7.0 life cycle costing
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This document discusses life cycle costing techniques used in economic assessments of building projects. It introduces the present worth method and uniform annual worth method for conducting life cycle cost analyses. These methods take into account total costs, including initial, operating, replacement, and other ownership costs over the lifetime of a project while considering the time value of money and discount rates. The document provides an overview of key concepts in life cycle costing and the steps involved in applying the analytical methods.
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The document discusses life cycle cost (LCC) analysis, which considers the total cost of ownership of equipment or projects over their entire lifespan, including costs of acquisition, operation, maintenance, and disposal. The objective of LCC analysis is to choose the most cost effective alternative by analyzing costs over the long term. Reasons for using LCC include harmonizing different stakeholder perspectives, using discount rates to facilitate economic decisions, and selecting alternatives based on least negative net present value. Basic LCC analysis involves combining acquisition and sustaining costs, and calculations involve discounting all future costs to present value.
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1) The document discusses the role of engineering economics in decision making for engineering projects. Engineering economics involves evaluating the costs and benefits of alternatives and selecting the most economically viable option.
2) Key considerations in engineering economic analysis include present worth, future worth, payback period, rate of return, and benefit-cost ratio. Engineers must analyze project alternatives using these measures to determine the best investment.
3) Economics is an important part of engineering, as the economic viability of design options must be considered along with technical factors. Engineering economics analysis helps engineers optimize design decisions and investment of funds.
Interest in Engineering Economic
This report discusses and talks about the engineering economic analysis material and
introduces the student to cost analysis scenarios in which a typical working engineer
might be involved. It outlines some of the many and varied cost and economic
analyses to which beginning, as well as journeyman, engineers are exposed. Effective
analysis of product and project costs and the ability to implement cost control
measures are two sides of the same coin. Most business economic decisions involve
the element of time, however, and it is thus necessary to consider factors such as
interest, the time value of money, and depreciation of equipment. The effect of
inflation (or deflation) on the rate of return for investment depends on how the
future returns respond. Larger investments are analyzed by evaluating the rate of
return. Like other decision-making processes, the decision matrix is a valuable tool to
assist in evaluating the various alternatives, And so report explained and I mentioned
a very important part or let's say element in engineering economic witch is interested I
explained it briefly within its formula and figures and its type and ect...finally my aim
is showing effect and importance and actions of the (Interest) in economy field.
Cost benefit analysis of resources
ost-benefit analysis provides an organizational framework for identifying, quantifying, and comparing the costs and benefits (measured in dollars) of a proposed policy action. The final decision is informed (though not necessarily determined) by a comparison of the total costs and benefits.
THE SYNERGY BETWEEN VALUE ENGINEERING AND SUSTAINABLE CONSTRUTION
This document discusses the synergy between value engineering and sustainable construction. It defines value engineering and sustainable construction, explaining that value engineering takes a life cycle cost approach to optimize function, quality, and cost in a project. Applying value engineering principles like functional analysis and alternative generation can help make construction projects more sustainable by reducing costs, waste, and environmental impacts over the full life cycle. The document outlines the value engineering job plan process and how applying it at early design phases can significantly improve sustainability and value in construction projects.
Assetmanagement
The document discusses asset management and life cycle cost analysis approaches used by Grontmij Netherlands BV for transportation infrastructure projects. It introduces asset management concepts and defines life cycle cost analysis, outlining the 8 key steps: 1) establish alternatives, 2) determine performance periods, 3) estimate costs, 4) develop expenditure diagrams, 5) compute costs, 6) analyze results, 7) reevaluate strategies. The document provides details on each step and compares deterministic vs. probabilistic life cycle cost analysis methods.
