The true value of BIM is Total Cost of Ownership / Life-cycle Management, NOT 3D visualization.
TCOpcholakis
Once we move toward this goal in an integrated manner, owners and the AEC industry will be able to transition toward a collaborative, efficient method of working together to address the significant sustainability and economic issues faced by all.

The consistent use of appropriate terminology provides a foundation for the establishment of robust, scalable and repeatable processes, best practices, methodologies, standards, metrics and benchmarks for facilities and
physical infrastructure management. Common terminology also enables effective communication among the various decision makers, building managers, operators and technicians involved with facilities and physical
infrastructure investment and management.
4D – 5D – BIM provides a business process and a supporting technology backbone to leverage the above and drive transformational AEC industry change.
To help foster effective communication among public and private-sector organizations with interests in facilities, infrastructure and real property, a charter, inter-association I catalyzed and organized the formation of a group several years ago. A Definitions Committee was established in June 2002. The Committee was comprised of representatives of the National Association of State Facilities Administrators, the Association of Higher
Education Facilities Officers/APPA, the Federal Facilities Council, the International Facility Management Association, Holder Construction Company and Infrastructure Strategies, my consulting company at the time.
The task was to put forward a framework and a glossary of terms commonly used to communicate about facilities-related issues, from space
planning and construction, through operations and upgrades, to demolition/replacement.
This document represents the culmination of the Definitions Committee’s work. The framework, glossary of terms and associated metrics contained within will be put forward for adoption or approval by the respective
governing bodies of the participating organizations.
The Asset Lifecycle Model for Total Cost of Ownership Management (Figure 1) defines the cradle to grave responsibility for measuring and managing a physical asset’s useful life. The framework provides a structure to help property owners, managers, overseers and others determine and manage the Total Cost of Ownership (TCO) to best support their particular organization’s overall business or mission. In this instance, the Model is
used as a framework for organizing the glossary of commonly used terms and definitions.
The Asset Lifecycle Model has its foundation in the activities that occur over the lifetime of a physical asset -programming, design, construction, operations, maintenance, repairs and utilization – and the core skills or
COMPETENCIES required perform these activities. The competencies are further aligned with the business areas supporting specialized asset management business processes and practices, referred to as
INDUSTRIES. This organization gives focus to the resources and skills required to effectively manage an asset in any particular phase of its lifecycle. How well the industry or competency is being performed will
impact an asset’s useful life. The glossary of terms and definitions is organized by industry – space management, project delivery
management, operations management, capital asset management – and competencies. Metrics and/or cost models that can be used to measure the level of performance of each industry and competency are identified.
The definitions for each of the identified terms are derived from earlier work of the participating organizations and modified by the Definitions Committee.
It is the hope of the Definitions Committee that by learning from each other, sharing best practices and otherwise developing a rapport for future partnering and cooperation, we can, in some small measure,
contribute to more effective facilities and infrastructure asset management across the entire industry.
The above can be used in concert with COBIE / COBIE2 , IFC , as well as other important standards.