Whole life costing
Understanding the Whole Picture
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Understanding your property's lifetime costs is essential. On such basis, we have undertaken many commissions on Life Cycle Costing for buildings over the years.
Life Cycle Costing (or Whole Life Costing) is a technique to establish the total cost of ownership through the whole life cycle of a building or portfolio of buildings.
It can be carried out on all building elements or on specific components, including costs for ongoing replacement and maintenance issues for any number of years.
Comparisons are then made with other types of buildings or components by running various best value over time scenarios. This makes decisions on build type and component choice more holistic and not just based on capital cost. |
Predicting buildings' life span and their maintenance costs over time is based on detailed survey data or on generic building types and uses.
Life Cycle Cost reports can be presented simply as an MS Excel spreadsheet or in the form of a bespoke or patent FM database, e.g. MICAD. |
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A Life Cycle Cost report is tailored to the client’s requirements. It lists the scope, detail and cycle length to report on and any best value scenarios required.
Key benefits of using Life Cycle Cost predictions are:
- No hidden future costs
- More accurate forecasting of cost profiles
- Performance against cost
- Easy evaluation of different options
NIFES' Services cover:
- Condition Surveys/Property Appraisals
- Compilation of Data sets
- Development Life Cycle reports
- ‘Best Value?’ scenarios
- Use of industry standard benchmarks for property lives and costs, e.g. BCIS and NHS
For more information, please click here or call Simon Kempton on 0161 928 5791. |
Copyright NIFES Consulting Group