Energy economics ppt
This document defines and explains several key concepts related to energy technology project evaluation: payback period, net present value, internal rate of return, energy chain, life cycle assessment, and net energy analysis. It provides definitions and formulas for payback period, net present value, and internal rate of return. It also describes what is meant by an energy chain and gives examples. Life cycle assessment is explained as assessing environmental impacts across all stages of a product. Net energy analysis determines if the energy output of a system exceeds the energy input required from society.
appraisal of Forestry projects
This document discusses cost-benefit analysis for forestry projects. It begins by defining appraisal and outlining the nature of forestry projects, which have long production periods as trees are both the production unit and product. Common objectives of forestry projects include improving economic efficiency, social conditions, stability, and the environment. The stages of cost-benefit analysis are then outlined, including defining the issue, identifying options and costs/benefits, adjusting for future values, assessing risks, distributional impacts, and using techniques like net present value to evaluate projects. Environmental impacts are an important consideration in cost-benefit analysis to account for externalities. Sensitivity analysis is also recommended to assess how sensitive results are to changes in key parameters.
Project management chapter 6
This document discusses economic evaluation methods for facility investments. It covers the project life cycle and concepts of economic feasibility such as cash flows, opportunity costs, and minimum attractive rates of return. It also describes methods of economic evaluation including net present value, equivalent uniform annual value, benefit-cost ratio, and internal rate of return. The document discusses factors that affect cash flows such as depreciation, taxes, and risk. It also covers how interest rates impact the costs of capital for long-term investments. Finally, it defines various investment profit measures used in economic evaluations.
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THE SYNERGY BETWEEN VALUE ENGINEERING AND SUSTAINABLE CONSTRUTION
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More from Ali Juma Albahrani
10 depreciation and depletion
The document discusses different methods for calculating depreciation and depletion for assets and natural resources. It defines depreciation as a decrease in asset value over time through use and obsolescence. Straight-line depreciation and sum of the years' digits methods are described for calculating annual depreciation amounts and book values. Depletion applies to natural resources and is calculated based on usage amounts rather than time, with the depletion charge equal to the initial investment divided by the total recoverable resource capacity times the amount used. An example for each method is provided.
9 benefit to cost ratio method
This document discusses the benefit-cost ratio method for evaluating investment projects. It defines benefits, disbenefits, and costs from the owner's perspective in monetary terms. The benefit-cost ratio is calculated as the total benefits minus disbenefits divided by the total costs. Projects with a ratio of 1 or higher are acceptable, as the benefits outweigh the costs. An example compares two road construction options, calculating the present value of costs and benefits over different time horizons to determine the preferred project has the higher benefit-cost ratio.
8.the rate of return method
This document discusses methods for calculating the rate of return of an investment using cash flow diagrams and equations. It describes the Present Worth Method and Equivalent Uniform Annual Cost Method for calculating rate of return. An example calculation is shown using both methods to find a 5.16% rate of return for an investment of $5,000 that yields $100 annually for 10 years and $7,000 at the end of 10 years.
7.2 equivalent uniform annual cost method
This document discusses life cycle costing and the uniform annual worth method. The uniform annual worth method discounts all cash flows during a project's lifetime to an equivalent uniform annual series over the lifetime. It has the advantage of allowing comparison of alternatives with different lifetimes. An example compares two projects, calculating the equivalent uniform annual cost (EUAC) of each by discounting initial costs and salvage values, and treating annual costs as a uniform series. Project B has the lower EUAC and should be selected.
7.1 present worth method
1. The document discusses methods for life cycle costing analysis, specifically the present worth method where all costs are discounted to their present value using a discount rate.
2. Examples are provided to illustrate how to calculate and compare the present worth of projects or equipment with equal or different expected lifetimes to determine the alternative with the lowest total cost over the analysis period.
3. The key steps are to identify the relevant cash flows over time for each alternative, discount those cash flows to the present using the interest rate, and compare the total present worth values to select the lowest cost option.
6.4 multiple factors
This document discusses time value of money calculations using multiple factors. It provides examples of calculating present worth for non-uniform cash flows using factors like present worth (P/F), compound amount (F/P), uniform series present worth (P/A), and uniform series compound amount (F/A). Methods include calculating individual amounts and summing, or finding an equivalent uniform annual series. The document also discusses remembering that P/A places present worth one year before payments, while F/A places future worth in the year of the last payment.
