Building Economics (QSB 3214)

Module Synopsis:

This module provides an overview of the Quantity Surveyor’s role during the pre-tender stage of a development. The students will be introduced to practical situations of the various methods of controlling the cost of buildings at the design stage. Students also will be introduced to the relationship between building morphology, design variables and life cycle costing of a building. Students are also given the opportunity to learn and apply information technology in the cost planning.

Chapters covered:

1. Introduction to Building Economics Module
2. The Concept of Cost Control
3. Cost Modelling
4. Building Morphology and Design Economics
5. Cost Analysis, Indices and Data
6. Detailed Cost Planning 
7. Cost Control
8. Investment and Development Appraisals
9. Whole Life Costing

Assessments done:

A test was done on Week 8 to test our knowledge on the first 3 topics of the subject.  The test covered both theory and calculation.

A group assignment was assigned to us in groups of 6.  We had to, as a Quantity Surveyor, come up with revised cost plan based on the Architect's Instruction and Engineer's suggestions.  We then came up with a Preliminary Estimate No. 2 and had to summarise the changes done in the Preliminary Estimate No. 2.  Then after receiving the tender submission we were assigned to scrutinize through the lowest tender and finally recommend the client to choose one of the tenders received.

An individual assignment was also given to us.  The case was as such that the Client requested a 30% discount from the lowest tender submitted.  So, we had to discuss and analyse the request. Then come up with consequences of awarding the contract to the discounted percentage.

Reflections:

This subject has enabled me to know better about the role and responsibilities of Quantity Surveyors in the overall development process and to match the relationship between cost and design to a value outcome.

Furthermore, I am now aware of the various methods of pre-tender estimates.

I am now also aware of the importance of cost studies to enhance the role of Quantity Surveyor in the development process.

This subject has made me able to produce an estimate at pre-tender stage, cost plan based on historical data and S-curve for financial planning to a proposed project which will be very helpful in my future working careers.