The newly updated 6th Edition of ASTM Standards on Building Economics
This new edition gives all readers a comprehensive resource for evaluating the economic performance of investments in building systems, buildings, and other constructed facilities. 325 pp.
Learn how to:
- Decide whether to accept or reject a given investment
- Establish priority when budgets are limited
- Design and size building systems
Section 1 includes four standard guides that (1) identify limitations and features of the methods that might influence users choices under various conditions; (2) recommend techniques for treating uncertainty in input values to evaluate the risk and an economic analysis of a building project that a project will have a less favorable economic outcome than what is desired or expected; and (3) describe a generic format for summarizing the economic impacts of building-related projects. (4) The fourth guide, new to this edition, gives all readers a generic framework for developing a cost-effective risk mitigation plan for existing and new constructed facilities.
Section 2 gives 12 standard practices. Five are methods for measuring life-cycle costs, savings-to-investment ratios, benefit-to-cost, net benefits, internal rates of return, and payback for investments in building systems and buildings. Six treat value analysis, performing, constructing FAST Diagrams, applying the analytical hierarchy process, and reporting cost analysis, measuring the cost risk of buildings and building systems, and performing function analysis during value analysis studies, and managing and organizing building data. A new standard practice added in this edition describes how to present elemental cost analyses, summaries, and estimations.
Section 3 describes terminology used in the standards.
Section 4 provides six classifications. The first is the classification of building elements. The elemental format is based on major components common to most buildings. The classification, called UNIFORMAT II, serves as a consistent reference for evaluation, analysis, and monitoring of buildings during the feasibility, planning, and design stages. The remaining classifications are for bridge elements, life-cycle environmental work elements, and non-functional element costs in construction estimating. The last one, new to this edition, gives all readers a format for organizing and classifying cost estimates by major characteristics.
Section 5 discusses two adjuncts. The first, Discount Factor Tables, is included in its entirety. It is comprised of a set of discount factor tables in support of five standard practices for measuring life-cycle costs, savings-to-investment ratios and benefit-to-cost, net benefits, internal rates of return, and payback for investments in buildings and building systems. The second adjunct, Environmental Cost Element Structure, is described but not included. It is a comprehensive supporting document for E 2150, the Standard Classification for Life-Cycle Environmental Work Elements; Environmental Cost Element Structure.
Section 6 gives all readers a brief introduction to a software product called “AHP/Expert Choice for ASTM Building Evaluation.” The AHP software product supports Practice E 1765 on applying the analytical hierarchy process to multi attribute decision analysis of investments related to building systems and buildings. The software and companion user’s guide are not included in the compilation.