Analysis of 5D BIM for cost estimation, cost control and payments

Increasing expectancy for efficiency in the delivery of building projects and the adoption of lean production processes for construction has made the necessity for the development of an integrated system for cost estimating, cost monitoring, cost control, and payments in the construction lifecycle important. Existing 5D BIM tools are used to estimate the cost of projects during the preconstruction period. There is a lack of integration between the 5D BIM models, existing progress monitoring tools, and payment systems used in construction. Lack of standardization in the use of model elements through the project lifecycle has also been identified as one of the factors limiting automation in 5D BIM. Construction project monitoring can be automated by combining modern technologies that allow for visualization of building progress (Laser scanners, computer vision) with 5D BIM cost estimation tools. These project monitoring tools can be combined with Artificial Intelligence (AI), and Smart contracts to develop an integrated lifecycle system for cost management in construction. This paper examines existing systems used in 5D BIM to develop integrated practices and systems that will streamline the process of cost estimating, cost monitoring, cost control, and cash flow in the construction supply chain. This will reduce the inefficiency that exists today with traditional contracts and payment applications that do not interact with the 5D BIM application. By leveraging a standardized classification ID system throughout a project life cycle and applying AI and smart contract, features like cost estimation cost control, and payments can be fully streamlined, integrated, and automated. A case study of an existing construction project utilizing 5D BIM was examined. According to the study, 5D BIM is used in the pre-construction stage of a cost estimation project. It was also revealed that 5D BIM improves project cost visualization and budget control.