QUSU07031 2019 Cost Control

General Details

Full Title
Cost Control
Transcript Title
Cost Control
Code
QUSU07031
Attendance
N/A %
Subject Area
QUSU - Quantity Surveying
Department
CENG - Civil Eng. and Construction
Level
07 - NFQ Level 7
Credit
05 - 05 Credits
Duration
Semester
Fee
Start Term
2019 - Full Academic Year 2019-20
End Term
9999 - The End of Time
Author(s)
Ruairi ODriscoll
Programme Membership
SG_JQUAN_H08 201900 Bachelor of Science (Honours) in Quantity Surveying SG_JQUAN_J07 201900 Bachelor of Science in Quantity Surveying SG_JQUAN_B07 201900 Bachelor of Science in Quantity Surveying
Description

This module implements the practicalities of effective cost control procedures during the post contract phase of a construction project. The module is designed from the perspective of both consultant quantity surveyors and contractor's quantity surveyor/cost managers.

Learning Outcomes

On completion of this module the learner will/should be able to;

1.

Describe effective post-contract cost control techniques

2.

Identify the principles of controlling and reporting on costs

3.

Present variations, interim valuations and final accounts

4.

Examine strategies and procedures to control predicted expenditure in line with the contract sum

5.

Prepare and assess loss and expense/delay and disruption claims

Teaching and Learning Strategies

This module will be delivered using blended learning techniques. This will include live lectures / online lectures for online students (via adobe connect or similar), and guest lectures augmented by independent learning and directed learning. This approach addresses student learning needs. Moodle will be used to upload educational material (i.e. presentations and recordings of online lectures plus supplementary reading material) and as a means of assessment (e.g. quizzes, uploading assignments and journals). This blended approach brings students together to facilitate group learning.

Module Assessment Strategies

Coursework & Continuous Assessment

40%

End of Semester Examination

60%

Repeat Assessments

Repeat Continuous Assessment and/or Final Exam.

Indicative Syllabus

Post-Contract Cost Control – contract signing – agreement of final account

Using Cash Flow for financial management

Expenditure of PC/Provisional Sums/contingencies

Managing change control/variation procedures, valuing variations & dayworks

The preparation of Interim Valuations/Stage Payments

Reporting and forecasting on costs and risk during the construction phase

Preparation, negotiation and agreement of Final Accounts

Preparation and assessment of Loss and expense/delay and disruption claims 

Coursework & Assessment Breakdown

Coursework & Continuous Assessment
40 %
End of Semester / Year Formal Exam
60 %

Coursework Assessment

Title Type Form Percent Week Learning Outcomes Assessed
1 Continuous Assessment - Cost Planning Continuous Assessment Assessment 40 % OnGoing 1,2,3,4,5
             
             

End of Semester / Year Assessment

Title Type Form Percent Week Learning Outcomes Assessed
1 End of Semester Exam - Cost Planning Final Exam Closed Book Exam 60 % End of Semester 1,2,3,4,5
             
             

Full Time Mode Workload


Type Location Description Hours Frequency Avg Workload
Lecture Lecture Theatre Cost Control 2 Weekly 2.00
Laboratory Practical Computer Laboratory Cost Control 2 Weekly 2.00
Independent Learning Not Specified Cost Control 3 Weekly 3.00
Total Full Time Average Weekly Learner Contact Time 4.00 Hours

Online Learning Mode Workload


Type Location Description Hours Frequency Avg Workload
Lecture Computer Laboratory Cost Control 1 Weekly 1.00
Independent Learning Not Specified Cost Control 5 Weekly 5.00
Directed Learning Not Specified Cost Control 1 Weekly 1.00
Total Online Learning Average Weekly Learner Contact Time 2.00 Hours

Required & Recommended Book List

Recommended Reading
2009-02-09 Construction Planning, Programming and Control Wiley-Blackwell
ISBN 1405183802 ISBN-13 9781405183802

