What is Component-Based Estimating
Component-based estimating is a legacy term coined by the Marshall & Swift®/Boeckh (MSB) team that created the original MSB Building Cost Database. Data from the original MSB Building Cost Database is used throughout CoreLogic Insurance Solutions products, including claims, underwriting, and government services, to create construction valuation and pricing information. CoreLogic defines a construction component as:
“The least complex grouping of construction elements including Materials, Labor, and Equipment that are combined to create a unit price based on a prescribed unit of measure using common building construction techniques and building material purchasing practices.”
The key phrase in defining a construction component is “least complex grouping.” This standard is applied throughout the CoreLogic Claims Construction Database as a methodology to accurately reflect both material ordering and purchasing practices and the labor associated with installing those materials. It is important to note that when comparing a CoreLogic Claims Construction Database line item to other estimating methods or systems, many line items will appear similar in scope due to standardized and industry-accepted construction practices. Any estimator needs to consider the line-item details and descriptions to accurately portray the components and associated scope when applying a comparison methodology across any estimating system.
For example, depending on the complexity of the footprint and elevation of a vinyl- sided home, there may be one or two stories of inside and outside corner posts and varying numbers of windows, doors, and other breaks within the siding planes. The CoreLogic Claims Construction Database breaks out each component of a vinyl siding installation into individual line items for an estimator so that the cost associated with an individual repair is accurate based on the building footprint and other breaks in the plane of the building envelope. This methodology differs from other estimation methods, which may combine multiple components to arrive at an average blended cost. The CoreLogic Claims Construction Database allows an estimator to represent the actual square feet of materials, linear feet of materials, and associated labor more accurately for each respective unit of measure as constructed.