Recent advances in 5D BIM cost control: A novel ontological approach.

Abstract

Cost overruns have been a major source of concern to project clients and other project stakeholders for decades. Consequences of cost overruns include reduced profit margins for the contractor and numerous other issues for all stakeholders, including inefficient allocation of scarce resources, delays, contractual disputes, as well as project failure or abandonment. 5D Building information modelling is a viable solution to the aforementioned problems, but despite proliferation of 5D BIM applications, studies report slow application of these software in the construction industry. This has largely been due to issues relating to inadequate information, lack of standardization, and interoperability challenges. Interoperability issues can be addressed by merging BIM and ontology to improve cost management. However, research efforts merging BIM and ontology have focused more on the cost estimating and cost budgeting, with little research focusing on cost control. This paper proposes a conceptual framework for 5D BIM-based construction cost control that provides a formal description of entities and relationships based on ontology-based knowledge representation. The underlying principle of the framework is based on utilising 5D BIM technology in the process of cost planning, cashflow management and cost reporting to keep expenditure within a specified budget.