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Costing construction projects

Cost is a prime issue in construction and should be considered throughout the whole construction process, from planning to end-of-life maintenance.

Construction project cost management is concerned with realistic costing of construction projects, providing cost planning and cost control to ensure construction projects are completed in the most economic manner, within the agreed time frame.

The appointment of an independent, unbiased, professional cost manager or quantity surveyor throughout the duration of the project is key to ensuring its smooth delivery. They are tasked with analysing the cost estimation, cost control and profitability of the project, using cost management principles, thus ensuring that the project is delivered within budget.

Towey (2013) describes construction project cost management as the key element that helps drive the success of a construction project, including measurement, procurement, cost planning, contract administration and project cost management. Construction project cost management provides a guide for cost managers and quantity surveyors, helping them deal with any day-to-day issues they might face.

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Towey, D. (2013) Cost Management of Construction Projects. Chichester: Wiley-Blackwell

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This article is from the free online course:

Research for Construction Management

Coventry University