Episode 8 - The Power of Cost Data

More data means better decision-making. But that data needs to be collected and structured properly. That’s what we’ll be discussing in today’s episode: the Power of Cost Data, and the challenges we face in collecting, structuring and using it, on a global scale. What you'll learn from today's episode of Inventing Construction: What is Cost Data? What can Global Standards do for us? How we use Cost Data to locate major cost drivers on projects What having proper Cost Data can mean for your clients Why sharing information is vital for this new process to take place 🎧 You can also listen to Inventing Construction on these platforms: Spotify: https://open.spotify.com/show/2aAxc0iqOe2J... Apple podcast: https://podcasts.apple.com/us/podcast/inve... Spreaker: https://www.spreaker.com/podcast/inventing... We would love for you to continue the conversation with us on LinkedIn: Ross: https://www.linkedin.com/in/ross-griffin-k... Elia: https://www.linkedin.com/in/eliaarquitecta... KOSMOS: https://www.linkedin.com/company/kosmos-dk Thanks for watching! - 00:00 Introduction 02:17 What is cost data? 05:27 What types of project information should be treated as cost data? 08:55 Why square metre rates alone are not enough 13:42 Why variations and change management are valuable data 17:24 The value of cost data 19:51 Finding hidden cost drivers in a project 24:26 Tracking design development and cost variation over time 27:29 Faster, more accurate, fact-based client decisions 30:03 How anonymisation could work for project economics 32:53 Why the future of cost data is sharing