This guide identifies the process for proactively establishing and managing the total cost of a project from inception through construction by leveraging the constraints, needs and desires of project stakeholders and by managing risk and owner expectations.
Keywordsconstruction; design economics; economic analysis; economic evaluation; elemental/systems classification; life-cycle costing; risk analysis; UNIFORMAT II; value engineering; risk management; function analysis; cost model; cost management
This guide is a proactive approach to managing project decisions. This process helps the project team define the value of the project, establish maximum cost, and manage cost to satisfy changing value throughout the design process. There are three steps to this process: identify and estimate the cost of known elements, anticipate the cost of unknown events, and seek opportunities to manage the project cost. The users are any project stakeholder involved in the management and communication of project cost throughout the life of a project.
The title and scope are in draft form and are under development within this ASTM Committee.Back to Top
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