Cost Studies Of Buildings

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ISBN: 9780131453227 | 013145322X
Cover: Paperback
Copyright: 6/1/2004

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This practical guide to cost studies of buildings has been updated and revised throughout for the 4th edition. An additional chapter has been added examining new directions, techniques and research that is being undertaken, together with an analysis of industry and practice needs. This book is a core text for undergraduate courses in quantity surveying, building surveying and Building and EDEXCEL courses. It is also an excellent reference text for professionals in the building industry.

Preface to the fourth edition

xiii

Preface to the third edition

Preface to the second edition

xvii

Preface to the first edition

xviii

Acknowledgements

xix

List of abbreviations used

SECTION 1 COST CONTROL

1 INTRODUCTION

(22)

Learning outcomes

(14)

1.1 What this book is about

(1)

1.2 The purpose of cost control

(1)

1.3 The importance of cost control

(1)

1.4 Cost, price and value

(1)

1.5 Value for money

(3)

1.6 Cost advice

(1)

1.7 Contractual arrangements and their effects on costs

(2)

1.8 Construction economics

(2)

1.9 Economic analysis objectives

(2)

1.10 Design method

(3)

1.11 Building economic theories

(1)

1.12 Environmental impact of the construction project

(1)

1.13 Knowledge management

(1)

Self assessment questions

(1)

Bibliography

(2)

2 HISTORY OF BUILDING ECONOMICS

(12)

Learning outcomes

(1)

2.1 Introduction

(1)

2.2 Building economics

(1)

2.3 Standard texts

(2)

2.4 Trends in building economics

(2)

2.5 Reasons for change

(1)

2.6 Historical context

(5)

Self assessment questions

(1)

Bibliography

(1)

3 THE CONSTRUCTION INDUSTRY

Learning outcomes

(1)

3.1 Introduction

(1)

3.2 The importance of the construction industry

(2)

3.3 The construction industry as an economic regulator

(1)

3.4 The development process

(1)

3.5 Construction firms

(1)

3.6 The professions

(1)

3.7 Research and development

(1)

Self assessment questions

(1)

Bibliography

(4)

SECTION 2 COST INFORMATION

4 COST DATA

(33)

Learning outcomes

(17)

4.1 Introduction

(2)

4.2 Characteristics of cost data

(1)

4.3 The hierarchical structure of cost data

(3)

4.4 Accuracy and consistency

(1)

4.5 Cost feedback

(3)

4.6 Price books

(5)

4.7 Public sector price guides

(1)

4.8 Monthly cost information

(1)

4.9 Priced bills of quantities

(2)

4.10 Price analysis

(1)

4.11 Cost analysis

(12)

4.12 The Building Cost Information Service (BCIS)

(1)

4.13 The BCIS Quarterly Review of Building Prices

(1)

4.14 Building Maintenance Information (BMI)

(1)

4.15 International comparison of construction costs

(1)

Self assessment questions

(1)

Bibliography

(1)

5 DESIGN ECONOMICS

(21)

Learning outcomes

(1)

5.1 Introduction

(1)

5.2 Client's requirements

(1)

5.3 Value for money

(1)

5.4 Factors to consider

(13)

5.5 Whole-life costing

(1)

5.6 Element evolution

(2)

Conclusions

101

(1)

Self assessment questions

101

(1)

Bibliography

101

(2)

6 THE ECONOMICS OF QUALITY

103

(14)

Learning outcomes

103

(1)

6.1 Introduction

103

(1)

6.2 What is quality?

104

(1)

6.3 Quality systems

105

(2)

6.4 Quality control

107

(1)

6.5 The 'M' factors affecting quality

108

(1)

6.6 Quality standards

109

(1)

6.7 Categories of quality costs

110

(1)

6.8 Economic assessment

111

(3)

6.9 Quality considerations

114

(1)

Conclusions

115

(1)

Self assessment questions

116

(1)

Bibliography

116

(1)

7 INDICES AND TRENDS

117

(22)

Learning outcomes

117

(17)

7.1 Introduction

117

(1)

7.2 Constructing an index

118

(1)

7.3 Uses of index numbers

118

(2)

7.4 Laspeyre's and Paasche's indices

120

(1)

7.5 Difficulties in the use of indices

120

(2)

7.6 Cost and price indices

122

(4)

7.7 Other published indices

126

(2)

7.8 Regional variation

128

(1)

7.9 Measuring trends

129

(5)

