Original Press Release
New Compilation on ASTM Standards on Building Economics Now Available
Press release date: October 23, 2007
ASTM International announces the publication of a new compilation, ASTM Standards on Building Economics: 6th Edition. This new edition provides a comprehensive resource for evaluating the economic performance of investments in buildings, building systems and other constructed facilities, and includes six different sections.
Section 1 includes four standard guides that: (1) identify features and limitations of the methods that might influence users' choices under various conditions; (2) recommend techniques for treating uncertainty in input values to an economic analysis of a building project and evaluate the risk 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. The fourth guide, new to this edition, provides a generic framework for developing a cost-effective risk mitigation plan for new and existing constructed facilities.
Section 2 provides 12 standard practices. Five are methods for measuring life-cycle costs, benefit-to-cost and savings-to-investment ratios, internal rates of return, net benefits and payback for investments in buildings and building systems. Six treat value analysis, applying the analytical hierarchy process, performing and reporting cost analysis, measuring the cost risk of buildings and building systems, constructing FAST Diagrams and performing function analysis during value analysis studies, and organizing and managing building data. A new standard practice added in this edition describes how to present elemental cost summaries, analyses 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 analysis, evaluation and monitoring of buildings during the planning, feasibility 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, provides 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, benefit-to-cost and savings-to-investment ratios, internal rates of return, net benefits 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, Standard Classification for Life-Cycle Environmental Work Elements-Environmental Cost Element Structure.
Section 6 provides 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 buildings and building systems. The software and companion user's guide are not included in the compilation.
Copies of ASTM Standards on Building Economics: 6th Edition are available for $105 in print (325 pages, soft cover, 8.5" x 11"; ISBN: 978-0-8031-5695-1; stock #BLDGECON07) and CD-ROM (ISBN: 978-0-8031-5696-8; stock #BLDGECONCD07) from ASTM Customer Service (phone: 610/832-9585; fax: 610/832-9555; firstname.lastname@example.org) or online at www.astm.org.