What are the 20 Quantity Surveying Terms You Need To Know?
Cost Plan: An estimate of the likely cost of a construction project, including all necessary expenses such as materials, labor, and contingency.
Bill of Quantities (BOQ): A detailed list of all materials, components, and other items required for a construction project, including their quantities, unit prices, and total costs.
Cost Estimate: A prediction of the final cost of a construction project, based on information available at a specific point in time.
Variation Order: A formal request for a change to the scope of work or specifications of a construction project, which may result in additional costs.
Change Order: A written amendment to the original contract that outlines changes to the scope of work or specifications of a construction project.
Cost Overrun: The amount by which the actual cost of a construction project exceeds its estimated cost.
Cost Management: The process of planning, estimating, and controlling the costs of a construction project.
Tender Documents: Documents submitted by contractors in response to a request for tender, outlining their proposed methods, resources, and costs for a construction project.
Contract Sum: The total amount of money agreed to be paid to the contractor for the completion of a construction project.
Value Engineering: The systematic examination of a construction project to identify ways to improve its quality, reduce its cost, or increase its value.
Life Cycle Costing: The process of estimating the total cost of a construction project over its entire useful life, including capital costs, operating costs, maintenance costs, and disposal costs.
Cost Benefit Analysis: A technique used to evaluate the financial viability of a construction project by comparing its costs to its benefits.
Costing Model: A mathematical model used to predict the cost of a construction project based on a range of variables such as materials, labor, and equipment.
Procurement: The process of acquiring goods, works, or services for a construction project.
Subcontracting: The practice of hiring a subcontractor to perform part of the work required for a construction project.
Contract Administration: The process of managing and overseeing the performance of a construction contract, including the resolution of disputes and the management of claims.
Payment Certificate: A document issued by the Quantity Surveyor that certifies the amount due to the contractor for work completed on a construction project.
Final Account: A statement of the final cost of a construction project, including all costs and variations.
Cost Control: The process of monitoring and controlling the costs of a construction project to ensure that they remain within budget.
Cost Audit: A review of the financial records and procedures of a construction project to ensure that costs have been accurately recorded and reported