Cost Estimating Worksheet: St Dimas Assisted Living Residential

This project presents a detailed cost estimating worksheet for the construction of the St Dimas Assisted Living Residential. It includes parametric, analogous, and three-point estimation methods. The parametric estimation calculates costs based on unit costs and quantities, the analogous estimation uses historical data with multipliers, and the three-point estimation considers optimistic, most likely, and pessimistic scenarios. The worksheet analyzes initial marketing, construction, and various assistant studio and bedroom/bath costs. The justification highlights how these estimations inform resource management and budgetary planning, supported by a bibliography of relevant sources. The project aims to reduce risk probability in terms of the estimation methods and improve operation development.

COST ESTIMATING WORKSHEET
Project Title:
Construction of St
Dimas Assisted
Living Residential
Date
Prepared: 9th May, 2018
Parametric Estimates
1.3 Initial Marketing $2,500 10 $25,000
3.4 Construction $70 96,330 $6,743,00
03.5 Heavy Assistant
Studio
$4,160 5 $20,800
3.6 Heavy Assistant
BR/Bath
$5,460 20 $109,200
3.5 Light Assistant
Studio
$3,280 15 $49,200
3.6 Light Assistant
BR/Bath
$3,780 60 $226,800
Analogous Estimates
WBS
ID
Previous Activity Previous
Cost
Current Activity Multipl
ier
Cost
Estimate
1.3 Initial Marketing $25,000 Social Media
Marketing
1.6x $40,000
3.4 Construction $6,743,00
0
Green
Construction
1.15x $7,754,45
03.5 Heavy Assistant
Studio
$20,800 Inclusion of
consultant
1.25x $26,000
3.6 Heavy Assistant
BR/Bath
$109,200 Inclusion of
consultant
1.25x $136,500
3.5 Light Assistant
Studio
$49,200 Inclusion of
consultant
1.25x $61,500
3.6 Light Assistant
BR/Bath
$226,800 Inclusion of
consultant
1.25x $283,500
Three Point Estimates
WB
S ID
Optimisti
c Cost
Most
Likely
Pessimis
tic Cost
Weighting Equation Expected
Cost
1.3 $36,000 $40,000 $44,000.0 (36000+(4*40,000)+44,000)/6 $40,000
3.4 $6,979,005 $7,754,45
0
$8,529,895.0 (6,979,005+(4*7,754,450)+8,529,895)/6 $7,754,450
3.5 $23,400 $26,000 $28,600.0 (23,400+(4*26,000)+28,600)/6 $26,000
3.6 $122,850 $136,500 $150,150.0 (122,850+(4*136,500)+150,150)/6 $136,500
3.5 $55,350 $61,500 $67,650.0 (55,350+(4*61,500)+67,650)/6 $61,500
3.6 $255,150 $283,500 $311,850.0 (255,150+(4*283,500)+311,850)/6 $283,500
Description of the cost estimations: The cost estimation for the project of Construction of St Dimas Assisted
Living Residential is based on the analysis of the project resources. The analogous cost estimation had been
done for the analysis of the costs of the project in terms of the historical data present. The analysis of the past
Page 1 of 1

reports and activities had been helpful for aligning the utilization of the activities favouring the implication of
the improved operation development. The analysis of the costs of the activities of Initial Marketing,
Construction, Heavy Assistant Studio, Heavy Assistant BR/Bath, Light Assistant Studio, and Light Assistant
BR/Bath had been based on the calculation of the past reports and data available on the effective plan
development. The alignment of the analogy for the activity analysis had been successfully aligned with the
improvement of the successful activity development. The analysis of the actual implication of the operations
had been successful for forming the alignment of the activities favouring the utilization of the rates and unit
calculation of the activities. The multiplication of the resource units with the standard rates provided the final
costs of the project. The parametric estimation had been based on the calculation of the cost estimation using
past report data for the alignment of the effective deployment of the operations. The deployment of the
activities had also been helpful for forming the deployment of the successive estimation for the activities listed
as Initial Marketing, Construction, Heavy Assistant Studio, Heavy Assistant BR/Bath, Light Assistant Studio, and
Light Assistant BR/Bath. The three point estimation has been based on the alignment of the activities favoring
the utilization of the optimistic, most likely, and pessimistic calculation of the resource cost. The three point
estimation is helpful for reducing the risk probability in terms of the estimation methods. The alignment of the
operations had been helpful for the utilization of the improved operation development.
Justification of the estimation: The estimation had been based on the alignment of the development of the
activities of Initial Marketing, Construction, Heavy Assistant Studio, Heavy Assistant BR/Bath, Light Assistant
Studio, and Light Assistant BR/Bath. The formation of the green function considerations for the building and
construction. The deployment of the activities would also be resulted for estimating the multiplier of the
resources. The multiplier of cost value in current cost has been added to the costs of Initial Marketing,
Construction, Heavy Assistant Studio, Heavy Assistant BR/Bath, Light Assistant Studio, and Light Assistant
BR/Bath from the parametric cost estimation. It would result in forming the effective estimation of the project
resources and alignment of the successive development of the activity’s costs. The budgetary plan includes the
deployment of the successive management of the resources and the cost variable for the project has been
resulted for using the effective implication of the activities. The estimation of the project resources would be
based on the implication of the effective rates and calculation of the resources. The expected calculation of the
cost has been based on the calculation of the 3 point estimation of optimistic, most likely, and pessismistic.
The formula that had been used for the calculation was cost optimistic + 4X cost most likely + cost pessismistic
and the sum would be divided by 6 for calculating the expected cost of the activities.
Page 1 of 1

Bibliography
Aksenov, V. V., Walter, A. V., Gordeyev, A. A., & Kosovets, A. V. (2015). Classification of geokhod units and
systems based on product cost analysis and estimation for a prototype model production. In IOP
Conference Series: Materials Science and Engineering (Vol. 91, No. 1, p. 012088). IOP Publishing.
Aono, Y., Wang, Y., Hayashi, T., & Takagi, T. (2016, May). Improved progressive BKZ algorithms and their
precise cost estimation by sharp simulator. In Annual International Conference on the Theory and
Applications of Cryptographic Techniques (pp. 789-819). Springer, Berlin, Heidelberg.
Lee, S. K., Kim, K. R., & Yu, J. H. (2014). BIM and ontology-based approach for building cost estimation.
Automation in Construction, 41, 96-105.
Page 1 of 1