What method of cost estimating is employed during the Schematic Design phase?

During the Schematic Design phase, preliminary estimates based on major elements are utilized as they provide a rough approximation of project costs while the design is still being developed. At this stage, the focus is on establishing basic design concepts and defining the scale and scope of the project, rather than on detailed specifications or material selections.

Using preliminary estimates allows architects to provide clients with early budget insights that leverage the major components of the project, such as square footage, systems being considered, and other broad parameters. This method is beneficial in guiding decision-making and ensuring that the design remains within budget constraints as the project progresses into further stages.

In contrast, methods like final pricing based on all specifications are typically reserved for later phases when more detailed documents are prepared, historical cost data is often applied in strategic planning but not specifically in Schematic Design, and parameter cost adjustments refer to adjustments made based on broader economic parameters or market conditions rather than being focused on individual design elements.