While you are planning, designing and constructing a project, cost management is of prime importance. It embodies detailed cost projection and cost control services.
For smooth running of construction projects, companies should have an independent, unbiased and professional quantity surveyor or cost manager, who will work to protect the financial interests of the owner. They will calculate the depreciation of the project over a period of time, which will make the project owners eligible for depreciation allowance on taxes.
Who is a quantity surveyor?
A quantity surveyor is a vital member of a construction team, who brings added value to the work of the team. He is focused on the management of cost and value of construction and also manages tax depreciation schedule. He deals with a number of different areas such as,
• Dispute management
• Preparation of final accounts
• Planning and development
Surveyors work on both commercial and residential projects. Plotting a tax depreciation schedule in Brisbane is vital part of his service, which is very useful for the owner. A cost manager prepares elemental cost estimates, which will be used to report the variations in the anticipated cost.
Services provided by cost managers
An ample of service is provided by quantity surveyors, they are as follows.
• Cost consulting
Cost consulting incorporates feasibility studies, project budgeting, cost control estimates, functional cost analysis and review of contractual claims
• Lender services
Lender services incorporate review and verification of adequacy of project budget, checking of borrower payments and examining the costs, which are incurred.
• Value management
Value management incorporates preparation of recommendations, organizing value management workshops and evaluation of processes as well as components.
• Other services
Other services incorporate reserve fund studies, risk analysis, project management, arbitration services and cash flow projections.
Qualification of quantity surveyor
They are required to pursue a degree or postgraduate qualification of Assessment of Professional Competence (APC) with two years of on the job apprenticeship.
Why there is a requirement of a quantity surveyor?
Every company, especially a construction one has to take care of the budget of the project. A quantity surveyor is skilled in maths, finance, business and communication. He has an ability to negotiate and possess good knowledge of the construction industry. In a construction project, engaging only a builder is not enough. It is very important to hire a qualified surveyor.
Project owner should hire an independent professional cost consultant so that they can save time in reviewing and redesigning the projects. The cost manager will help the client with all the budgetary related activities and subsequent monitoring of cost planning.