COST STUDIES

BSc. (Hons) in Quantity Surveying & Construction Management

RAJENDRA SASIRAJ
STUDENT ID: - 23047795

COST STUDIES
Acknowledgement
First of all I would like to thank the Almighty Lord Shiva and I convey thanks to our Cost
Studies Lecturer Mr. N.T.K. Lokuliyana who gave me enormous guidance and support me
continuously. It was really helpful to me to complete this assignment successfully in a
scheduled time.
Further extending my gratitude to ICBT for giving me a chance to study this degree program
offered by SHU (Sheffield Hallam University) and I express my sincere thanks to the Director,
Lecturers and Staffs of ICBT.
I express my gratitude to my senior students clearing my doubts and also I never forget my
beloved parents at this time for allowing me to study and participate in this degree program to
improve my status in the society. Finally, I would like to thank my friends for incorporating
with me to complete my assignment

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Contents
Acknowledgement ......................................................................................................................I
Contents .................................................................................................................................... II
Figure Contents ........................................................................................................................IV
Table Contents .......................................................................................................................... V
Executive Summary ................................................................................................................... 1
Introduction ................................................................................................................................ 2
1.

2.

Pre Contract Cost Planning and Cost Controlling ............................................................. 3

1.1.

Explanation of Pre Contract Cost Planning ................................................................ 3

1.2.

Explanation of Pre Contract Cost Control .................................................................. 3

1.3.

Purpose of Pre-contract Cost planning and Cost controlling ...................................... 3

1.4.

Quantity Surveyors role as a Cost Manager in the Construction Sector.................... 4

Pre Contract Cost Planning and Cost Controlling Process Respect to the RIBA Work Plan

2007............................................................................................................................................ 5
3.

4.

Principles of Cost Planning and Cost Controlling ............................................................. 8

3.1.

Pre-contract Cost Planning Principles ......................................................................... 8

3.2.

Pre-Contract Cost Controlling Principals .................................................................... 8

Life Cycle Costing (LCC) ................................................................................................ 10

4.1.

Introduction of Life Cycle Costing (LCC) ................................................................ 10

4.2.

Life Cycle Costing Terminology .............................................................................. 10

4.3.

Data required for life cycle cost calculation.............................................................. 11

4.4.

Life Cycle Costing Calculation ................................................................................. 12

4.5.

Advantage and Disadvantages of LCC ..................................................................... 12

5.

Feasibility Appraisal ........................................................................................................ 13

6.

Cost Modeling Techniques in Cost Planning................................................................... 14

7.

Value Management (VM) ................................................................................................ 17

8.

Unnecessary cost .............................................................................................................. 18

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9.

Value Management Process and Techniques ................................................................... 19

9.1.

Value Management Process ...................................................................................... 19

9.1.1.

Pre Study ............................................................................................................ 19

9.1.2.

Value Management Study .................................................................................. 19

9.1.3.

Post Study .......................................................................................................... 20

9.2.

Value Management Techniques ................................................................................ 21

9.3.

Advantages and Disadvantages in Value Management ............................................ 23

Conclusion and Recommendation ........................................................................................... 24

Reference ................................................................................................................................. 25
Appendix .................................................................................................................................. 27
Progression Plan of Assignment .......................................................................................... 27

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Figure Contents
Figure 1 - Three Principles of Cost Control Integrated with the Plan of Work ......................... 9
Figure 2 - Life Cycle Cost Analysis ........................................................................................ 10
Figure 3 - Types of Life Cycle Data. ....................................................................................... 11
Figure 4 - Value Management Process .................................................................................... 19

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Table Contents
Table 1- Cost Planning & Cost Controlling Activities in Pre-Contract Stages ......................... 7
Table 2 - Pre Contract Cost Controlling Principals ................................................................... 9
Table 3 - LCC Calculation Formula ........................................................................................ 12
Table 4 - Advantages of Disadvantages of LCC ..................................................................... 12
Table 5 - Estimation Techniques ............................................................................................. 17
Table 6 - Major Stages in VM Study ....................................................................................... 20
Table 7 - Value Management Techniques ............................................................................... 22
Table 8 - Advantage s and Disadvantages of Value Management .......................................... 23

