ASTM-E2204 › Historical Revision Information
Standard Guide for Summarizing the Economic Impacts of Building-Related Projects
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Scope
1.1 This guide covers a generic format for summarizing the economic impacts of building-related projects.
1.2 The guide provides technical persons, analysts, and researchers a tool for communicating project impacts in a condensed format to management and non-technical persons.
1.3 The generic format described in this guide calls for a description of the significance of the project, the analysis strategy, a listing of data and assumptions, and a presentation of the key economic measures of project impact.
Significance and Use
This guide reduces the time and effort to communicate the findings of project impact studies and improves the quality of communication between those who measure economic impacts and those who evaluate and interpret them.
Following the guide assures the user that relevant economic information on the project is included in a summary format that is understandable to both the preparer and user.
Since the standard guide provides a consistent approach to reporting the economic impacts of projects, it facilitates the comparison of economic studies across projects and over time.
The guide focuses on projects in construction and building-related research. It applies to government as well as private projects. And while the examples treat building-related projects, the guide is applicable to non-building-related projects as well.
Building-sector users of this guide include building owners and managers, private-sector construction companies, research groups in building and construction industry trade associations, parties to public-sector construction projects, and government laboratories conducting building-related research.
Use the guide to summarize the results of economic impact studies that use Practices E 917
Use this guide in conjunction with Guide E 1369
Use the guide to summarize the impacts of projects that affect exclusively initial costs, benefits, or savings, as well as projects that affect life-cycle costs, benefits, or savings.
Note 1—Examples of projects dealing exclusively with initial costs, benefits, or savings include design modifications or innovative construction practices that reduce labor or material costs, reduce construction duration, or increase construction productivity, but leave future costs, benefits, or savings unchanged.
Use the guide to summarize the impacts of projects that affect parties that are internal to the organization preparing the summary as well as projects that affect not only the organization preparing the summary but also groups external to the organization.
Note 2—Projects whose impacts are internal only correspond to situations where the organization preparing the summary bears all of the costs and receives all of the benefits or savings, or both, from the project. Examples include, but are not limited to, the use of innovative construction practices or alternative building materials, components, or systems that reduce initial costs or future costs, or both, to the building owner.
Note 3—Projects with a public-sector component frequently have impacts that reach beyond the organization preparing the summary. Examples include, but are not limited to, building-related research conducted by government laboratories, projects aimed at mitigating the consequences of natural or man-made hazards, or both, that have the potential to cause collateral damage, and highway and bridge constructions that affect traffic patterns.
There is no limitation to the use of the guide in facilitating communication between project analysts and project managers and other decision makers. Substantial benefits from using the guide, however, are likely to come from its application in a large institution, such as a federal agency, where many projects are competing for funding, and a systematic presentation of results that can be compared across projects and agencies is needed to allocate efficiently scarce funds.
Keywords
adjusted internal rate of return; analytical hierarchy process; benefit-to-cost ratio; building economics; economic evaluation methods; economic impacts; engineering economics; homeland security; impact assessment; internal rate of return; life-cycle costs; man-made hazards; measures of worth; multiattribute decision analysis; natural hazards; net benefits; net savings; payback; savings-to-investment ratio; Adjusted internal rate of return; Analytical hierarchy process (AHP); Benefit-cost ratio/analysis; Building economics; Engineering economics; Impact assessment; Internal rate of return; Life-cycle cost (LCC) analysis; Multiattribute decision analysis (MADA); Net benefits analysis (of buildings); Savings-to-investment ratio; ICS Number Code 03.100.01 (Company organization and management in general); 91.020 (Physical planning. Town planning)
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91.020 (Physical planning. Town planning)
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Document Number
ASTM-E2204-05e1
Revision Level
2005(E1) EDITION
Status
Superseded
Modification Type
Editorially changed
Publication Date
Feb. 1, 2009
Document Type
Guide
Page Count
16 pages
Committee Number
E06.81