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K. PROJECT MANAGEMENT SERVICES 1.OPTIONS ANALYSIS Because of our deep portfolio of “hard-bid” experience, our team is particularly adept at scoping projects. As CMc, we work with owners to determine project requirements and create an effective work scope. By analyzing options, we determine the most practical and cost effective manner to complete the project efficiently while adhering to budget, time, and project intent constraints. 2. DESIGN REVIEW Working with the Design Team, we first ensure a mutual understanding of the Client’s needs. With this understanding, we then take the time to thoroughly review and analyze project plans and specifications to determine initial costs, schedule implications, and value engineering alternatives. Our estimators’ review also reveals discrepancies, conflicts, and potential constructability problems, which minimizes the potential changes and/or delays. Optimum review ensures that design: • meets programming, planning, or statutory requirements • is complete, at least for the portion of work that is to be bid • is coordinated, buildable, and able to be maintained • risk is minimal and its allocation is clear 3. BUDGET ESTIMATING Utilizing historical cost data, updated with our knowledge of market conditions and subcontractor pricing from specialty trades, Paschen will prepare a comprehensive Initial Budget. Architectural features and building elements, as well as the systems – structural, mechanical, electrical, plumbing, etc. – are also defined and assigned preliminary costs. This will give the entire project team, including the Owner, Design Team, and Contractor, an understanding of the project cost and the components that make up the budget. All future budgets will be compared to the initial budget. The second estimate defines the cost of individual elements, including specific equipment and selected materials and finishes. From this point, problem areas with respect to cost are identified for evaluation. While brainstorming and initial discussions with regard to value engineering may have begun during the first estimate, this is when options begin to be explored in earnest. Our next step will be to prepare a Guaranteed Maximum Price (GMP) proposal for the project, which will include a bid package breakdown. The GMP will be prepared using in-house estimates and subcontractor pricing for specialty trades. During construction, the cost of the project is reviewed continuously to make sure that it remains on budget and that the Owner gets the most benefit for the cost. We will review the documents as they are produced by the Design Team and evaluate ways to save money, time, and improve quality. 4. VALUE ENGINEERING Our primary objective, when it comes to value engineering, is to deliver equivalent construction quality at a reduced cost. Ideally, we aim to discover efficiencies that produce greater quality in the final project, at an equal, possibly even reduced cost compared to the initial budget. On almost every project, there are just as many value engineering alternatives that involve material and equipment substitutions as there are options to simplify the