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Cost Benchmarking
Cost Benchmarking

Through our global reach and extensive experience, we provide our clients insight into our global pricing index - an estimating tool that contains benchmark pricing for projects around the globe. 

Our team of international technical and subject matter experts works with our clients to establish key performance indicators (KPIs) to measure, analyze, and refine the costs critical to projects and compare them to other projects. We improve return of investment with best-in-class project pricing.
Our conceptual estimating methodology is a proven method of cost estimating and providing accurate forecasts through project completion. 

Utilizing industry-leading tools, we track current projects data, and keep a constant pulse on market conditions for more realistic pricing and recalibrate our unit pricing based on project location, union vs. non-union labor, complexity of the work environment, and scheduling. By verifying and blending our estimated values based upon early-on pre-bidding, we are able to identify issues early and eliminate surprises during the construction phase. In addition, we support value-engineering activities; providing estimated operational and maintenance costs by analyzing life cycle costs, thereby ensuring a cost-efficient facility and maximizing the return or your capital investment.

IPS currently utilizes a cost modeling software made up of a database of historical engineering, construction, commissioning and qualification projects that were executed by IPS. The software leverages actual costs and estimates in order to construct cost models for conceptual pricing based on projects of similar scope. It takes into account both time and location factors which enable the user to normalize cost data in a more precise manner.
Our cost models are created by taking costs from historical projects of similar scope, and normalizing the data to fit the constraints of a conceptual project. We create a side-by-side cost model that allows us to compare the historical data to the current model.

Our team supplements and validates the cost model data with market pricing throughout the process of developing the estimate, ensuring all gaps are bridged in the final result.

Our approach for project estimates, along with our subject knowledge expertise in construction management, engineering, commissioning and validation, has been the cornerstone of our success. Since the inception, IPS has delivered facilities with a high level of quality that exceeds our clients’ contractual expectations and the operational functionality required to effectively execute the overall project and meet the business objectives.
Our estimating services include:

  • Cost estimating - guaranteed maximum estimate ($GMP or GMA), lump sum estimates, time & material estimates
  • Conceptual budgeting
  • Bidding / procurement support
  • Value engineering and value management
  • Target value design (TVD) assistance
  • Scope change costing & verification
  • Risk register development

Featured Cost Benchmarking Experts

Featured Cost Benchmarking Projects

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