W H E N, W H Y A N D H OW TO C O M P L E T E A S EC U R I T Y P R O J EC T C O S T E S T I M AT E. Session #5205 September 26, pm-300pm
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1 1 W H E N, W H Y A N D H OW TO C O M P L E T E A S EC U R I T Y P R O J EC T C O S T E S T I M AT E Session #5205 September 26, pm-300pm
2 2 S P E A K E R S : Jim Black, CPP, PSP, CSC Security Design Team Manager, Microsoft Jeff Lane Integrated Solutions Specialist, ASSA ABOLY René Rieder Jr, CPP, PSP Associate Principal, Arup Program developed by Security Architectural and Engineering Council 2
3 3 W H AT W E ' V E D O N E TO G E T H E R E Functional requirements Initial design Estimate of costs Final design Value engineering Financial analysis Scheduled this presentation to senior management 3
4 4 F I R S T C O S T R E V I E W I N T H E P R O C E S S An initial rough cost must be prepared for a project during the planning phase to estimate the projected costs for the job. This financial process is crucial in evaluating solutions that can meet the design objectives. A Cost/Benefit Analysis must be performed as part of the evaluation of each solution or group of solutions. Recognize that financing is an important part of the decision making process. If we quantified risk earlier, we can evaluate the reduction in risk value for the rough order of magnitude (ROM) cost. ROM is a common term in cost estimating denoting a budgetary or planning figure that is usually a rough preliminary figure. We must first have a ROM cost estimate. 4
5 5 C O N C E P T UA L C O S T E S T I M AT E S Rough order of magnitude Ballpark - budgetary estimates Often done during inception to help make a go/no-go decision Based on similar projects Can use R.S. Means books Note as technology changes, the cost data documents may be out-of-date 5
6 6 S E C U R I T Y C O S T FA C T Rules of Ascending Costs Solutions that can be implemented procedurally usually are the most cost effective means Adding staff hours is the most expensive final solution. Relative Cost Procedures $ Passive Barriers $ Active Barriers $ Electronics $$ Personnel $$$ 6
7 7 C O S T - B E N E F I T A N A LY S I S A Cost-Benefit Analysis (CBA) estimates and sums the value of the benefits (typically in $) and costs of the project to establish whether they are worthwhile. One can compare $ value of decrease in risk to project cost $ to one solution One can compare the ratio of (Risk Reduction/$ Cost) for one option to other options to select the best solution 7
8 8 W H E R E I T F I T S I N T H E P R O C E S S During the integration process, there will be many discussions regarding money. Construction Cost Estimate Value Engineering & Partnering Return On Investment (ROI) When a design is complete, the final expected costs can be pinned down This is often when the final pitch to management is made, during the beginning of the implementation 8
9 9 W H Y A C O S T E S T I M AT E? Cost estimating occurs in multiple steps of the design process, from the initial conceptual costs to the final detailed cost analysis when the design is done and you are making funding requests to management. Make sure your consultant knows your cost ceiling! Project Evaluation/Approval Choosing between multiple options Estimating Return on Investment Project Planning Initiate accumulation of funds Live within your means Validation of Bids Establish competitive range Establish ceiling 9
10 10 C O S T C O M P O N E N T S Engineering & Design In-House Outside Consultant Hardware (bill of materials plus spares) Software (including documentation and licenses) Installation (labor, equipment rental, permits & miscellaneous materials) Construction Supervision (inspection & testing) Use a work breakdown structure (WBS) to track costs versus your budget for each activity and/or work product Tie the WBS to your schedule during construction 10
11 11 C O S T C O M P O N E N T S ( C O N T D ) Hidden Costs (security support, temporary operational changes) Other Costs taxes (state & local) overhead (15%) profit (10%) bonding (1-2%) contingency (5%) inflation (AR , Cost Growth Indices ) Continuing Costs (warranty, maintenance, training & alarm monitoring) 11
12 12 L E V E L S O F E S T I M AT E S Concept/Planning Stage (35% Design) Rule of thumb estimates Cost Estimating on a Bldg. type / S.F Large contingencies (20% to 30%) Intermediate Stage (65% Design) Estimate based on SF of Assemblies Vendor estimates/quotes Moderate contingency (10% to 15%) Final Design (100%) Refined drawing take-offs Estimate is by Unit Cost / Contractor bid Vendor quotations (equipment & labor) Minimal contingency (5%) 12
13 13 D E TA I L E D E S T I M AT E S Identify & Group by Subsystems (stand-alone or supporting systems) Develop a Bill of Materials (unit & quantity pricing) Establish Material Prices (concrete, rebar, boxes) Formulate Work Crews/Productivity/Rates Identify Required Equipment and Rental Rates (trenching, scaffolds) Combine with Bill of Materials (set up a spreadsheet and/or database) Maintain contingency as a separate line item, do not build contingency into each item 13
