Assignment on Cost Overrun (PDF)
Added on 2021-04-16
33 Pages10040 Words49 Views
Leadership ManagementProfessional DevelopmentMaterials Science and EngineeringCivil Engineering
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Running Head: COST OVERRUNCost OverrunStudent’s NameInstitution
2Table of Contents1.Introduction.........................................................................................................................................3a)Background..........................................................................................................................................32.Literature Review................................................................................................................................3a)Definition of Quantity Survey..............................................................................................................3b)Built Environment Quantity Surveyor..................................................................................................4c)Role of the Quantity Surveyor.............................................................................................................9d)How to control consultants...............................................................................................................10e)Creating awareness of change...........................................................................................................11f)Significance of communication..........................................................................................................12g)Reports on cost..................................................................................................................................13h)Monitoring cash flow.........................................................................................................................14i)Engineering and management of value.............................................................................................14j)Expertise and experience of the quantity surveyor...........................................................................153.Relations that are Determinants to Overrun in Cost.........................................................................16a)The size of the project.......................................................................................................................16b)Chain of supply..................................................................................................................................17c)Duration of the project......................................................................................................................17d)Method of procurement....................................................................................................................17e)History of the case study...................................................................................................................184.Methodology of Research..................................................................................................................20a)Why research.....................................................................................................................................20b)Aims of research................................................................................................................................20c)Procedure..........................................................................................................................................215.Conclusion.........................................................................................................................................29References.................................................................................................................................................30
31.Introductiona)BackgroundConsiderations on whether a project of construction is successful upon the delivery of needed standards that are of quality within the budget and time estimations. Managing of costs is a way that is efficient to achieving outcomes desired from the project as the main expectations of the customer, is for the project not to above the budget that has been approved. Therefore, the reasonwhy quantity surveyors are employed for financial and management issues in relation to the process of construction in projects of buildings. The construction building projects are in nature dynamic and incurs risks and uncertainties outcomes where overruns in costs is a great risk that shows up in projects on construction and may have an adverse and serious effect on the perspectives of finance to the client. Effectives in relation to investments are minimized as result of overruns in cost and added support in financing is necessary for the completion of project hence margins of profit of the contractual organizations are minimized or done away with as result of performance that is poor on issues of cost.This paper begins with the review of a number of literature that explain the cost overrun effect and the roles played by quantity surveyors in controlling it. For example, one source discussed mentions that quantity surveyors provide roles which are wide and includes adjustment of losses,expert witnessing, resolving of disputes auditing, management of values and managing projects. Later, it shows the reason for its research whereby quantity surveyor are to help in management of construction and building projects in relation to the aspects of finances. Next, the aims of the research which are coming up with the roles and responsibilities of quantity surveyors in the management of cost overrun during construction of structures. The main part comes in to
4describe the procedure of researching for quantity surveyor cost overrun data afterwhich the paper concludes. 2.Literature ReviewIn this chapter, a number of sources that contained information on the relating factors affecting quantity surveyor roles in cost overrun were reviewed. The reviews are put in various sub-topics for easier clarification on the sources, content in review. a)Definition of Quantity Survey.According to [ CITATION All132 \l 1033 ], surveyors make a definition of quantity surveyors as the cost of constructing where professionals estimate and measure how much resources projects in construction would cost, the individual’s role to keeping budgets on projects. The quantity surveyor’s duty has beyond just estimating and measuring of the costs and amounts of structure projects widened to new roles which include resolving of disputes, valuation of insurance, managing projects and administering contracts. Lately, quantity surveyors provide roles which are wide and includes adjustment of losses, expert witnessing, resolving of disputes auditing, management of values and managing projects[ CITATION And14 \l 1033 ]. This article considers therole of a quantity surveyor from an angle of one who represents consumers as a trade contractor’s specialist, a consultant on cost, major contractors rather as cost or commercial manager[ CITATION All132 \l 1033 ].b)Built Environment Quantity SurveyorAccording to [ CITATION Fra18 \l 1033 ], apart from the old expertise role quantity surveyors played in viability and feasibility improvement of structural investments such as documenting and compiling of contracts in construction, drafting, preparing relevant analysis on contractual bids in construction, tenders and quotes, managing of finances of all works in construction,
