StudentShare solutions
Triangle menu

Estimating and purchasing cost control - Essay Example

Nobody downloaded yet

Extract of sample
Estimating and purchasing cost control

In this approach, the design package is reviewed and fully comprehended followed by the performance of a quantity survey of the scope of the project in question. In case little or no design and plan information is available, the Order-of-Magnitude Estimates approach is highly recommended. However, it is imperative that the contractor ensures he/she has all the requisite information to ensure accurate estimation of the cost of a construction project. This paper explores the type of information useful in the estimation of the cost of redeveloping a storey building near a river and the implications of the absence of competition in the cost estimation and the bidding processes for the contract. Information for Construction Project Cost Estimation There are several factors on which the successful completion, accessibility and utilization of a construction project hinges. These factors include the level or quality of engineering work that goes into a project and the survival of the contracting business that accompanies a project. Also, the market competition and the ability of a company and its contract management are equally important to the success of construction projects (Garold & Trost, 2001). More affected by the above factors are construction projects and redevelopment projects along water bodies such as rivers and lakes. It is thus of the essence that construction contractors and managers look into these various factors so that they strategically compete and win tenders by accurately estimating and mitigating project risks and costs. Importantly, such a strategic planning and estimation of project risks and costs would be quite integral to the quality of construction projects, more so with regard to project monitoring and control for the realization of project goals. In this strategic cost estimation and risk analysis, contract manager should consider the current national and international contract and construction laws, regulations, design documents, technical standards and engineering safety requirements (Garold & Trost, 2001). The Case Study It is quite apparent that construction firms and contract managers involved in construction projects along, next or adjacent to rivers are exposed to a rather wide range of construction risks especially form their work environment. Besides the primary risk of flooding, other construction risks in construction projects near water bodies include site drainage, plant operations, bad ground condition, site accessibility and tidal impact. However, it should be acknowledged that even these construction projects will definitely have far reaching influences on these water bodies. Examples of the effects of construction projects on rivers that construction projects and managers should be conversant with are reduced water levels, change in local water body regime, navigational effects, environmental pollution and scour on siltation. From these risks and effects, it is quite clear that projects and contract managers should arm themselves with the right skills and competencies to help them identify, estimate and manage risks and the associated costs. One way of ...Show more
Cite this document
  • APA
  • MLA
(“Estimating and purchasing cost control Essay Example | Topics and Well Written Essays - 2500 words”, n.d.)
Retrieved from
(Estimating and Purchasing Cost Control Essay Example | Topics and Well Written Essays - 2500 Words)
“Estimating and Purchasing Cost Control Essay Example | Topics and Well Written Essays - 2500 Words”, n.d.
  • Cited: 0 times


Estimating and Purchasing Cost Control By [Name of Student] [Name of Institution] 3320 Words [Date] Introduction The construction and engineering sector is among the many sectors to which cost estimation is rather vital. The work of cost estimation in the construction industry is often done by general contractors or subcontractors whose responsibilities include the preparation of perfect cost estimates for the bidding process in construction to win a given contract (Garold & Trost, 2001)…
Estimating and purchasing cost control
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Estimating and purchasing cost control"
with a personal 20% discount.
Grab the best paper

Check these samples - they also fit your topic

Cost Control
In general, construction cost control consists basically of monitoring actual performance against cost estimates and identifying the variances. The traditional cost control system are good in contract management but cannot be practiced during the execution of the project.
3 pages (750 words) Essay
Painful vs. Painless Cost Control

According to the research findings, it can, therefore, be said that cost control is necessary to have savings for future prospects and thus certain reformats could be painful while others may sound to be painless. A health care organization must keep more of painless cost control in consideration for better outcomes.

5 pages (1250 words) Essay
Estimating Purchasing and Cost Control
Unfortunately, for various reasons, many countries’ construction sectors lag behind in the use of cost control techniques such as the Cost Value Reconciliation (CVR) and Earned Value (EV), two rather common methods of cost control.
7 pages (1750 words) Essay
Schedule and Cost Control Techniques
The single estimates related with the projects can be achieved through the use of different techniques. PERT is one such tool which can help achieve the single estimates for project by combining three different estimates together to get a best available estimates based on weighted average.
3 pages (750 words) Essay
If these processes are not operated in an appropriate manner, accomplishment and achievement of desired objectives can never be possible. When we talk about such processes which are essential for the achievement of targeted goals and objectives,
8 pages (2000 words) Essay
Cost Control
The actual costing for 33250 units is shown as $ 1322750. Therefore there is a variance of $ 25762.5 from the flexed budget and the actual cost.
5 pages (1250 words) Essay
Schedule and Cost Control Techniques:
The realization of revenue and recognition of cost are acknowledged on periodic basis (Bevilacqua, 1987). The percentage of completion accounting method allows project managers to report income on the project as the works progresses and being done. This method is
2 pages (500 words) Essay
Generally this method of height estimation is based on the assumption that the floor to floor height of building such as the church is 3.5m (Gibson, 67). The Shrines bell tower is located at the 8th story and therefore the approximate height of the Bell tower can be
1 pages (250 words) Essay
Project Cost Control
trategy that must be devised towards the cost control is to identify the areas and domains within the organization and project that lead to the incurring of costs. The definition of costs is also imperative as often activities are taken for granted which amount to costs in the
2 pages (500 words) Essay
The number of floors will be multiplied by 15ft since the average floor height is known to be between 10ft to 15ft depending on the number of floors present. The maximum number of feet will be used since no data is available on the image. As
1 pages (250 words) Essay
Comments (0)
Click to create a comment
Let us find you another Essay on topic Estimating and purchasing cost control for FREE!
Contact us:
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us