Project 5D cost monitoring
Construction cost management for improved and accurate budgeting and forecasting
Project budgets are created based on detailed and comprehensive design models. Adherence to the budget is one of the first, and most important, metrics that owners/operators use to evaluate their satisfaction with a project. The challenge facing all architecture, engineering and construction firms is that the rapidly changing and highly complex nature of construction makes budget overruns nearly unavoidable for many projects. In fact, studies report between 70-98% of all construction projects are over budget.
Hexagon addresses this chronic problem through our 5D cost monitoring technology that revolutionises construction management by connecting a project schedule and budget to the BIM. Our unique 5D BIM approach, combining the model, schedule and budget in a single management platform, gives stakeholders insight from all angles to improve production planning and accuracy.
Hexagon’s 5D BIM technology helps managers and engineers create more accurate budgets and forecasts, track construction progress in real time and compare cost versus actuals throughout the duration of the project. For project stakeholders, this visibility provides more predictability and control, helping reduce budget overruns.
Project stakeholders can be confident that information is always current and accurate by utilising Hexagon’s construction-ready autonomous technologies, which interpret how much work has been done on-site and reflect progress using intuitive visualisations.