6.3 use of interest tables
This document discusses the use of interest tables and factors in time value of money calculations. It provides examples of calculations using standard interest factor notations to find future or present values given amounts, interest rates, and time periods. Examples include calculating future values of deposits made at different times, amounts needed to accumulate a future sum, and time required for an amount to double at a given interest rate. The document demonstrates how to look up and interpolate interest factors to solve time value of money problems.
6.2 cash flow - time diagrams
This document discusses cash flow diagrams and examples of how to construct them. It defines key terms like present value, future value, interest rate and cash flows. It provides 4 examples of cash flow scenarios and diagrams showing deposits, withdrawals and loans over time. The diagrams visually represent the direction and timing of cash inflows and outflows to analyze the total amounts involved in each scenario.
6.1 simple versus compound interest
This document discusses the differences between simple and compound interest. Simple interest only applies the interest rate to the original principal amount, while compound interest applies the interest rate to both the principal and accumulated interest over time. The key formulas for simple and compound interest are presented. An example shows that with compound interest, borrowing $1,000 at 6% annually would result in an extra $11.02 accumulated over three years compared to simple interest.
5.3 estimate setup
This document discusses the process of setting up a construction cost estimate. It explains that estimates involve compiling costs from different sources and specialties. The costs are then organized on a summary sheet broken down by construction specification divisions. Overhead and profit are added to the direct costs for materials, labor, equipment, and subcontractors. Overhead covers home office and field support costs, while profit percentages vary depending on the project's risk, competition, and other factors.
5.2 unit pricing
This document discusses unit pricing in construction estimating. It explains that unit pricing involves determining the cost to produce, deliver, install, and maintain each construction unit or component. It discusses determining costs for materials, labor, and equipment. For materials, reliable sources for unit prices are supplier quotes. For labor, the estimator must determine wage rates and crew productivity. Equipment costs include ownership/rental and operating costs. Experience is important for estimating labor productivity and equipment needs. The overall goal is to accurately predict costs at the time of construction.
5.1 quantity take-off
This document discusses the process of quantity takeoff which is the foundation of estimating construction costs. It describes organizing the takeoff by labor, material, and equipment to match cost data sources. The key steps are accurately measuring all project elements using the correct units from drawings, accounting for repetition and waste, and considering each construction discipline in detail. The goal is to fully capture every work item through an organized process of working through drawings, specifications and building elements.
5.0 detailed estimating
Detailed estimates require precise project information and take weeks to prepare. They involve quantifying work done by subcontractors and in-house crews, obtaining material quotes, and calculating labor costs and productivity. Good organization is key to avoid mistakes when preparing estimates. The estimate totals the direct costs of subcontracted work, in-house work, materials, labor, and equipment. Indirect costs for job management are added, along with an amount for expected profit. Preparing a detailed estimate involves determining quantities, organizing the takeoff process, measuring and breaking down data to attach unit prices, and examining the pricing steps.
4.3 assemblies estimating
This document discusses assemblies estimating, which involves preparing estimates based on the detailed units and components of a project rather than just overall areas or quantities. It provides examples of estimating interior partition costs by determining the quantities of materials needed like metal studs and drywall. Assemblies estimating is best done concurrently with design and allows flexibility in comparing costs and qualities of different material options. The estimate should then be compiled, adjusted for location and time, and presented to highlight any design elements significantly impacting costs for potential changes or reductions.
4.2 square foot estimating
This document discusses square foot cost estimating methods. It describes approaching used for square foot estimates, which involve tabulating costs per square foot rather than by service unit. Cost data can come from external sources or be developed internally. Estimates provide accuracy within 15% typically. The document then examines two common sources for square foot cost data - one based on actual project reports, the other on modeled typical projects. It demonstrates calculating estimated costs for sample projects using both data sources, and describes making adjustments for location, time, and other project-specific factors.
4.1 conceptual estimates
1) Conceptual estimates provide a rough cost for a project based on unit costs from past similar projects, adjusted for factors like location, size, quality, and time. They can be completed quickly and have an accuracy of +/- 20%.
