Cost Engineering

Evans & Peck has the skills and capability to provide reliable cost estimates to its clients’ projects by taking a risk based approach to estimating from the earliest phases of a project. As a means of mitigating the risk of increased costs, we emphasise the importance of good project definition, where not only the physical scope is defined, but where the performance and functionality standards are established as the basis for keeping the design solutions on track. Our value management process seeks out more efficient options that deliver ‘value for money’ outcomes.

The ultimate aim of cost engineering is to provide reliable and pro-active financial management throughout the project life cycle from a time, cost, quality, and risk perspective in order to achieve completion within budget.

To ensure higher accuracy and better understanding of the construction issues, the Cost Engineering team uses first principles estimating techniques. As part of this estimating approach, the team plans the work through the preparation of a constructability assessment and a construction program so that the cost impact of time is considered in the direct and indirect costs. The estimated productivity factors and market rates for each project situation are based on our market data from similar projects.

Our team’s experience in a wide range of sectors enables us to provide comprehensive budget advice for projects from an early stage, where often only the basic requirements are identified. Our estimates are risk based and via a probabilistic risk analysis, identify and quantify the inherent and contingent risks applicable to each project. We apply Monte Carlo simulations to calculate expected ranges of cost outcomes. Our estimates include contingencies for design development and other risk areas that are appropriate to each phase of design development and which are linked to probability values.

For enquiries regarding these services please email Brian McCloy: bmccloy@evanspeck.com or call our Sydney office
on: +612 9495 0500.