This book offers a clear explanation of the principles and practice of construction planning, programming and control during the preparation and construction stages of a project. The book is written in the context of current procurement and contractual arrangements and JCT2005, NEC3 and ICE7 contracts are covered. The statutory framework within which construction projects must be managed is explained and the topic of construction hazard and risk is covered in detail. A variety of programming techniques are explained and the development of safe construction sequences and methods is particularly emphasised. The control of time, money and resources are considered in a risk management context and a complete chapter is devoted to cash flow. The third edition has been extensively updated and extended to include new materials on: * Hazard identification * Risk assessment * Health and safety management * CDM 2007 * Construction sequences and method statements * Delay analysis * Waste management and Site Waste Management Plans The final three chapters are devoted to individual case studies which have been selected to illustrate the practical application of the principles explained in the book and to provide examples of current procedures adopted by major contractors. The content is designed to provide a clear and comprehensive text for undergraduates on construction management, surveying and civil engineering degree courses.

Recommended Reading
2011-12-27 Construction Accounting and Financial Management Pearson Education
ISBN 0132675056 ISBN-13 9780132675055

CONSTRUCTION ACCOUNTING & FINANCIAL MANAGEMENT, 3/e helps construction professionals and construction management students master the principles of financial management, and adapt and apply them to the challenge of profitably managing construction companies. It integrates content that has traditionally been taught through separate accounting, finance, and engineering economics texts. Students learn how to account for a construction company's financial resources; how to manage its costs, profits, and cash flows; how to evaluate different sources of funding a company's cash needs; and how to quantitatively analyze financial decisions. Readers gain hands-on experience through 220 example problems and over 390 practice problems, many of them based on situations actually encountered by the author. This edition adds more than 100 new discussion questions, and presents financial equations and accounting transactions more visually to support more intuitive learning.

Recommended Reading
1997-01 Quantity Surveying Practice
ISBN 0333689070 ISBN-13 9780333689073

This book covers the whole range of skills and knowledge that modern quantity surveyors require to perform their work efficiently and effectively. The text has been thoroughly revised and extended to enhance its value to the reader.

Recommended Reading
2006-11-21 The Aqua Group Guide to Procurement, Tendering & Contract Administration Wiley-Blackwell
ISBN 1405131985 ISBN-13 9781405131988

The period from starting a college course to successful completion of professional examinations represents a long and steep learning curve. The range of skills and the knowledge required to perform work efficiently and effectively might, at first, seem rather daunting. This guide will provide you with sufficient understanding and hold you in good stead for your early years in professional practice. The Aqua Group Guide to Procurement, Tendering and Contract Administration is the merging of three established textbooks written by the Aqua Group - a highly respected group of architects and quantity surveyors. It has been edited, enlarged and updated into a single volume by Davis Langdon and now covers the entire building process from inception through to final account. With clear and thorough explanations by practising professionals from this distinguished practice, you are taken through self-contained chapters covering the detail of: * the briefing stage; * procurement methods; * tendering procedures; and * contract administration. Throughout, the emphasis is on current best practice and the book draws from the widely used Joint Contracts Tribunal (JCT) series of contracts, notably the 2005 edition of the Standard Building Contract. This authoritative guide provides a detailed account of the building team's roles and responsibilities, and industry practice required to ensure that projects meet clients' expectations in respect of time, cost and quality.

Module Resources

Journal Resources

Surveyors Journal (SCSI)

URL Resources

The Society of Chartered Surveyors Ireland;  https://www.scsi.ie/?gclid=EAIaIQobChMIuY2XqLOT4QIVzLvtCh2BpQ47EAAYASAAEgJAOPD_BwE

The Chartered Institute of Builders;  https://www.ciob.org/

Other Resources

Department of Finance (2009) How to use the Costing Document (Building Works) Template: Capital Works Management Framework CO 1, Department of Finance, Dublin

National Building Elements Committee (1993) National Standard of Building Elements and Design Cost Control Procedures , 3rd ed. Environmental Research Unit, Dublin