Abstract:
Construction cost estimation is essential to the successful management of building projects since it forms the basis for planning, budgeting, and resource distribution. Accurate and efficient cost estimation is crucial for improved project outcomes, and on-time project completion. However, traditional cost estimation methods have several issues, which are prevalent worldwide and particularly felt in Sri Lanka. The development of 5D Building Information Modeling (BIM) provides a revolutionary answer to these problems. Therefore, the aim of the paper is to investigate the application of 5D Building information modeling to enhance the efficiency of construction cost estimation. To accomplish the research aim, the qualitative research approach was undertaken. Data collection was carried out through interviews. The primary data analysis was conducted by using manual content analysis. A comprehensive literature review was conducted to determine the problems that traditional cost estimation methods face globally. In addition, the literature analysis examined 5D BIM features and how they improve cost estimation, demonstrating how this innovative method may overcome the drawbacks of traditional methods. The findings revealed the traditional cost estimation issues. The major identified issues are cost overruns, time consumption, inaccuracies, financial risks, lack of coordination, and manual quantity take-off. The results demonstrated that there are key features of 5D BIM, such as improved collaboration, clash detection, visualisation and 3D modelling, waste reduction and risk management, that can be used to mitigate traditional cost estimation issues. Therefore, using its features, the 5D BIM concept can enhance the construction cost estimation.
