Construction cost management involves the analysis and estimation of total costs and may sometimes involve guaranteed prices for a contract. While some Clients prefer to do their own construction cost management, many larger projects will appoint an independent firm. GEA can assist with a cost analysis and ongoing cost management for the whole life of the project.
Though cost management assistance can be incorporated at any stage, some experts suggest that it is most important to hire a construction cost management consultant with a Quantity Surveying hat on during the design and conceptualization stage of a project. Many of the decisions that will involve cost are made during this period and having an accurate assessment of cost from the outset can help protect against unforeseen variables down the line. Construction cost management can help create a final design that is cost-efficient and meets the goals of the project while giving a fair estimate of total cost. Moving forward without a clear idea of goals and plans may lead to costs spiralling out of control.
Before a design reaches the tendering stage carried out by the Quantity Surveyor, Construction Cost Management can give a good idea of the likely value of a Project. Analysing similar projects can help create benchmarks for contracting, materials, and labour costs. Once the tender process begins, GEA as construction cost management specialists will provide analyse of each bid to determine which one provides the best value for the estimated cost, as well as examining areas such as the contractor’s reputation and resources. Breaking down each bid and comparing it to industry benchmarks can help make sense out of a relatively meaningless general estimate.
At GEA we establish our client’s needs from the outset and then focus on understanding what they require from the design process and the construction supply chain. We advise on the cost implications of our client’s requirements, based on our extensive experience and specialist knowledge across all market sectors and building types.