Construction Cost Management 2nd Edition
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Construction Cost Management 2nd Edition

Construction Cost Management 2nd Edition by Keith F. Potts and Dr. Nii A. Ankrah | PDF Free Download.

Construction Cost Management Contents

  • Introduction and overview
  • Reports and recommendations
  • Selecting the consultants and contractors
  • Pre-contract cost management
  • Cost management on PFI projects
  • Contractor’s estimating and tendering
  • Value management
  • Risk management
  • Whole-life costing
  • Organizational methods (Part 1)
  • Organizational methods (Part 2)
  • Payment systems and contract administration
  • Contractors’ cost control and monitoring procedures
  • Change management valuing variations
  • Claims management
  • The NEC Engineering and Construction Contract
  • FIDIC standard forms of international construction contract
  • Case study: Heathrow Terminal 5

Preface to Construction Cost Management PDF

This second edition updates Construction Cost Management: Learning from case studies which were first published in 2008. Following feedback from independent academic reviewers, the structure of the book was kept the same but each chapter was brought up to date and modified where appropriate.

With a new joint author – Dr. Nii A. Ankrah – each chapter was thoroughly reviewed and enhanced with the addition of further case studies in both the building and civil engineering sectors.

A thorough review of relevant published academic articles was undertaken and, where appropriate, further academic references and relevant websites were also included.

These additions now make the second edition a suitable starting point for many procurements and cost management-related dissertation topics.

Since the publication of the first edition, we have received useful information from many senior quantity surveyors and commercial managers representing consultants, public and private clients and contractors, and major specialist contractors.

The chapters on the NEC3 and FIDIC Red Book have been considerably enhanced after feedback from a wide range of students and practitioners with experience of working in different countries. These, together with observations received from undergraduate and postgraduate students at the University of Wolverhampton, have further enriched the content of this book.

Finally, we would like to thank our valued fellow colleague Pauline Corbett for her invaluable comments – they have always been pertinent and knowledgeable.

This revised edition thus captures the essence and key issues of construction cost management not only in the UK but in an international context. Any errors or omissions are, of course, our responsibility.

There have been many significant changes in the construction sector within the past decade. Notably, the sector has witnessed the growth of partnering and alliancing which require better management of the supply chain and increasing use of the NEC Contract (NEC3) which requires a team-based proactive approach to project delivery.

New financial models have been developed including Private Finance Initiative (PFI), Local Asset Backed Vehicles (LABVs), and variants of these in which private sector consortia design, build, own, and operate public facilities in partnership with the public sector.

Great advances have been made on the technical front with the growth of Building Information Modelling (BIM) and other web or cloud-based project management platforms.

Enlightened clients have also been demanding more sustainable developments and construction projects.

Yet the same fundamentals apply – clients wish to obtain their increasingly more complex projects within budget and on time and to the necessary quality. Cost management, a function is traditionally undertaken by quantity surveyors, therefore remains of critical importance to project success.

One of the pioneer quantity surveyor construction project managers was Francis Graves who undertook the task of Project Controller in 1972 on the massive 5-year-long Birmingham NEC Exhibition Centre project.

He considered his terms of reference on this project very straightforward – Get it finished on time and get value for money! This maxim still resonates today and forms the core of the services offered by all quantity surveying firms on construction and engineering projects.

It is significant to observe however that the practice of cost management and the role of the quantity surveyor is changing in response to all the pressures highlighted above.

Indeed, many are moving on from the core skills of contractual and financial management to embrace the key role of the client’s strategic adviser and project manager.

Evidence of this development can be seen from an analysis of three of the top Quantity Surveying Consultants’ websites which shows their involvement in a wide range of strategic services that are increasingly being offered throughout the life of the asset (Table 1.1).

It is within this context that this book is written to map out some of the key principles and techniques that underpin cost management practice and signpost some of the critical developments in the construction sector that will continue to shape the future role of the cost manager.

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