Project Finance (control and reporting)

This is the financial control of any construction project commences at inception and continues until the issue of the final certificate.

• Pre-contract cost control

• Post-tender cost control

• Post-contract cost control

• Post-tender clarification

The appointed person must have sufficient breadth and depth of experience to undertake this important role, including strong commercial and contractual acumen.

• Change manager

• Commercial manager

• Quantity surveyor

• Project manager

Where does the funding for change come from?

• Project contingency fund

• Allocated provisional sums

• Risk register item

• Third party /stakeholders

• All of these

A well-managed project usually has a set of procedures to manage and control the project, this being one of them.

• Change control procedures

• Method statements

• Change order

• Purchase order

Costs related to loss and expense:

• Disruption caused by works being carried out by the employer

• Discrepancies in the contract documents

• Delays in receiving instructions

• Inaccurate forecasting of works described by approximate quantities

• All of them

This deals specifically with the forecast of payments due under a particular construction contract.

• Advance payment

• Final account

• Interim payments

• Cash flow

This is the process of collecting and comparing data within an organisation or external to an organisation to identify the ‘best in class’.

• Budgeting

• Costing

• Valuing

• Benchmarking

This tends to be a business-based process used to measure and then improve performance.

• Budgeting

• Costing

• Valuing

• Benchmarking

This is the consideration of alternative materials and designs to achieve the same outcome, many of which were then found to perform better at lower cost.

• Benchmarking

• Valuation

• Value Engineering

• Budgeting

Risk Management involves

• Re-evaluation

• Identify

• Control

• Assessment

• All of them