Quantification and Costing Flashcards
How do you value a valuation?
Preliminaries
Measured works %
Provisional Sums
Variations
Materials on/off site
Retention
What types of Preliminaries are there?
How do you value Preliminaries?
Time related - based on programme
Fixed - based on Preliminaries carried out at a particular time
What are some examples of Preliminaries?
Fixed:
Site set up
Licences
Time Related:
Staff resource
Security
Plant
Temporary Services
What is a Final Account?
A financial statement of all adjustments to a contract and final cost an employer is liable to pay
What’s included in a Final Account?
Contract Sum
Variations
Prime Costs
Variations
Claims
NOT LDS
What is the Final Account procedure?
Contractor submits FA
Not submitted 3 months, 2 month notice
Due 1 month from date of submission of final statement
What Pricing Documents are there?
BoQ:
Detailed design available
Specific quantities known
Time consuming
SoR:
Have rates
Works hard to quantify
Work Schedule:
List of required works
Allows contractor to calculate
What is a Provisional Sum?
An allowance for a specific element of works that cannot yet be accurately measured
What is the difference between a defined and undefined provisional sum?
Defined:
Nature of construction
How and where fixed
Quantity/scope
Allows preliminaries and programme
Undefined:
Minimal information
Brief description
What are Prime Costs?
An allowance estimated for supply of materials
How do you value change?
Price measured works
Quotations
Dayworks - cannot be property valued
Inc: prelims; plant; ohp
What are L&E heads of claim?
Preliminaries
Labour
Equipment
Prolongation
Why have methods of measurement?
Industry standard
More familiar
Easier to agree
What is a functional unit?
A unit of measure used to represent the prime use of a building; NRM1
What would you exclude from NIA?
Walls/columns
Landings/halls
Lift rooms/plant rooms
What is Cost Modelling?
The development of anticipated costs with limited information
Previous projects and scale
How do you build up a rate?
First Principles:
Labour
Materials
Plant
How do you calculate OHP?
Depends on market
Similar projects of size and nature
Why SMM7 updated to NRM?
New suites reflect how industry is
Calculate risk, more up front details
What is a Base Cost estimate?
NRM1:
An estimate of known factors without allowances for risk, inflation
Value Change?
Rates in contract or fair and reasonable
Dayworks - when works can’t be priced normally
ex - excavating uncertain ground conditions
When was NRM updated and why?
Effective Dec 21
ICMS - International Cost Management Standard (carbon emissions)
IPMS
RIBA 2020
Single method for reporting/classifying construction projects
Why have IPMS?
Written by non profit professionals
Ensure measured in a consistent way
What is life cycle costing?
Total cost over lifecycle
Assess cost peformance of works constructed - aimed at facilitating choices:
What will need to be done
When
How much will it cost carried out (cashflow and option appraisal)
