In the construction and development sectors construction cost management is the vital service that ensures projects are adequately financed and ultimately are completed resulting in adequate remuneration for the investors. So many moving parts are involved in construction projects that it could be easy to overlook a seemingly small aspect of the build that turns out to be integral and has much broader impact on the success of the project.
As in medicine, quantity surveyors understand that prevention is better than cure. The first and most important step in construction cost management is to be prepared in advance. By analysing the project and determining as accurately as possible the cost and anticipating any potential difficulties that may arise, the likelihood of such problems arising unexpectedly during the construction can be significantly reduced.
Due to the high levels of complexity involved there is always the possibility that a project will face a stumbling block at some point. This is where the expertise of quantity surveyors comes to the fore. A critical part of construction cost management is knowing how to deal with particular problems as and when they arise. An effective and experienced quantity survey firm will be able to react swiftly and competently by taking decisive action to limit potential cost overruns and keep the project within its schedule.
A particularly important element of construction cost management is the monitoring of mechanical and electrical costs. While standard construction expenditures tend to remain relatively stable mechanical and electrical costs are prone to greater fluctuation. Without careful oversight, savings made in the construction phase can easily be lost in the electrical and mechanical fitting phase.
Global market demands can have a far greater effect on the cost of electrical materials such as copper when compared to construction materials such as concrete. The intricacy of mechanical components such as elevators or escalators means that inaccuracies in original design can be harder to accommodate where they involve such mechanical features.
In mechanical and electrical cost management technological standards have to be taken into consideration. The rapid pace of technological development makes this a particularly challenging task, requiring a high level of expertise and understanding of the factors involved.