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Executive Summary
In the construction sector cost is considered as an essential factor. When expected or fixed cost
increased, ultimately it will create a problem to the relevant contract parties. Employer always
expect good quality output (product or project) with realistic cost. Therefore, construction
professionals have a responsibility to full fill the client/employer requirement. RIBA Plan of
Work organizes the procedure of designing and managing building projects and also managing
building contracts into a number of major work phases. It is divided from inception to
occupation of a project. Therefore, each phase can be planned and control by the professionals.
In the early stages life cycle cost can be used to select a low cost product where whole cost
lead to Client/Employer requirement. It is essential to check whether the project will achieve
its goals or not therefore, feasibility in the primary stages will aid the client/employer to come
a final decision rather than wasting time and money. Similarly cost modeling methods will be
used to plan and control the project such as budget fixing and distributing. For the
constructional professional unnecessary costs can create headache because it will effect total
budgeted cost. Therefore, identifying unnecessary cost and taking necessary action are
mandatorily required by the professionals. Value management is helpful and anxious with
sustaining and enlightening a desirable balance between the demands and needs of stakeholders
and the resources required to fulfil them. This professional report includes all above points.

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Introduction
In the construction sector cost is considered as an essential factor. Therefore, construction
professionals are employed to plan and control the activities related to cost. In practice Quantity
Surveyors are act as clients, consultants and contractors QS and take part in cost planning
and cost controlling, value management and life cycle costing to accomplish construction
project economically and efficiently.
In the pre contract phase cost planning and cost controlling should be carried out with the aim
of gain an overall knowledge about cost. This professional report contains the principles of cost
planning and cost control procedures with regard to RIBA work plan (2007) in pre-contract
phase, Life cycle costing concept and its benefits and disadvantages, Cost limit, cost targets
and cost checking, pre-contract estimation process and value management techniques and cost
modeling.

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1. Pre Contract Cost Planning and Cost Controlling
1.1. Explanation of Pre Contract Cost Planning
Pre contract cost planning is considered as an important factor for construction projects. It is
essential for effective designing, planning and construction, in additionally it is providing best
value solutions. Fundamentally, it is a pre costing method and techniques which spotlight the
entire budget of the project or incompletely reserved to a component, and further pre estimation
of a design proposal will show a clear perspective about cost to the client / employer and design
team to settle down on choices concerning the projected earnings (Towey 2013). In the
construction sector there are many cost planning systems are applied to plan the cost there must
be a reliable source(s) of archive to decide the cost of each and every unit. Laxtons, Spons,
BCIS, and Rawlinson are the common cost data banks where, occasionally discharges the unit
cost (RICS 1982). When the employer/client didnt satisfy with the proposal, it must be
reworked to decrease the cost or it should be cancelled. Therefore, Quantity surveyor should
communicate with the members of the design team to produce a project proposal with
reasonable cost or if possible lower cost.
1.2. Explanation of Pre Contract Cost Control
It is the total procedure which makes sure that the contract amount is within the
employer/clients accepted budget amount. There are two (2) key aspects which are important
in cost control such as; detailed information and action. To have an effective cost control in a
project, there must be enough detailed information to come up with suitable action with the
available details. When the details are not available or inefficiently executed work, ultimately
it will lead high risk on cost. Therefore, Quantity Surveyors should avoid this kind of problems,
they should monitor the current cost, compared with standard plan and do necessary action to
control the cost of a project (Birchall, Ramus and Griffiths 2006).
1.3. Purpose of Pre-contract Cost planning and Cost controlling
In the construction sector cost planning and cost controlling are considered as a significant
requirement for all construction projects. The main point of implementing cost planning and
cost control tactics in the management of capital projects is to make sure that cost conviction
and value for money are accomplished in a fruitful manner. Financial risks can be avoided or
reduced by executing in best approaches of practice in capital cost management through an
application of cost planning and cost control.
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1.4. Quantity Surveyors role as a Cost Manager in the Construction Sector
Quantity surveyor plays a significant role as Cost Manager in Pre-contract cost planning and
cost controlling process, his duties and responsibilities are illustrated below;

Preparing of project forecast cost with evaluating feasibility study and advising
employer/client in economical viewpoint.

Preparation of an initial feasibility budget report, which would pinpoint the costs into
elements and shall be prepared in adequate detail to let the member of the project team
to improve their design within the allocated budget.

Carry out cost studies as needed to enable the member of the project team to think
through all options so as to carry on with the most favorable scheme.

Suggest alternative design proposals by reviewing of project related contract document

and employer/clients requirement

Evaluate alternative design suggestions from the member of the project team.

Perform Life cycle cost (LCC) calculations to find out the feasibility of alternative
solutions.

Make sure that the cost management and distribution to accomplish the project within
initial project budget.

Evaluating risk factors related to project cost.

