Intelligent Evaluation Vehicle (IEV)
IREP has the capability to model the whole life of buildings. This encompasses the period from design assumptions, material and equipment selection, installation, operational maintenance and part replacement considerations. This service can take a snapshot of any building at any stage in its life or the projected life costs of a conceptual building. The growth in this service requirement has been stimulated by the government Private Finance Initiatives. This initiative transfers the risk of buildings, building services and their outputs to the service provider for the period of the concession to enable bidders to accurately cost for the full concession period and demonstrate the robustness of their models to the finance houses who fund the projects. This process has to be, what is known in the industry as, “Bankable.”
IREP is able to provide the IEV model (Intelligent Evaluation Vehicle), which encapsulates all the required areas of expertise and model to provide life costings over any period, generally between 10 and 25 years. To enable the figures generated to be compared in accountancy terms the model utilises net present value techniques which take into consideration the effect of discounted cash flow on what can be large sums of lifecycle allowances. A more compelling argument for the focusing on the operating and replacement costs is that the aggregated annual costs excluding inflation is many times the capital cost.
Highlighted below is a graphical illustration of how operational considerations such as energy and maintenance links directly with asset age and performance.
Sample graphical analysis
Reporting & Monitoring
Once the above process has been carried out the IEV, Reporting and Monitoring module captures the real time operating data and assesses this information against the forecast expenditure predicted during the evaluation phase.
This process serves to provide 2 primary, essential benefits which will have the greatest impact on cost expenditure for the asset:
- Most importantly, re-assessing real time information against forecast information closes the ‘knowledge management’ loop by continually re-educating industry users and refining the bid or estimating process. This in turn allows the end user to plan development and life cycle budgets with a very high degree of accuracy.
- Secondly, capturing the real time information provides all the vital statistics required to map trends to determine plant deterioration in parallel with increased maintenance costs and hence optimise plant and/or sub-asset replacement timeframes.
As the IEV tool is a process driven application it has the ultimate flexibility to meet individual clients intended purposes and provide tailored reporting solutions. Real-time cost data can be readily assessed against budgets on a cumulative basis hence alerting the user immediately should expenditure fall outside pre-set parameters for an given time period.
Instantaneous reports are also available to assess items such as: compliance with legislation and statutory regulations, utilities consumption, CO2 emissions, H&S, planned maintenance programs and so on. Each set of collated data will have pre-set parameters and should a breach arise an automated monitoring system will alert the responsible person/s immediately allowing corrective measures to be implemented prior to a potentially costly problem going undetected for an extended period of time.
IEV gives IREP a unique tool to apply within the global FM arena which in turn provides total transparency to users allowing completely informed decisions to be made based on simulation of proposals hence providing the optimum solution in all instances.