What is the different between a Cost Plan and A Bill of Quantities?
Both are used to determine the cost or budget of a project, but the difference lies in when and how they are prepared.
A cost plan is usually prepared by a consultant during the initial stages of a project, such as the concept or schematic design stage, where there may be limited documents and drawings available. The cost plan is updated as more details become available, and it is used to come up with the budget of the project. On the other hand, a bill of quantities (BOQ) is prepared during the detailed design stage when all the necessary documents and drawings are available. The BOQ is used to obtain quotes from different contractors for carrying out the project.
In terms of preparation, both the cost plan and BOQ can be created using formats or templates that are already existing in the company or provided by the client. Standard methods of measurement are also available for creating a BOQ, such as NRM2 for the UK, IS 1200 for India, and CESMM for civil engineering projects.
Regarding rates and quantities, a cost plan usually involves making assumptions based on available information such as the area of a room or lump sum amounts from reports or master plans. A consultant can use historical data to determine rates for different elements of the building. In contrast, a BOQ is prepared with detailed design drawings that include all the necessary specifications and quantities.
In summary, a cost plan is prepared during the initial stages of a project, while a BOQ is prepared during the detailed design stage. A cost plan involves making assumptions based on available information, while a BOQ uses detailed design drawings and specifications.