specific date and location of the project at hand. Modelogix’s budget proposals not only provide powerful drill-down capabilities, they can also include projects used in the development of the cost model.
Once bids are received, owners can compare and benchmark them easily and identify omissions and deviations that previously would have gone unnoticed. Owners can compare bids against past projects as well as all bidders, enabling the project team to explore (or address) why some bids may be out of normal range and determine if the project scope is clearly defined.
With conceptual estimates based on real data (adjusted for inflation and location), and the trust that the bids received reflect the project scope, the final project cost can be determined with accuracy and confidence. Decisions can then be made as to how the project will proceed based on a viable and reliable cost model.