Exchange Cost Model - Final Account

Project Stage

Stage	Name	Valid
0	Portfolio requirements
1	Conception of need
2	Outline feasibility
3	Substantive feasibility
4	Outline conceptual design
5	Full conceptual design
6	Coordinated design and procurement
7	Production information
8	Construction
9	Operation and maintenance
10	Disposal

Overview

Please ensure that you have read the process mapping document 'pm_cost_modelling' before proceeding with this exchange requirement.

The scope of this exchange requirement is cost modelling stage 5 - Actual Cost Decomposition. It is applicable at any stage of a project where work is completed and all materials provided. It is simply the cost model at the completion of a project (which may be for construction, operation and maintenance or disposal) as agreed between the cost model advisor to the client and the contractor and it defines the final amount of money to be paid to the contractor for completing the project.

A final account may be subject to re-measurement of the quantities used in a project. In the context of a building information model that has been maintained throughout the project, re-measurement is simply the restatement of quantities contained within the model according to the method of measurement applied.
The exchange requirement is based on the premise that either:

1. A Building Information Model is in use in which cost values are assigned to objects and grouped into cost items.
2. A cost schedule has been defined that contains cost items with assigned cost values.

That is, the cost model is based on the elements that are actually incorporated within the construction of the building and ancillary services associated with that construction. The unit cost basis of each type of element is defined by a set of rules that are typically provided in a standard method of measurement whose use has been agreed for the project.

This exchange requirement assumes that a full building model has been defined and maintained and that relevant information can be obtained from shape representations that it contains. The full building model provides sufficient detail to enable the extraction of information to enable the final account to be derived.

Note that the general principles of defining a final account are the same as those for defining a preconstruction estimate or quotation estimate. The difference between the exchange requirements is the quantities defined and any cost impact factors that are applied to allow for increases in cost or for particular methods of working or conditions encountered. Generally, it is also anticipated that such differences will also have been tracked in claim and variation estimates throughout the project.

Note that specific final accounts may be required for particular element groupings either as sections of a whole final account or as final accounts.

Information Requirements

Context	Information Needed	MAN	REC	OPT	Actor Supplying	Functional Part
Cost Items and Schedule	The form of cost items and cost schedule that are included within a final account are the same as those that are included within a quotation estimate. For the purposes of a final account, the configuration of cost items and the cost values that may be associated with objects and cost items may change. It is likely that such changes may be able to be determined from claim and variation estimates.. The following amendments apply to the exchange requirement 'er_exchange_cost_model(quotation estimate)' when applying its content to a final account.				Contractor	er_exchange_cost_model(quotation_estimate) OR er_exchange_cost_model(claim_estimate) OR er_exchange_cost_model(variation_estimate)
Cost Groups (Grouping)	Groupings may be redefined for the derivation of a final account.				Contractor	fp_assigns_to_group
Cost Groups (Quantities)	Determine either: total number of items counted or, total length or, total area or, total volume or, total weight				Cost Modelling	fp_define_quantity
Cost Groups (Cost)	Additional cost values may be associated to account for cost increases over time. The method of incorporating such additional values is identified in detail within the functional part fp_model_cost_item				Contractor	fp_associate_cost fp_model_cost_item
Cost Impact Factors	Additional cost impact factors related to conditions encountered during the work may be applied.				Contractor	fp_define_quantity (count)
Cost Item (Measured)	Cost items may be redefined by re-measurement for the final account.				Contractor	fp_model_cost_item
Cost Item (Ancillary)	Cost items may be redefined by re-measurement for the final account.				Contractor	fp_model_cost_item
Cost Schedule	There is no value currently established as a predefined type of cost schedule for a 'final account'. Therefore the schedule type should be set to 'USERDEFINED' and set to 'FINALACCOUNT' as the object type setting.				Contractor	fp_model_cost_schedule

Results

Result type (FP/ ER/ Document/ PSet/ Specification etc.)	Information Provided	MAN	REC	OPT	Actor Receiving	Result Identifier
Model	Model of actual project as completed with elements collected together into groups with actual and final account cost values associated and grouped into cost items.				Cost Modelling OR Building Design OR Client
Schedule	A final account schedule with cost items broken down into line items, cost groups and cost parts.				Cost Modelling OR Building Design OR Client