Cost Benefit Analysis of Implementing Building Information Modeling (BIM) for Construction Management of the Sports Arena of University of Alaska Anchorage

Abstract

This research project evaluates the costs and benefits of implementing building information modeling (BIM) as a construction project management tool through the scenario analysis of the UAA Sports Arena project completed August 14, 2014. A literature review was conducted providing general information about BIM, its current status, leading software, cost, benefits, and analysis of two case studies. Cost benefit analysis was applied to account for risk and allow for the comparison of multiple scenarios that are simulated in @RISK. Based on the schedule scenario the project could have ended 11 days early, resulting in an estimated savings of 1.5% of total project cost. Based on the cost scenario the project is estimated to save 1.1% of total project cost, with a 72.8% chance of realizing a positive benefit. When the conditions specific to each scenario in this research are met, the results support a go decision with regards to the implementation of BIM.