Find out any changes related to the client brief or design proposals and evaluate the cost
and time implications and report these matters to the Project Manager

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2. Pre Contract Cost Planning and Cost Controlling Process Respect to the RIBA Work Plan 2007
Below mentioned Table No.01 illustrates cost planning and cost controlling activities in pre contract phase, which is carried out in various phases
of a construction project. These major activities which are related to work phases has been described further below:

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Table 1- Cost Planning & Cost Controlling Activities in Pre-Contract Stages

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3. Principles of Cost Planning and Cost Controlling
3.1. Pre-contract Cost Planning Principles

There is a standard framework reference accessible for each and every recognized
portion of the building structure and it permits expenditures to be presented in an
orderly and logical way for clients/employers from time to time throughout the design
procedure.

According to the design requirement, the cost planning can be adjusted or altered.

It permits the expenditures checked as the design improves with the allocated budget.

It permits the design engineers to take essential actions or measures earlier any
conclusion on the last design is made.

It takes into account contingencies, cost and design replacement.

3.2. Pre-Contract Cost Controlling Principals

Cost control has abode with a set of control frameworks which are focused around major three
(3) essential standards. The cost control process is using control systems, involve in the forming
of the standards such as; cost limit, cost target and remedial action (Smith and Jaggar 2007).
Principles are illustrated in Table No.02

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Table 2 - Pre Contract Cost Controlling Principals

Figure No.01 illustrates the three (3) key principles of cost control and how it is integrated with
the plan of work in which is diagrammatic manner.

Figure 1 - Three Principles of Cost Control Integrated with the Plan of Work (Smith and
Jaggar 2007)

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4. Life Cycle Costing (LCC)
4.1. Introduction of Life Cycle Costing (LCC)
In the construction sector, life cycle costing is an essential process of commercial analysis of
all expenses known over the lifetime of a construction project. From the Life-cycle cost
analysis, construction professionals decide the most economical option between different
competing alternatives to acquire, own, operate, maintain and, lastly, dispose of a process or
an object, when each is similarly suitable to be applied on technical grounds. Life Cycle Cost
of an asset is comprising the whole cost of initial purchasing cost, operation cost, and
maintaining cost throughout its lifetime (Furbur, Flanagan and Norman 1983). Life cycle
costing methods can be similarly applied to main constructed assets or to the each and every
single material and components from which they are built (Davis 2007). Figure No.02 shows
the life cycle cost analysis.

Figure 2 - Life Cycle Cost Analysis (Calabrese 2009)

4.2. Life Cycle Costing Terminology

Present value: - The value is considered as current (todays) cost of the cash flow of
upcoming works are calculated by a particular discount rate.

Discount rate: - Investors time value connected to money is steady with the interest
rate. The inflation factor effect on the Nominal discount rate and not effect in actual
discount

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Residual Value: - It is considered as the net value of a building structures life cycle
cost analysis study period at the final phase. If the residual value is negative, which
indicates the original value, if the residual value is positive that indicates the transfer
and disposal expenses and if the residual value zero that outlines at building study
period end time value considered or no value. The complexity depends on the financing
terms, calculation of inflation, interest and cash flow against a program time period.

Expenses: - Initial costs are all expenditures brought about before the occupation of
workplace, Upcoming expenditures are all costs attained after the occupation of
workplace.

Study period: - It is the time period over which ownership and operating expenditures
are measured.

4.3. Data required for Life Cycle Cost Calculation

The data requirements to carryout l life cycle cost analysis are categorized as; physical data,
occupancy data, performance data, quality data and cost data this kind of different data
influence the LCC in different phases of the life cycle which is illustrated in Figure No.03.

Figure 3 - Types of Life Cycle Data (Schade 2007)

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4.4. Life Cycle Costing Calculation

Table 3 - LCC Calculation Formula

4.5. Advantage and Disadvantages of LCC
Table No.04 is illustrating the advantages and disadvantages of LCC

Table 4 - Advantages of Disadvantages of LCC

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5. Feasibility Appraisal
It is important in large scale and complex construction projects, which is performed in early
phase where there is some controversy or doubt concerning the proposed development
(Designing Buildings 2014). The client/employer hires a management team, consultant and
representative, and he determines his targets, cost limits, quality of building and quality of
service. Creating an outline business case may resolve many issues such as; competition,
market changing and etc.
This will find out the employers needs and wants, and identify the opportunity to satisfy them
and also find out the limitation in project proposal. Afterwards the study, it allows the employer
to choose whether to go on or not, and to select most appropriate procurement method. In this
stage there are major characteristics that assessed by the managers, client and design members
which mentioned below;

Value for money

Functional performance

Availability for financing and funding

Assessment of any site information provided by the client.

