Benefits of ASTM Economic Standards

Abstract

The ASTM E06.81 Building Economics Subcommittee developed 26 standards that can assist in key project areas. Almost every action throughout the life of a project has cost and risk consequences. This paper provides an overview of how ASTM standards are used to promote more cost-effective decisions for the design, construction, operation and disposal of constructed facilities. There are 10 standards focused on compiling, analyzing, reporting, and summarizing cost data; three standard practices for measuring the value of construction related systems and attributes; five standards for measuring and managing risk; and seven standards for measuring economic performance and reporting the results of an economic evaluation. Terminology is an important part of all E06.81 standards. A separate terminology standard provides definitions of economic techniques and terms used in the 25 other E06.81 standards. Five case studies are presented in this paper. Case Studies 1 and 2 focus on risk management of low-rise and high-rise buildings. Case Study 3 is an example of value analysis of high rise building columns. Case Study 4 describes how to manage cost and mitigate risks for bridge projects and Case Study 5 is part of economic evaluation of a long-span bridge from concept to construction and beyond.