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Stages of Budget/Cost Plan

I should have probably done this before I started with my post on Budget/Cost Plan, however I decided to keep this to the end since this is subjective, because the stages of budget are probably relevant to a large extent to the Developer of a project and the Consultant of the project. To a contractor, there would be a different work flow.
So what I would do here is try to explain my understanding of the various stages of the budget and then maybe explain who the stages would serve a relevance to.
The following would be IDEAL stages of budgeting:
  •           Concept Stage: as the name conveys, concept i.e. an idea, a budget that could be given to the client when the project is still a concept or an idea. This would be a very basic budget with the least accuracy. It would work on the basis of just the land area and the use of the land. Most of the numbers that would reflect in this stage would be on the basis of bench-marking (please refer to my previous post of Bench-marking for a clear idea).
  •           Design Development Stage: This stage is when the concept of the project is fairly clear and basic drawings are in place, therefore the accuracy of the budget is better than the concept stage. This budget can be aligned with the Designers as per the client requirements.
  •           Tender Stage: As the title suggests, this is a budget that is drafted when the design/drawings are at the stage of tender, the budget at this stage should be almost accurate except for some minor changes that maybe due to Value Engineering or minor changes due to authority approvals.
  •           GFC/IFC Stage: Once the tender is awarded and the Good for Construction/Issued for Construction drawings are in place, a QS will be in a position to provide the almost final budget which would only be altered for changes at the construction level for unforeseen causes. The QS should have however accounted for all probable costs while projecting the budget. Generally, this is the budget against which the project is monitored in the form of MIS (Management Information System) reports on a monthly basis.
  •           Close our Stage: This is the final budget, the budget that is done to conclude project costs, this is done on the completion of the project and should reflect the entirety of costs that are spent on the project. This budget is used to determine the profit and loss or the overflow of the project. In case of the developer this budget is used to assess the final sales values.


The table below indicated the budgets which are used by the various parties involved in the project:


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