14 14 S E C U R I T Y C O S T E S T I M AT E E X A M P L E 14
15 15 C O N T I N G E N C I E S A N D M A R K U P S 15
16 16 B E AWA R E O F W H AT I S E XC L U D E D 16
17 17 P I T FA L L S Incorrect or Improper Quantities Not including all cost components (design, inflation, terminations, compensatory security measures) Price Increases (especially from vendors) Fixed Quantities (spools of cable) Ongoing or Near Term Site Changes Believing What You Hear Instead of Gathering Facts 17
18 18 F I N A N C I A L A N A LY S I S You are going to be one of many teams that are seeking funding for your project. A good, detailed cost estimate will enable you to justify your funding request and may result in your project being chosen over others equally as important but not as well thought out. 18
19 19 C O S T E S T I M AT I N G S U M M A R Y Use Current, Actual Cost Data/Quotes Wherever Possible Industry Averages Are Useful at All Stages Allow/Expect Differences at Bid Time Use Spreadsheet Programs Update Cost Estimate at all Design Submittal Stages (35%, 65%, 100%) 19
20 20 VA L U E E N G I N E E R I N G an organized effort to analyze the functions of systems, equipment, facilities, services, and supplies, for the purpose of achieving the essential functions at the lowest life cycle cost, consistent with required performance, reliability, quality, and safety. US Federal Code 401 FAR Part
21 21 VA L U E E N G I N E E R I N G 21
22 22 VA L U E E N G I N E E R I N G I D E A S Value Engineering not so much a phase as a particular exercise when trying to control costs Efforts at cost control should start earlier in the design phases and be revisited throughout the project When the costs are concrete, like a bid, is usually when the owner really wants to re-evaluate the design choices Utilize both estimates and bids to see where costs can be saved Engages both the Design Team and the Contracting Team to make recommendations to the owner about what costs can be saved and understanding its impact Generally when construction starts, the value around value engineering is mostly lost Design-Build approach tries to integrate the builder during the design phase so as to maximize any suggestions regarding cost savings 22
23 23 F U N C T I O N A L R E Q U I R E M E N T S A R E K E Y W H E N I T C O M E S T O C O N T R O L L I N G C O S T! Having good functional requirements is crucial to enabling the value engineering process to result in savings The solution must accomplish the desired results, not necessarily be a specific make, manufacturer, or part number 23
24 24 C O S T/ B E N E F I T A N A LY S I S P R O C E S S For a given solution, what is the level of risk reduction, overall or per asset/threat? What is the $ value of that risk reduction? What is the cost of the solution? What is the ratio of risk reduction to cost? Compare this ratio (which in and of itself is useless) for one solution to another to see the relative cost/benefit comparison Compare $ value saved (in risk reduction) to the $ value of the cost of the solution Only Options with positive difference considered 24
25 25 K E Y F I N A N C I A L M E T R I C S & T E R M S Project Life Cycle (typically 5-7 years) Direct Project Costs Indirect Project Costs Cost Savings Net Savings Return on Investment (ROI) Internal Rate of Return (IRR) Net Present Value (NPV) Payback Years 25
26 26 C O S T - B E N E F I T A N A LY S I S Describe Costs Design and planning costs Implementation costs Operating costs Describe Benefits Operational savings Increased security presence Reduced level of risk Lower insurance premiums Lower worker comp. costs Higher associate confidence Increased loss recovery Standardization of practice 26
27 27 F I N A N C I A L A N A LY S I S Vulnerability analysis is not enough Managers always consider profit/loss impact sometimes it s the sole decision driver Show security s contribution to profits: expense vs. investment Include overview of services: Incident reports and specific losses Attributable savings (reduced insurance premiums, worker comp. cost and inventory shrinkage) 27
28 28 G E T S U P P O R T F R O M O T H E R D E PA R T M E N T S Seek broad-based support for security program This helps spread costs out among several departments Facilities, IT, etc. Request other department managers to attend design presentations 28
29 29 B E P R E PA R E D F O R Q U E S T I O N S! 29
30 30 C O S T S O F I N A C T I O N If costs are reasonable and the projects are both necessary and appropriate If the cost of not doing a particular project could lead to brand impact risk and loss of future revenue Ensure that leadership has the authority to make decision involving that level of costs And finally that they buy off in writing on assuming those risks for the business 30
31 31 Q U E S T I O N S? 31
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