Assessing maintenance and operational problems.

Legal approvals

Timing for operation applications

The major purpose of this study is to establish whether the project is feasible, to find out the
feasible options, to help in the development of the business case, strategic brief and project
execution plan (Designing Buildings 2014). The major point of this study is to accomplish the
employers objectives and resolve his or her issues. Workshops might assists to find out the
client issues, operation and requirements to change and provides better resolution, alternative
and strategies for review and consideration.
Cost guidance will be narrowed at this phase, it also can be matched with accessible detailed
information for every alternatives. When the necessary information are not obtainable lump
cost can be applied or used. Every party involving the contract should be more causes because
errors can be occur more at this level. Therefore, feasibility appraisal phase shall create one or
more chances based on the circumstances. Further to choose a last option there should be proper
evaluation must be carried out.
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6. Cost Modeling Techniques in Cost Planning
In the construction sector cost models are very essential for the quantity surveyors, project
managers and owners/customers to find out some certain processes and activities.
Companies/organizations can fix their prices for products and services by getting necessary
details about related sources such as; materials and laborers through former case studies
Approximate cost evaluation, a major purpose to create a forecasted cost for upcoming
construction projects, before initiating the design in detail and the contract of the project.
Therefore, the employer always cautious regarding on the financial commitments before the
detailed design is performed. To be get succeed in the cost planning, appropriate estimation is
required. In the early stage of construction project, the cost estimation should be prepared with
necessary details such as; bill of quantities, detailed drawings and specifications which are prior
to tendering phase. Based on the reliable and reasonable estimate, employer and his/her design
team shall work on the construction project (Designing Buildings 2014).
During the design phase estimation will be finished and it can be distributed into two (2) main
methods such as; budget setting method & budget distributing method. These methods manage
with the variables in construction project such as cost and quantity variable and minimum effort
to make alterations beyond the obvious one of time and function. In the course of the precontract phase the estimation techniques can be divided into two main sections as; budget
setting techniques and budget distributing techniques which illustrated in below Table No.05.

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Table 5 - Estimation Techniques

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7. Value Management (VM)
Generally in the construction sector, every organization always thinks effective resolution to
improve the return on investment without losing value. To handle and solve this kind of issues
value engineering was applied. This is generally referred as heart of value process, in contrast
it is not sufficient for a project to accomplish its important functions. Therefore, if the relevant
parties need to know and understand how to implement and manage it. Thats the reason why
value management is considered so important (Sandraperez 2012).
Commonly every personals who are related or involved in the construction sector concerns
with value for money. Value management has been explained in different ways and from
various viewpoints. From one viewpoint, it can be observed as a structured based approach by
team to find out the functional requirements of contracts or projects to accomplish the most
favorable function for the lowest cost (UTM 2011).
From above view point, value management is structured and organized team is to find out the
functions of building construction project, applying appropriate methods and techniques to
accomplish the expected performance, it is committed to motivate the personals, establishing
innovations and skills, promoting synergies. This is most cost effective and popular resolutions
to meet the expected good value for money in the construction sector for construction project
value management must be performed in the early stage of a construction project to gain fruitful
benefits (Sandraperez 2012).

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8. Unnecessary cost
In the construction projects, value engineering always finds out and removes the unnecessary
or unwanted expenditures with well-organized method (Hamed 2012). These kind of cost can
be explained as the difference between the existing option cost and better one. It is difficult to
identify an option which provides the optimum in each reverence in the complexity
construction design. However, it is essential to create a development by thinking the merits and
expenditures of various alternative ideas before coming to a final conclusion.
In the construction sector, there are so many causes for unnecessary cost in the construction
projects some the factors are mentioned below;

Selecting unnecessary high cost materials: - During the construction project for a
particular component or structure, selecting a high cost material unnecessarily where a
low cost material can be purchased which can satisfy the functional requirement with
an expected quality.

Scarcity of the time period: - During the construction project, time is considered an
essential factor, when shortage of time the work has to be performed faster that creates
so many errors and which lead to unnecessary cost.

Lack of communication and coordination: - To complete the project successfully,

proper communication and coordination are essentially required. Poor communication
and coordination will lead to poor quality work and increase the errors ultimately the
cost will increase unnecessarily.

Poor build ability: - During the design phase, failure to consider construction
insinuation.

