RSMeans-Guided Approach to Detailed Cost Estimating: A Residential Project Case

Accuracy in cost estimating is one of the principal challenges the construction industry currently faces. Many strategies, software, and techniques have been developed to mitigate the tremendous financial losses produced by... [ view full abstract ]

Accuracy in cost estimating is one of the principal challenges the construction industry currently faces. Many strategies, software, and techniques have been developed to mitigate the tremendous financial losses produced by such deficiency. A study that compares the strengths and weaknesses in the utilization of Uniformat (UF) and Masterformat (MF) proposes a detailed systematic framework for the application of these programs to assist users in the estimation of costs during the development of construction projects. The framework is based on the advantage that UF and MF provide building projects with clear and proper work breakdown structures for estimating at the assembly level and detailed method level respectively. To demonstrate the application of the proposed systematic framework, the cost estimate for a small apartment building project is evaluated by following the steps given in the framework. Additionally, to evaluate the impact of UF and MF on cost accuracy the estimated costs are compared to the actual costs of the project. The evaluation reflects how the proposed framework provides a useful tool for estimators to follow specific steps that will assist them in the application of MF and UF to generate cost estimates that have higher precision to a modest extent.  Likewise, the evaluation highlights the limitations inherent in UF and MF that hold back higher effectiveness and accuracy in cost estimation.