2) The example estimates the cost of a 50-unit motel using published cost data and makes adjustments for size, location, and time. The estimated cost is between $1.5-2.7 million depending on location.
3) It is important in conceptual estimates to be clear about what costs are and are not included in the estimate, and to identify key assumptions and limitations of the data used.
4.0 pre-construction estimates
Pre-construction estimates are prepared early in a project to estimate costs. There are three main types: conceptual estimates use rough approximations, square foot estimates are based on cost per square foot, and assemblies estimates break the project into components and estimate materials and labor for each. Historical cost data forms the basis for estimates, but factors like project size, location, materials, and market conditions must be considered to improve accuracy as a project progresses.
3 estimate considerations
This document discusses key considerations for preparing construction cost estimates. It identifies project size, quality, location, time/schedule, and market conditions as important factors. It provides details on how each of these factors can affect costs. The document also outlines the steps involved in preparing a detailed cost estimate, including taking quantities, pricing materials, labor, and equipment, obtaining subcontractor bids, and adding amounts for taxes/insurance/overhead, contingency, and profit.
2 types of estimates
This document discusses the different types of estimates used at various stages of a construction project. It describes conceptual, schematic, design development, and procurement phase estimates. For each estimate type, it outlines what information is available, how long it takes to prepare, its intended use, and typical accuracy range. The key points covered are: conceptual estimates rely on limited information and have an accuracy of +/- 20%; schematic estimates are based on 30% complete designs and have an accuracy of +/- 15%; design development estimates use 60% complete plans and have 5-10% accuracy; and procurement estimates use full documents for contractor bidding.
1 introduction to cost estimating
This document discusses key aspects of cost estimating for construction projects. It begins by explaining that cost estimating involves both art and science, as it requires calculating costs based on data but also envisioning how a project will be built. The document then defines what an estimate is, the purpose of estimating, and the role of the estimator. It describes the skills required of an estimator and the typical components of an estimate, including materials, labor, equipment, overhead and profit. Finally, it outlines possible sources of error in cost estimates.
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一比一原版(爱大毕业证书)爱荷华大学毕业证如何办理
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7.0 life cycle costing
- 1. Building Economy ARE 431 Dr. Mohammad A. Hassanain 1 Life Cycle Costing The Concept of Life Cycle Costing. Techniques Used in Life Cycle Costing Calculations Today’s Lecture Techniques Used in Life Cycle Costing Calculations. Present Worth Method. Examples Illustrating the Use of Present Worth Method. Uniform Annual Worth Method. 2 Examples Illustrating the Use of Uniform Annual Worth Method.
- 2. Building Economy ARE 431 Dr. Mohammad A. Hassanain 2 Life Cycle Costing In the past, economic assessment of alternative designs, construction, or investments have been based on initial (first) cost which ignores the total costbased on initial (first) cost which ignores the total cost incurred for the investment throughout its lifetime. The concept of life cycle costing provides an economic tool which takes into account total costs for an investment during its life span. 3 Life cycle costing can be defined as “an economic assessment of alternative designs, construction, or other investments considering all significant costs of initial costs and ownership costs over economic life of each alternative”. Life Cycle Costing The life cycle costing analysis can not be carried out without considering the following: Total costs Concept of the time value of money 4
- 3. Building Economy ARE 431 Dr. Mohammad A. Hassanain 3 Life Cycle Costing Total costs Initial costs: including the following: Initial construction cost. Design cost. Land cost. Finance cost. 5 Ownership costs: including the following: Operating costs (maintenance, repairs and utility bills). Replacement costs (cost of replacing the project after it runs its economic life). Life Cycle Costing The concept of the time value of money Th l f t d i t l t th The value of money today is not equal to the same amount of money in the past or in the future. This concept considers the following: Initial costs (P) (present value). Discount or interest rate (i%). Life time of an investment (n). 6 Life time of an investment (n). Two main methods can be used: Present worth method. Uniform annual method.