Quick decision may create errors and lead to unnecessary cost.

Unclear scope, aim and objectives

Politics

Using older designs, but it may outdated

Over design and un realistic safety factors

Misleading and wrong information

Lack of new creative ideas

Not obtaining standard project related specifications and drawings

Not doing proper life cycle cost estimate, failure to consider future operational cost
that may lead to high unnecessary cost.

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9. Value Management Process and Techniques
9.1. Value Management Process
Value management can be observed as a structured based approach by team to find out the
functional requirements of contracts or projects to accomplish the most favorable function for
the lowest cost. This is most cost effective and popular resolutions to meet the expected good
value for money, and it must be performed in the early stage of a construction project to gain
fruitful benefits. According to Figure No.04, Value management process can illustrated in
major three steps pre study, VM study and post study

Figure 4 - Value Management process (Mazlan and Zulkarnain 2006)

9.1.1. Pre Study
The purpose of pre study is preparation is to find out the most suitable subjects for pre study.
This phase involves in explaining and gathering clients needs and wants, collecting whole
details of project, scoping the particular study, defining evaluation factors, constructing the
suitable models and determining the team arrangement (Kurita 2007).
9.1.2. Value Management Study
This study will follow five (5) phases such as; information stage, speculation stage, judgment
stage, development stage and recommendation & reporting stage respectively. These mainly
involve to guide the members of the team to determine the designs with high cost areas and
also to establish alternative resolutions with the project objectives. These five stages are
described in the Table No.06 in respective orders.
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Table 6 - Major Stages in VM Study

9.1.3. Post Study
After VM Study, Here the last study report will be prepared by VM specialists and given to
management and VM team members. The last proposal of estimating value will developed after
checking by members of VM team with the correction if needed. Every alternatives should be
independently designed and approved, comprising contractual changes, if needed, before its
implementation in the project. (Kurita 2007).

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9.2. Value Management Techniques

Value Management uses an exclusive mixture of concepts and approaches to generate sustainable value for both stakeholders and their companies.
Some tools and techniques are particular to value management and others are standard tools which some companies and individuals commonly
use for their need (Institute of Value Management 2001). Below mentioned table No.07 illustrating the summary of some major tools and
techniques used in the industry.

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Table 7 - Value Management Techniques

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9.3. Advantages and Disadvantages in Value Management
There are many of advantages in the value management as well as disadvantages too, Table
No.08 Illustrating the advantages and disadvantages of value management below:

Table 8 - Advantage s and Disadvantages of Value Management

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Conclusion and Recommendation
According to the assignment scenario, this professional report explained the importance of pre
contract cost planning and controlling, in the construction sector cost planning and cost
controlling are considered as a significant requirement for all construction projects. The main
point of implementing cost planning and cost control tactics in the management of capital
projects is to make sure that cost conviction and value for money are accomplished in a fruitful
manner. Financial risks can be avoided or reduced by executing in best approaches of practice
in capital cost management through an application of cost planning and cost control. When the
employer/client didnt satisfy with the budget proposal, it must be reworked to decrease the
cost or it should be cancelled. Therefore, Quantity surveyor should communicate with the
members of the design team to produce a project proposal with reasonable cost or if possible
lower cost.
Feasibility appraisal should be performed in early phase where there is some controversy or
doubt concerning the proposed development. The major point of this study is to accomplish
the employers objectives and resolve his or her issues. Workshops might assists to find out the
client issues, operation and requirements to change and provides better resolution, alternative
and strategies for review and consideration. Therefore, feasibility appraisal phase shall create
one or more chances based on the circumstances. Further to choose a last option there should
be proper evaluation must be carried out. Cost models are very essential for the quantity
surveyors, project managers and owners to find out some certain processes and activities.
Value management can be observed as a structured based approach by team to find out the
functional requirements of contracts or projects to accomplish the most favorable function for
the lowest cost. Value engineering always finds out and removes the unnecessary or unwanted
expenditures with well-organized method. These kind of cost can be explained as the difference
between the existing option cost and better one. It is difficult to identify an option which
provides the optimum in each reverence in the complexity construction design. However, it is
essential to create a development by thinking the merits and expenditures of various alternative
ideas before coming to a final conclusion. Some tools and techniques are particular to value
management and others are standard tools which some companies and individuals commonly
use for their need. There are so many advantages in doing appropriate value management in
construction, Moreover Qs as cost manager should fulfill his duties & responsibilities do the
necessary steps for the construction project to achieve success.
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Reference

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Appendix
Progression Plan of Assignment

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