Construction Cost Estimation and Management

Study Notes

Cost Surveyor's Rates (CSR)

A tool used by project owners and contractors to estimate construction costs, providing a standardized framework for calculating material and labor costs.

Contract Administration

Used as a basis for contract administration after winning a contract.
Helps in verifying payment claims, change orders, and variations in project scope.

Benchmarking

Serves as a benchmark for comparing project costs.
Enables contractors and project managers to assess the reasonableness of actual project costs during and after construction.

Regulatory Compliance

Reflects regulatory standards and guidelines.
Contractors must adhere to these rates to ensure compliance with government regulations and contract terms.

Project Planning

A valuable resource for assessing the feasibility of a construction project during the project planning phase.
Helps in determining whether the proposed budget aligns with the established rates.
CSR can vary between regions and may be subject to updates or changes.
Contractors and project managers should stay informed about the latest CSR applicable to their projects and adjust their estimates and bids accordingly.
Local government agencies or authorities responsible for public works projects usually provide and update CSR.
Always refer to the latest and specific guidelines in your jurisdiction for accurate information.

Description

This quiz assesses knowledge of cost estimation tools, contract administration, and benchmarking in construction projects. It covers the use of Cost Surveyor's Rates (CSR) for estimating construction costs and its application in contract administration and benchmarking.