What is Cost Management?
As the name implies, the primary function of Cost Management in any sector is to ensure that a project stays within the scope of a predetermined budget.
By instructing a Cost Management consultancy like Change you take your first step towards reducing your budget risk. Once a customer appoints us a Cost Manager or Quantity Surveyor (QS) is assigned to that project from inception to completion.
The main objective of a QS is to bring the project to completion within a specified budget. The QS role usually starts with the production of an initial cost estimate to assist clients and architects assess the project and feasibility.
As the design develops the QS works collaboratively with clients and project teams to provide cost advice and updated Cost plans. At the tender stage the QS offers procurement recommendations based on market conditions in conjunction with creating a Schedule of Works to enable competitive tendering. Alternatively, the QS can oversee a negotiated contract route should the client have a specific or preferred contractor in mind.
After the tenders are analysed, the QS makes a recommendation and produces a Tender Report. Upon the contract being awarded the QS will visit the construction site on a regular basis, to assess the value of the work completed. He/she will also compile frequent Cost Reports to keep the client appraised of running construction costs.
Once the contract is completed the QS will negotiate the Final Account and a Final Account Report is then produced for the client confirming the final balance of the contract cost.
What is Contract Administration?
Contract Administration is the administration of contracts made between the different parties involved in a construction project, such as the clients, building contractors, employers and any other third parties who may be required.
Not only is a Contract Administrator (CA) versed in understanding and executing a building contract but a truly experienced CA is able to identify the advantages and disadvantages of the contract based on the scope of work it entails and advise a client accordingly.
Contracts are the foundation to success in business so it is highly advisable to begin considering options for a CA during the early stages of a construction project.
What is Project Management?
Project Management is the process of leading a team to achieve all project goals within given constraints.
Once a Project Manager (PM) is elected, they become the main point of contact and co-ordination for the duration of their appointment. The PM manages the realisation of the project brief, assists the client in appointing the rest of the professional team or consultants and any other resources required to deliver the project. This makes choosing the right PM for the job a vital component to success because their planning, strategic vision, communication and leadership skills are key to the success or failure of the project.
All qualified construction professionals and industry experts, the team of Quantity Surveyors, Contract Administrators and Project Managers at Change are among the very best in their fields and are highly adept at providing the multi-faceted range of services required by our clients.
For more information or to schedule a consultation please feel free to contact us at email@example.com.
We welcome the opportunity to discuss the details of your project and make any recommendations that may guide you in choosing the scope of service that best meets your needs.
Royal Institute of Chartered Surveyors (RICS):
Change aligns our Cost Management, Project Management and Contract Administration services with RICS guidelines