Source: “ Asset Lifecycle Model for Total Cost of Ownership, Framework, Glossary and Definitions”, (National Association of State Facilities Administrators, et. Costs are generally based upon industry standard cost databases (e.g. The FCA identifies existing deficient conditions in logical groupings, priorities and quantities, and also, associated recommended corrections and corrective costs. It is recommended that FCAs be performed on a regular basis (3-5 years) and conducted on a portion of the portfolio annually. A detailed FCAP typically involves an assessment team of three disciplines: Architecture/Structural, Mechanical and Electrical and depend upon robust, scalable methodologies to assure accurate and consistent information. FCAP provides valid documentation, reporting mechanisms, and budgetary information in a detailed asset management system. al, 2002)įacility Condition Assessment Program (FCAP)Ī continuous systematic approach of identifying, assessing, prioritizing, and maintaining the specific maintenance, repair, renewal and replacement requirements for all facility assets. Source: “Asset Lifecycle Model for Total Cost of Ownership, Framework, Glossary and Definitions”, (National Association of State Facilities Administrators, et.

The CRV’s for associated infrastructure, such as utility systems, and generating plants, roadways, non-building structures (e.g., dam, bridges, etc.) are developed in a similar manner.

“replacement in function” (e.g., six story office space). The property owner/manager may decide, for internal purposes, to base the current replacement value (CRV) on “replacement in kind” (duplicate constructions techniques), vs. RSMeans) using the building construction type, user and use categories, quality level, buildings systems and or subsystems/components/units, and local experience. However, the value of property/land is excluded and insurance replacement values, or book values, should not be used to define the current replacement value.Ĭosts for the replacement value are typically generated using cost models that reference cost databases (e.g.

The value of design (6%), project management (10-12%), and administrative costs (4%) can be estimated at 20% of the construction cost. Construction costs are calculated as replacement in function vs. The total expenditure in current dollars required to replace any facility at the institution, inclusive of construction costs, design costs, project management costs and project administrative costs.

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