Can BIM (building information modeling) provide accurate cost estimation in construction industry?

Building Information Modeling (BIM) can produce accurate quantities of all materials and can update that in the model automatically. Moreover, it can generate Quantity Take-off reports formatted in Excel and can export it to database for detailed analysis. So you can opt for BIM services for getting exact quantities and making accurate cost estimate for your construction project in 4D or 5D. This will help you manage your material procurement and save your inventory cost

There are many definitions of Building Information Modelling (BIM), but it is simply the means by which everyone can understand a building through the use of a digital model. Modelling an asset in digital form enables those who interact with the building to optimize their actions, resulting in a greater whole life value for the asset.

Through BIM the UK construction industry is undergoing its very own digital revolution. BIM is a way of working; it is information modelling and information management in a team environment, all team members should be working to the same standards as one another. BIM creates value from the combined efforts of people, process and technology.

BIM brings together all of the information about every component of a building, in one place. It makes it possible for anyone to access that information for any purpose, e.g. to integrate different aspects of the design more effectively. In this way, the risk of mistakes or discrepancies is reduced, and abortive costs minimized.

BIM data can be used to illustrate the entire building life-cycle, from cradle to cradle, from inception and design to demolition and materials reuse. Spaces, systems, products and sequences can be shown in relative scale to each other and, in turn, relative to the entire project. And by signalling conflict detection BIM prevents errors creeping in at the various stages of development/ construction.

A BIM object is a combination of many things:

• Information content that defines a product
• Product properties, such as thermal performance
• Geometry representing the product’s physical characteristics
• Visualisation data giving the object a recognisable appearance
• Functional data, such as detection zones, that enables the object to be positioned and behave in the same manner as the product itself.

The future of the construction industry is digital, and BIM is the future of design and long term facility management; it is government led and driven by technology and clear processes; and it is implementing change across all industries. As hardware, software and cloud applications herald greater capability to handle increasing amounts of raw data and information, use of BIM will become even more pronounced than it is in current projects.

The UK Government’s Construction 2025: Industrial Strategy for Construction is targeting lower costs, faster delivery, lower emissions and improvements in exports to position the UK at the forefront of international construction. The UK Government’s Construction Strategy 2011 is a framework for a range of work streams, all of which contribute to the 2025 strategy. This framework forms the basis of the government’s BIM hypothesis:

I dont have information about this

I think it can 

thanks for invite

agree with previous answers

Thanks for the invition,,,,,,,,,,,, I agree with the experts answers,,,,,,,,,,,,,,