Predicting future cost through historical cost analysis

Having your data available in the correct format can help you with better rough cost predictions for the future. In our line of work there is often a need for high level estimates to gauge the value and feasibility of a project. We have been able to assist clients with historical data analysis for future benefit.

Having the right historical data on hand allows us to understand and predict through patterns of the following:

• Inflation (known & Unknown)
• Building regulation changes
• Building code updates
• Client specifications
• Material Quantity and Costs
• Services supplied

With the use of quality data we can determine what is driving cost increases over time and how building regulations and specifications can effect costs. Through assisted investigation, our clients are able to understand which builds are more feasible than others.

With the correct data on hand, it’s possible to forecast build cost more accurately at the feasibility stage and factor in cost effects before investing further in a design that does not achieve the desired outcome. Not only should feasibility be considered, but the value of the finished property too. These aspects are beneficial for insurance purposes, funding, and project management.

For more information or assistance, get in touch with our Quantity Surveying team.