Value and risk management in quantity surveying pdf

Personnel in building contracts and their responsibilities. Pdf paper presented at 2015 qsrbn annual conference of registered quantity surveyors with the theme strategic options for nigerian. It assesses their recognition of the theories and techniques adopted to manage risk and builds on the. Quantity surveyors professional cost, value and risk. Risk management, value management quantity surveying international conference. Pmp believe that effective and accurate early cost advice is the key foundation to a successful project.

An elearning approach to quantity surveying measurement. The changing role of a quantity surveyor highfield. Often, they also gather tender and contract documentation, conduct feasibility studies, and undertake risk control. Unlike land surveyors, and estimators, quantity surveyors are known. In real estate, this covers residential, commercial, industrial, leisure, agricultural and retail facilities.

Implementation of quantity surveying and cost management services helps analyze investment and development, for the guidance of owners, financiers and contractors. Quantity surveyors manage the costs of building projects from start to finish, looking for the best value for money and making sure the project meets legal and quality standards. An extension of quantity surveying services in malaysia m. Also called as value analysis and one of the most important steps in the value management process. Produced by the qs and construction working group of the royal institution of. Cost management and quantity surveying services rps.

The traditional technical and professional services of quantity surveyors still. Responsible early cost advice means that our clients are able to make informed business decisions on the deliverables of a project. Functions of a quantity surveyor in building contracts. Quantity surveyor site covering the topics such as quantity surveying, commercial management, contract procedures, commercial management and project management. Risk management, northern ireland construction industry. They work on behalf of contracting organisations or representatives of the client, aiming to maximise value and ensure that the project is completed within. Estimation and quantity surveying indiastudychannel. Each of the activities under the competencies must be signedoff to a specific standard, indicated by one of the letters a, k, e or b. Quantity surveyors work in all sectors of the construction industry worldwide. Pdf ce6704 estimation and quantity surveying eqs books.

Financial management in construction contracting wiley. Value management vm initially started in early 1940s in the us manufacturing industry has increasingly becoming popular within the construction industry community internationally. This paper presents the results of a survey of 125 professional quantity surveying practices in the uk. Once the building process starts, quantity surveyors keep close tabs on any. The survey focuses on the use of risk management tools and techniques used when estimating initial. It must be as accurate as possible and should be based on all available engineering and design data. This 1st edition guidance note which comes into effect on 1 may 2017 introduces the concepts of value management and value engineering as they relate to construction projects and to the role of. The factor analysis and chi square test of independence were the main tools used for data analysis. This guidance note provides details of the general principles of risk management and provides practical applications and considerations for successful implementation. What are cost engineering, quantity surveying and project.

Rics is the professional body for the quantity surveying industry and ensures that the industry has high standards through promotion of qualifications and best practice. By applying our extensive experience, we can help our clients to achieve the. Quantity surveying role in construction projects muep. Bsc hons quantity surveying and commercial management semester one. The approaches to teaching quantity surveying measurement described in this paper are those adopted in. Chapter 2 quantity takeoff the quantity takeoff is an important part of the cost estimate. Pdf exploring the inherent estimating risks in quantity surveying. Value management and value engineering, 1st edition. Management of risk, 1st edition this guidance note provides a reference point for professionals on the discipline of risk management. Project cost overruns and risk management please leave footer empty to be in chaos leftly, 2001. A quantity surveyor is an expert professional with exceptional knowledge on construction costs and contracts. According to smith 2005, the following are quantity surveying services. Then the owner usually chooses the company with the lowest bid to complete.

Examination 20152016 construction economics module no. The practice of risk management by cost consultants in. Quantity surveying, project management, variation, procurement, construction industry. As chartered quantity surveyors we provide professional cost, value and risk management.

C k e value engineering techniques and their importance in. Degree of bsc hons quantity surveying in the faculty of engineering, built environment and. You will be taught by staff with academic and professional experience in quantity surveying, architectural practice, civil engineering and the construction industry, having worked in a variety of professional. He also uses the value management knowledge to obtain a reduction in construction costs. Pdf introduction to quantity surveying laki emmanuel. Pdf value management practice by south african quantity. Chapter 2 risk management and construction research. In infrastructure, it covers roads, railways, water ways, airports, seaports, coastal defences, power generation and utilities. Value engineering is a methodical process to transform the project into its. Bwb provides a range of professional quantity surveying services across all sectors of the property and construction industry.

Cas5009 question 3 the risk free base estimate for a rail track. This paper shall discuss on the development of vm in malaysia and the challenges vm face services in qs firm to remain ahead of their competitors. Therefore, the quantity surveying profession having the opportunity to take lead of this service which reflect their traditional attributes for providing the best valueformoney advise to the client. Ce 2402 estimation and quantity surveying l t p c 3 0 0 3 objective this subject covers the various aspects of estimating of quantities of items of works involved in buildings, water supply and. This is the ideal core text for final year degree and postgraduate level modules on quantity surveying, commercial management, construction management and project management courses and will. Who are quantity surveyors and why are they important. Quantity surveyor reports to contracts manager and is involved in maximizing project margin, adding value to the construction process by proactive involvement in procurement, cost management and reporting. B k e profitability forecasts, costbudgetvalue comparisons and cash flow. Value management practice by south african quantity surveyors article pdf available in facilities 2812. The quantity surveyor in the construction industry seems to have gone through some significant changes. Pdf modern quantity surveying a complete package adding. So basically, quantity surveyors make sure buildings are safe, highquality and costeffective all very important things. The following document summarizes the conclusions of discussions held at icec international congresses and endeavors to compare the similarities and. There exist some misconception as well between value engineering ve.

Commercial managementquantity surveying to exhibit knowledge of all civil engineering contracts, but also to support and recommend strategies to the other members of the construction team. Our approach to quantity surveying is one which focuses on the business needs of the customer, and aims to deliver a cost management service which enables them to make informed decisions in relation. The case of the quantity surveying profession in kenya citeseerx. Construction economics and management wits university. The quantity surveying competencies are split into core and specialist competencies. Throughout my 4 th year of the honours degree quantity surveying programme, i found the value and risk appraisal module very interesting especially the.

He is responsible for investigating whether public spending bodies achieve the best possible value for money and adhere to the highest. The school of construction economics at wits university, in partnership with wits plus, run a number of short. Risk management as a discipline is becoming far more prevalent for the success of projects, programmes and indeed the construction industry. Nowadays, most of the dedicated project manager has a quantity. The quantity surveyors must now provide strategic advice at a much higher level because, all over the world, quantity surveyors are now. This guidance note provides details of the general principles of risk management and provides practical applications and considerations for successful implementation, and is effective from 25 september 2015. Cost management quantity surveying in these fastchanging and economically challenging times, competitive advantage is more important than ever. A quantity surveying perspective o n future opportunities jjp basie verster 1 1. Quantity surveying cost and contract management in qatar.