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Costs Clients of the construction industry are becoming larger, more efficient and adopting more sophisticated techniques for forecasting and controlling costs. As a result, the Construction Industry requires professional advisors for building projects to demonstrate a high degree of efficiency and expertise in advising on costs.
The trend of modern designs, new construction techniques, new materials and new methods of construction give designers a wider choice of products. The result of this growing trend is a wider variety in construction products. We will write a custom essay sample on Cost Control and Procurement or any similar topic specifically for you Do Not Waste HIRE WRITER Efforts to produce balanced designs and achieve value-for-money using traditional methods of estimating have severe limitations, which demonstrate the need for effective ways of controlling costs.
Existing estimating methods have sometimes not been adequate in giving estimated costs. When this happens, the project involved may receive a lot of adverse publicity. In a bid to win more t6enders, most contractors may reduce their profit margins.
With reduced profit margins, there is now a greater cost-consciousness ton ensure that any possible losses are avoided through effective cost control.
The cost of capital for construction has become very high as a result of inflation and high interest rates. Coupled with a general shortage of investment capital for construction as a result of global economic trends and restrictions on the use of capital, these all make effective cost control very important.
The rising demand for integrated design that efficiently delivers both building and services elements in complex developments like hospitals, airports etc.
Helps during the design stage to achieve a balance in the expenditures for the various elements of the proposed building. Provides the client with value-for-money ensures resources are used to the best advantage - a building that is soundly constructed, which has satisfactory appearance and is well suited to perform the functions required as well as completed on time.
Instead, buildings were constructed by groups of tradesmen working for themselves. Measurers were employed to measure and value the cost of work both at the design stage and when they had been constructed.
The measurers argued on behalf of the tradesmen with the client and architect. In the 19th century, the main contractor system was introduced. This introduced price competition before construction.
This necessitated the need for skills in pre-construction measuring, taking-off quantities from drawings before construction was started.
These quantities were assembled into the bill of Quantities which provided a rational basis for competition amongst contractors. This stage in the development of the quantity surveying profession meant that work was measured and priced after the design prior to execution.
In the next stage, approximate estimating techniques were introduced. These would help forecast a probable tender figure. Reasonably accurate probable costs can be determined early in the design process using cost planning techniques and cost analysis methods.DPC is responsible for all Pricing, Contracting, and Procurement policy matters, including e-Business, in the Department of Defense (DoD).
DPC executes policy through the .
ACA’s journal, Arms Control Today, remains the best in the market. Well focused. Solidly researched. Prudent. – Hans Blix, former IAEA Director-General. The Public Procurement Regulatory Authority is an autonomous body endowed with the responsibility of prescribing regulations and procedures for public procurements by Federal Government owned public sector organizations with a view to improve governance, .
1. A unilateral contract under which the seller is paid a preset amount per unit of service is called: A cost reimbursable contract.
As one of the leading events and exhibition organizer, Arema Group organizing over 50 events annually. These range from niche training courses, through to high-level conferences and on to large scale exhibitions attracting thousands of attendees from all the world.
An organization that seeks to identify the most cost-effective product manufacturers across the globe. The international procurement organization will then convey this information to manufacturers looking to reduce production costs.