5selection of contactor advice, allied reporting which includes indexing costs, auditing, planning of costs among others, quantity surveyors are also very important in management of projects in construction, managing facilities , managing values, contract management, consultancy, resolving of disputes in construction and research. Moreover, quantity surveying practice has gotimpact in managing of assets, law, taxation insurance and managing of projects, manufacturing of gas and oil and also banking. Much awareness about the profession has to be made to the public by way of marketing of images that attractive which are professional putting in to consider ethics in regards to discipline and technicalities, enterprise packaging and advertisements.[ CITATION Aus06 \l 1033 ]says old ideas on quantity surveying and conducts of professionalism have been revoked by the current technology, politics and society which have changed. However, it is beyond control that as the profession experiences rapid growth in major demand outside and inside construction, it is important that the growth be maintained because it changes with increased demand and the good service attitude, time, the reasonable mind of professional compensation bearing in mind duty of care to maintain exclusive productivity in the company. Ethics of profession puts out the acceptable minimal required conduct compared to practical problems which are not fully limited to institution assessment and pursuits, transactions,tasks, technology but has more expectations of the public in relation to their need of responsibilities, practical conceptualization, and voluntary service to the public and competency. An increase in the requisite obligations, proliferation in professional institutions and academic produced professionals, it is important to maintain the state of confidence and trust of the public in practices of quantitative research professionals which applies to both the original and the latestpractitioners of whom their profession has been viewed as impaired. Practitioner’s behaviour hasto be similar with the intent, ends and means of involved individuals in the manner of instinct
6perception and variables which include employer or company, superiors, colleagues, customers, members of the family, the public at large. For example the graduates, entrants who are new, juniors, technicians and associates with least exposure in the field of profession have a different view in ethics and techniques as opposed to senior members who are more experienced with higher professional and academic qualifications with experience, more so at time of recession in the economy and systemic dilemmas. [ CITATION All132 \l 1033 ] says this is due to different academic backgrounds and exposures, duration of professional practice, age hierarchy in an organisation as affects decision making in companies, and general exposure to systemic problems of quantity surveyors, conscience and many more others. Additionally, it increases economic relevance by continent rewards and policy of organisations whereas there is believe that the professional’s role and nature in a business establishment may have an influence on their professional disposition to disciplined ethics and their conscience. As ubiquitous and problems widen with newcomers in quantity survey field with different ambitions, it would be really hard to put them under legal responsibilities to observe ethical practices. This is due to lack of recognition by professional bodies as their members unless they are duly registered and examined, which may not be a requisite mandate to work as according to delimited scope.According to [ CITATION Sim08 \l 1033 ], exceptional instances where academic institutions are notkeen in supervising the ethical behaviours of graduates from their establishments outside the school, as many educational facilities available aim at producing graduates with high technical skills as compared to aspects of the ethical discipline. Generally, it has been hard for bodies of professions to follow up on cases of professional misbehaviour due to no reward or appreciation by professional bodies or government neither recognise practitioner’s effort or attempts to deal
7with serious ethical challenges. There has been a variety of scholarly ethical definitions of routinization and conceptualization in their applications to justify what makes up professional misbehaviour and the effects of correspondence on the aspect of professionalism in the roles which are sensitive in relation to a quantitative research in the industry of construction. Also,[ CITATION And121 \l 1033 ] mentions that there have been studies on dilemmas in ethics of manager in construction, factors which affect views on ethics and instincts in the decision making of administrators in construction and the relationship between conduct or ethics of profession in quantity, the performance of projects and how construction is managed.There have also been further studies on personal ethics where each individual is treated with an equal level of honesty, an opinion on the view about ethics of quantitative surveyors may be affected by variables which are demographic and are likely to lead to a conflict of interest that is intrinsic between practitioners working in the given variables. This includes the following level of education, position in the company, nature of the business, age and nature of the task in relation to the employment strict policies and gender, , according to [ CITATION Aus06 \l 1033 ]. It is easy to considerably discover misconduct and relate them in the ethically polarised quantity surveyors cadres. Negative habits of quantity surveyors tempted frequently to sell out trade secrets for something in return, inducements, compromised dispensation of professional service with a minimal level of honesty in most cases when they encounter competency issues in relationto stern denial of a wrong and negligence.[ CITATION War05 \l 1033 ]proves that the tendency of exaggerating of services offered to deceived customers is also very common so as they are lured to pay much than is needed. There is a number of cases reported where quantity surveyors who are employed to protect the interest of customers conspire with contractors who are greedy in order to defraud clients who are
8unsuspecting. Quantity surveyors who are notorious most of times also give false reports in orderto favour self-interests without putting to play professional implications and the ambition of the employer. They hide systemic errors to prove negligence adapt contract or trade figures without professional reasons and compromising to inducement that comes with pressure or threats that are expressed to prevent professional standards and opinions. Quantity surveyors major role in management of costs in construction, they are vulnerable to auctioning of their conscience by way of bribes that are not deserving , gifts and inducements especially during visitations at the sites and valuation at the initial construction in the sense that poisoning of the professional obligations tempered and pocketed at the will of the payer.Reports from [ CITATION Way14 \l 1033 ]on abuse of office indicate that there are cases of misappropriation of resources and time of organisations and offices for self-gains. Much time is spent on a given that the required time and shows indolence at work. Furthermore, the habits of compromising personal values principles of professionalism to achieve the demand of the employer to the detriment of the public at large or client. Other than the vices that have been revealed in the article, experience indicates that some quantity surveyors in consultancy can bow low to even changing tender figures for contractors so as to win the interest of the client more so when bids are lowest and the selection of a contractor is subjectively driven by data or price paradigm only. There are also instances where claims of revealing confidential and delicate secrets of the contracts were released, whereas a good number of customer’s quantity surveyors get involved in pricing bids candidate contractors. From the latest report, it is obvious that professional bodies in some nations may in the future be politicised to indict unjustly the members, in the case that the professional body is pressurized or hired to dent members who are aspiring in bigger political ambitions of their image. The procedure of the judiciary has no power
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