7.10 Key performance indicators and benchmarking

134

(3)

Self assessment questions

137

(1)

Bibliography

137

(2)

8 COST ANALYSIS

139

(46)

Learning outcomes

139

(36)

8.1 Introduction

139

(2)

8.2 Definitions

141

(1)

8.3 Preparation of a cost analysis

142

(1)

8.4 Principles of analysis

143

(1)

8.5 Elemental cost studies

144

(1)

8.6 Preliminaries

145

(1)

8.7 Substructure

146

(4)

8.8 Superstructure

150

(22)

8.9 Internal finishes

172

(3)

8.10 Fittings and furnishings

175

(1)

8.11 Engineering services

176

(6)

8.12 External works and drainage

182

(1)

Conclusions

183

(1)

Self assessment questions

183

(1)

Bibliography

184

(1)

9 TAXATION, GRANTS AND INVESTMENT

185

(21)

Learning outcomes

185

(1)

9.1 Taxation

185

(1)

9.2 Value-added tax

186

(1)

9.3 Corporation tax

187

(7)

9.4 Financial assistance for development

194

(4)

9.5 The effects of taxation and grants on cash flow

198

(1)

9.6 Tax-efficient design

198

(1)

9.7 Investment

199

(2)

9.8 Property investment and equities

201

(1)

9.9 Property investment

202

(3)

Self assessment questions

205

(1)

Bibliography

205

(1)

10 COST RESEARCH AND INNOVATION

206

(27)

Learning outcomes

206

(16)

10.1 Introduction

206

(1)

10.2 Cost research philosophy

207

(1)

10.3 Collaboration with practice

208

(1)

10.4 Developments in quantity surveying

209

(2)

10.5 The research process

211

(3)

10.6 Research methods

214

(3)

10.7 Research organisations in the construction industry

217

(2)

10.8 Research dissemination

219

(2)

10.9 Construction Industry Research and Innovation Panel (CRISP)

221

(1)

10.10 The Movement for Innovation (M4i)

222

(3)

10.11 Linking construction industry needs and construction research outputs

225

(1)

10.12 The future

226

(2)

Conclusions

228

(1)

Self assessment questions

229

(1)

Bibliography

229

(4)

SECTION 3 COST PRACTICE

11 DEVELOPMENT APPRAISAL

233

(31)

Learning outcomes

233

(25)

11.1 Introduction

233

(1)

11.2 Development value

234

(1)

11.3 General determinants of value

234

(1)

11.4 Investment appraisal

235

(1)

11.5 Methods of valuation

236

(3)

11.6 Valuation tables

239

(7)

11.7 Developers' budgets

246

(8)

11.8 Conventional methods of investment appraisal

254

(3)

11.9 Discounting methods

257

(1)

11.10 Optimal investment criterion

258

(1)

11.11 Sensitivity analysis

258

(1)

11.12 Cost-benefit analysis

259

(3)

Self assessment questions

262

(1)

Bibliography

263

(1)

12 PRE-TENDER PRICE ESTIMATING

264

(26)

Learning outcomes

264

(1)

12.1 Introduction

264

(1)

12.2 Estimate classification

265

(1)

12.3 Methods

265

(10)

12.4 General considerations

275

(2)

12.5 Other factors

277

(7)

12.6 Preparing the estimate

284

(4)

Conclusions

288

(1)

Self assessment questions

288

(1)

Bibliography

288

(2)

13 COST PLANNING

290

(35)

Learning outcomes

290

(1)

13.1 Introduction

290

(2)

13.2 History and development

292

(1)

13.3 The cost planning process

293

(5)

13.4 Cost limits

298

(4)

13.5 Elemental cost synthesis

302

(5)

13.6 Example of a cost plan

307

(16)

13.7 Construction budget

323

(1)

Self assessment questions

323

(1)

Bibliography

323

(2)

14 COST MODELLING

325

(25)

Learning outcomes

325

(18)

14.1 Introduction

325

(3)

14.2 Types of cost models

328

(1)

14.3 Purpose of cost models

329

(1)

14.4 Classification of cost models

330

(1)

14.5 Trends in cost modelling

331

(1)

14.6 Empirical methods

331

(1)

14.7 Regression analysis

332

(3)

14.8 Simulation

335

(6)

14.9 Heuristics

341

(2)

14.10 Expert systems

343

(2)

14.11 Value-for-money considerations

345

(1)

