Elemental Cost Plans break down the costs associated with a construction project into various elements, but not each individual trade. An Elemental Cost Plan is generally prepared during the design phase of a construction project to give an early indication of the cost of a project.
What is an elemental cost plan?
An elemental cost plan is a document that breaks down the costs of a construction project into specific elements. Elements are catergorised into Preliminaries, Substructure, Superstructure , Finishes, Fittings, Services, External Services and Contingency and will include cost of materials, labor, plant & equipment, and overhead costs.
The purpose of an elemental cost plan is to provide an initial estimate of the total cost of the project to be used in the preparation of initial feasibility studies. The information in the cost plan is preliminary and does not include a detail measure as the documents relied upon are generally concept plans or early Development Application drawings
Why is an elemental cost plan important?
Elemental cost plans provide a breakdown of the costs associated with a construction project into elements that can be modified for site location and site specific issues. An elemental cost plan can communicate project costs to stakeholders, consultants and authorities for purposes of budgeting and cost management.
An elemental cost plan is the basis of a Council Cost Report (or summary) that is required by Council upon submission of a Development Application.
|Easy to understand||Not detailed per trade|
|Good for comparing alternative designs||Not detailed enough to compare tender /builder prices|
|Gives an understanding of the general budget||Can’t be used for funding purposes|
|Can be used for council Development Application submissions|
How do we prepare your cost plan?
Elements are measured at high level from Concept or Development Application drawings. Once all required elements for the project are identified, rates are assigned to each element to determine the cost per element and the overall Cost Plan.
All rates used by QPC & C are calculated from data collected from suppliers and subcontractors, as well as an internal database from development projects which QPC have been involved with. On limited occasions, staff rely on cost publications such as Rawlinsons or other industry approved cost guides.
QPC & C uses elemental cost plans as the basis for Council Cost Reports.