Conceptual Cost Modeling
With our estimating expertise and proprietary conceptual estimating tool, Genesys®, we are able to develop accurate conceptual estimates with as little as a building program and a conversation with the Owner and/or design team.
Conceptual Cost Modeling
Approach + Genesys® Tool
When it comes to establishing a project budget or reconciling a budget and scope of work, there tends to be a rather small margin of error. A difference of as little as 10% can lead to a very frustrating and costly (both in profit and reputation) design process.
To assist the owner and design team in developing accurate project budgets, it is recommended to develop a Conceptual Cost Model during the Programming or Pre-design phase. Palacio Collaborative developed a proprietary tool, Genesys®, to help with this process. With as little as a building program and site parameters, our tool is able to study a myriad of program, scope, finish, and quality alternatives to quickly show the cost impact, most of which can be done in real-time.
With our highly experienced senior staff, Genesys® tool, and ample historical data, we have helped our clients put hundreds of projects onto a path of success.
Benefits of Conceptual Cost Modeling
Identify and track Division Cost Targets throughout the design/estimating process
Set parameters based on the merits of a specific project (do not simply rely on historical data)
Manage Owner’s expectations
Review process puts the entire project team on the same page
Document project parameters, assumptions and design intent
Identify and price variables to diminish risk
Determine what specifically is and is not in the construction budget
An accurate cost model can inform project soft costs like FF&E, A/V, etc.
Conceptual Cost Modeling Process
Communicating effectively with Project Team to understand the program, scope and design intent
Basing conceptual estimate on the unique merits of the project rather than relying heavily on historical data
Producing an accurate estimate with the ability to instantly study different scope or design options
What Our Clients Are Saying
For the programming process to be responsive to project budgets, we need a cost estimating platform that is responsive to changing criteria as the program is developed. Palacio Collaborative's Genesys cost modeling tool is just the tool; quick and adaptable to criteria changes. Under Michael Placido's direction Genesys has played a critical role in our Accelerated Programming process for more than 10 years.
George M. Flynn, AIA
Flynn Finderup Architects
We are working with Palacio Collaborative on several projects; renovations and new buildings. We were recently requested during a client presentation to develop a scope of work that represented an almost 50% reduction of the existing budget, we offered to immediately sit down with the client and our engineers to tackle this. Palacio with the Genesys Modeling tool were able to accomplish this in about an hour, live, with the client, before we left the meeting. Their willingness and capabilities to provide real-time onsite cost modeling and concept scenarios is remarkable.
SGA | NarmourWright Design
When it comes to establishing a solid cost model for a project, Palacio’s has been and continues to be a huge resource for us.
David N. Brown
Jericho Design Group