14.12 Development of models

346

(1)

Conclusions

346

(2)

Self assessment questions

348

(1)

Bibliography

348

(2)

15 WHOLE-LIFE COSTING 1: FACTORS TO CONSIDER

350

(26)

Learning outcomes

350

(19)

15.1 Introduction

350

(2)

15.2 The importance of long-term forecasting

352

(1)

15.3 Buildings' life

353

(1)

15.4 Deterioration and obsolescence

354

(2)

15.5 Physical deterioration

356

(2)

15.6 Obsolescence

358

(4)

15.7 Component life

362

(3)

15.8 Problems with component life data

365

(2)

15.9 Targeting the major elements of costs-in-use

367

(2)

15.10 Inflation

369

(2)

15.11 Discount rate

371

(1)

15.12 Rate of interest

372

(1)

15.13 Taxation

373

(1)

Self assessment questions

374

(1)

Bibliography

374

(2)

16 WHOLE-LIFE COSTING 2: PRACTICE

376

(33)

Learning outcomes

376

(1)

16.1 Whole-life costing applications

376

(3)

16.2 Whole-life cost plan

379

(1)

16.3 Costs-in-use

380

(4)

16.4 Calculations

384

(19)

16.5 Forecasting change

403

(2)

16.6 Historical perspectives

405

(1)

Conclusions

406

(1)

Self assessment questions

407

(1)

Bibliography

407

(2)

17 VALUE MANAGEMENT

409

(14)

Learning outcomes

409

(10)

17.1 Introduction

409

(1)

17.2 Origins of value engineering

410

(1)

17.3 Terminology

410

(2)

17.4 Methodology

412

(1)

17.5 Value management workshops

413

(1)

17.6 Cost-value reductions

414

(1)

17.7 The 'what?' scenarios

414

(2)

17.8 Unnecessary costs

416

(1)

17.9 Creativity

417

(2)

17.10 Other issues to consider

419

(1)

17.11 Securing value

420

(1)

Self assessment questions

421

(1)

Bibliography

422

(1)

18 RISK ANALYSIS AND MANAGEMENT

423

(12)

Learning outcomes

423

(1)

18.1 Introduction

423

(1)

18.2 Risk and uncertainty

423

(1)

18.3 The risk management process

424

(2)

18.4 Types of risk

426

(1)

18.5 Dealing with risk

427

(1)

18.6 Some techniques for dealing with risk and uncertainty

428

(3)

18.7 Risk analysis using probabilities

431

(2)

Conclusions

433

(1)

Self assessment questions

433

(1)

Bibliography

433

(2)

19 POST-CONTRACT COST CONTROL

435

(17)

Learning outcomes

435

(14)

19.1 Introduction

435

(1)

19.2 Measurement contracts

436

(2)

19.3 Cost-reimbursable contracts

438

(1)

19.4 Budgetary control

439

(1)

19.5 Client's financial reports

440

(3)

19.6 Client's cash flow

443

(1)

19.7 Contractor's cost control

444

(2)

19.8 Contractor's cash flow

446

(2)

19.9 Cost comparison

448

(1)

19.10 Project cash flow

449

(1)

Self assessment questions

450

(1)

Bibliography

451

(1)

20 FACILITIES MANAGEMENT

452

(18)

Learning outcomes

452

(1)

20.1 Introduction

452

(1)

20.2 Overview of facilities management

453

(4)

20.3 Relevance of building costs

457

(1)

20.4 Operations management

458

(6)

20.5 Space management example

464

(4)

Conclusions

468

(1)

Self assessment questions

468

(1)

Bibliography

469

(1)

21 THE FUTURE DIRECTION OF COST STUDIES OF BUILDINGS

470

(17)

Learning outcomes

470

(1)

21.1 Introduction

470

(2)

21.2 A paradigm shift in practices

472

(1)

21.3 Added value

473

(1)

21.4 Adding value in construction

474

(3)

21.5 Lean construction

477

(2)

21.6 Benchmarking

479

(2)

21.7 Rethinks the construction industry

481

(1)

21.8 Sustainable construction

482

(3)

Conclusions

485

(1)

Self assessment questions

485

(1)

Bibliography

485

(2)

Index

487

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Cost Studies Of Buildings

Summary

Author Biography

Table of Contents

Supplemental Materials

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Cost Studies Of Buildings

Summary

Author Biography

Table of Contents

Supplemental Materials

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