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Project in construction management

   

Added on  2021-04-17

16 Pages4246 Words42 Views
FinanceData Science and Big DataMaterials Science and Engineering
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Running head: PROJECT IN CONSTRUCTION MANAGEMENTQuantity Surveyor's Role in Cost Overrun in Building Projects of New ZealandStudent Name:University Name:
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PROJECT IN CONSTRUCTION MANAGEMENT1Table of ContentsIntroduction......................................................................................................................................2Background of the study..................................................................................................................2Need for the proposed research.......................................................................................................2Research Aims.................................................................................................................................2Literature Review............................................................................................................................3Definition of Quantity Surveyor......................................................................................................3Role of Quantity Surveyor in construction project..........................................................................3Cost overrun and involvement of Quantity Surveyors....................................................................5Involvement of Quantity Surveyor in cost control process.............................................................6Project Design..................................................................................................................................7Research Philosophy........................................................................................................................7Research Approach..........................................................................................................................7Data Collection................................................................................................................................8Research Design..............................................................................................................................8Ethical Considerations.....................................................................................................................9Expected Outcomes.........................................................................................................................9Timeframe for the project................................................................................................................9Conclusion.....................................................................................................................................10References......................................................................................................................................12
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PROJECT IN CONSTRUCTION MANAGEMENT2IntroductionBackground of the studyA construction project is considered to be successful when it is delivered with therequired quality standards within the estimated time and budget. The management of costs in anefficient manner is essential for achieving the desired outcomes from a project. The majorexpectation of the clients is that the project does not exceed approved budget (Adafin et al.,2017). Hence, Quantity Surveyors (QS) are being employed for managing the financial aspectsrelated to the construction process in building projects. The building construction projects aredynamic nature and involves risks as the outcomes maybe uncertain. The cost overruns is amajor risk that arises in a construction project which may seriously have an adverse effect on theclient from financial perspectives. The effectiveness in terms of investments are reduced due tocost overruns and additional financial support is required to complete the project (Olanrewaju,2016). Therefore, the profit margins of the contracting organizations are reduced or eliminateddue to poor performance in terms of cost.Need for the proposed researchSmith (2014), states that cost overrun is considered as a common phenomenon associatedwith projects for building construction. Hence, the involvement of Quantity Surveyor (QS) isimportant to manage the building construction project in terms of the financial aspects. Thisstudy will help to illustrate the role that is being played by Quantity Surveyors while there isoccurrence of cost overruns in projects for building construction. This study focuses particularlyon the building construction projects of New Zealand to determine the causes of cost overrunsand how Quantity Surveyors mitigate their negative effects. The investigation on the chosentopic will also help to gain an understanding of the service obligations of Quantity surveyor inthe project development process, contractual service and professional ethics. Research AimsThis study is aimed at investigating the role that is being played by Quantity Surveyor incost overrun in building projects of New Zealand. This study will help to determine the roles andresponsibilities of Quantity Surveyor in cost management for building construction projects. Theefficient management of costs is an essential factor for the success of any construction project.
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PROJECT IN CONSTRUCTION MANAGEMENT3There are various risks associated with development of construction projects and the mostcommon is cost overrun which can even lead to project failure. The demand for QuantitySurveyor for cost management is increasing day by day with the rise of building constructionprojects in New Zealand. Hence, this research has been chosen to determine how QuantitySurveyors help to mitigate or reduce the negative impact of cost overrun in building constructionprojects.Literature ReviewDefinition of Quantity SurveyorThe role of the quantity surveyor is just to estimate the total budget that will be requiredto complete a construction project. Not only this but also they have many other roles to serveralso. They must make sure that the production and construction budget are properly managedand efficient as well (Zhao, Mbachu & Domingo, 2017). They also develop the “quantityschedule” estimating the labor and material cost those measures by the contractor’s tender. Inorder to accomplish a construction project successfully the roles of the Quantity surveyors thoseare needed to be maintained are as follows: Regardless of the type of the construction project such as house, bridge etc the financedetails are managed by the surveyorsThey are responsible to complete the project within estimated timeframe Responsible to complete the project within budgetMitigate the issues the contractual parities (Ji, Mbachu & Domingo, 2014)For different kinds of buildings they are responsible to prepare replacementsBefore the final submission of the project the budget for the construction should beestimated considering the requirements. For each phase of construction, whether the budget issufficient or not is also calculated by the construction project surveyors (Smith, 2014). The mainoperation and project functionalities that the project surveyors should focus on include theproject cost, materials, labor cost and other services.
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