ABSTRACT
This chapter examines the relationship between cost and value in
construction projects, and discusses why architects should pay
particular attention to their client’s budgetary constraints. It also
describes the degree of risk which clients accept when undertaking
construction projects, and the steps which designers can take to
mitigate these risks. In describing the estimating and cost-planning
process, it explains the discipline of the cost-planning process, and
the importance of the achievement of an appropriate level of fixity
of design and specification at the conclusion of each RIBA project
stage. It also outlines the information that is available to cost
consultants in preparing estimates at different projects stages, and
the degree of certainty that can be attached to these estimates.
