By skyforbes 
5D BIM modeling in construction is the fifth-dimensional way of creating and demonstrating the physical and functional aspects of a 3D virtual model in real-time. A 5D BIM cost estimation modeling adds the cost elements, with the 4D BIM component i.e. time scheduling management to the existing 3D BIM model.
As 5D model integrates design, cost, and schedule in a 3D graphical model, cost Managers can quickly determine the quantity of a specific component, applying rates to quantities for obtaining an overall cost for that package. The package costs are combined for building as an overall picture of a project cost.
5D BIM modeling is improving the construction management projects by providing:
- Higher and positive Return on Investment
- Leverage real-time data to shorten design and estimation time
- Enhanced productivity and mitigated rework
- Reduced project cycles
- Clear understanding of project scope, schedule, and cost
Cost management in construction projects is defined as the process of planning, coordinating, estimating, reporting, and controlling every cost related aspect from project initiation to asset disposal. It also provides many benefits to the cost managers in construction projects. Check out the article to know how cost managers can leverage 5D cost estimation to gain a host of benefits.
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