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Management Costing

Discuss about the Role of Client Quantity Surveyor in Management Costing.

Management costing can be described as the process which involves not only adequate planning but also control of costs in a business. It is one of the pivotal task in the  management of  business. This challenge could be associated with the numerous and critical formalities which accompany the whole exercise (Ashforth & Kreiner, 2009). When a phase is inadequately addressed, the outcome may have adverse effects on the general performance of the organization. This outlines the pivotal position of  management costing in ensuring successful business projects. Generally expense forms are usually used to record the cost and the expense in any given business. The process comprises collection, analysis and the evaluation of data before a report if given in relation to budgeting statistics (Berg & Huebner, 2011). This is achieved by putting in place an effective system for management of cost. In this paper, the role of client quantity surveyor in the  stage shall be discussed with a careful reference to the Irish public works contracts.

A quantity surveyor is tasked with managing all costs which are associated with building and civil engineering projects. This duty may range from the original calculations to the ultimate statistics hence indicating a clear trend in the financial flow likely to take place in each of the phases of a project. The clients quantity surveyor plays a crucial role in minimizing the project cost and enhancing money value related to the project. In addition, a quantity surveyor also remains keen in seeing to it that the statutory building regulations are met (Bolman & Deal, 2007). Quantity surveying may take more than one form, for instance, one can work for the client or perhaps as a contractor. This therefore implies that an individual can be involved in a project when it starts by estimating the cost of the work and project the final outcome.When the project is ongoing, the quantity surveyor is expected to monitor any changes which may alter the cost. The surveyor is also expected to create reports to indicate profitability hence projecting the intended return on investment that is likely to be accrued from the project. The implementation phase in management costing involves outlining of a specific design, model or business idea which is then discussed and executed based on the agreement of the board. Consequently, implementation follows any opening thinking for something to be actualized. After highlighting the important aspect of management costing and defining a client’s quantity surveyor, the roles shall then be discussed in the successive parts of this paper (Carolyne, 2010).

Client Quantity Surveyor

To begin with, a clients QS plays a crucial role in determining the fiscal feasibility of a project. Before venturing into any initiative, it would be necessary to consider its feasibility, effectiveness and the possibility of achieving all the laid down goals and objectives. One way of forecasting the feasibility of a project is by outlining the costs that would be associated with each phase. This is achieved by locating the life cycle budgets and controls of costs which in turn enhances quality delivery of the initiative outcomes set within a given period of time. In management costing, the cost plan helps to control the estimated costs during the design and construction is ongoing (Davis, 2009). The cost plans are living artifacts, just like the plans for project management hence they are managed throughout the design of any proposal. Cost planning results provide the right guidelines for cost control through the progress of any initiative .Cost control ensures that the operations get to stick within the outlined budget to avoid additional costs in the implementation process.The costs which are normally estimated include; ball park estimates and high level estimate. With a vivid outline of the cost implications of a project, the management is able to make the necessary adjustment in order to ensure that the implementation stage doesn’t overly drain the company’s resource stock. The quantity surveyor, having laid down the effective cost plan then gives the company enough room to note which parts of the budget can be scrapped or the parts to be enhanced to ensure a holistic balance in all the crucial aspects of the project (Dempsey, 2007).

This involves accurate cost estimation in order to deliver an effective project plan. Cost estimation utilizes a number of techniques that improve project practicability (Eisenberg & Eschenfelder, 2009). An accurate estimation of the project cost goes a long way in providing the management with the necessary guidelines hence the enhancing the success of each phase of the project. Once the quantity surveyor has done the cost estimation, the management can then have a clear direction on the right steps to take when it comes to sourcing for funds aimed at supporting the whole process. For instance, with the projected cost, the company can be able to pick on the most effective approach in obtaining the required starting capital. This could in form of loans depending on the reigning current rates or other forms of outsourcing perhaps from the company’s profit areas or sales (Frumpkin, 2007).

Cost Planning

In order to effectively estimate the cost of a project, the surveyor needs to factor in the formed deliverable oriented work packages, historical data as well as the chart of accounts. In addition, there is the inevitable need to consider the risks duration of activities resources and unit rates of resources. Other cost estimation techniques include analogies with similar projects, parametric, modeling. All these go a long way in estimating the individual activities packages and rolls up the costs to a project that determines the level of cope. Once a definite scope has been constructed, the next phase of management costing can easily flow in. Both cost planning and estimation play a crucial role in guiding the principles of effective project management.

This is a consultation between two parties about a possible business merger or patnership. Their goal is to make an agreement that will be advantageous for all parties involved. This process therefore involves the implementation of effective decision making tools and proper analysis of existing details in order to come up with the most attractive package. A client quantity surveyor can negotiate contracts by inviting tender from a list of suitable contractors, the list is subsequently analyzed and recommendations made. The best offer is picked and hence suggested to the company’s management (Guarreillo, 2007). On the other hand an offer price can be discussed between one or more parties after which the surveyor settles on the offer whose pricing would be the most comfortable with reference to the company’s financial position.

For accountability and transparency some clients may not be accorded room to discuss tenders. In order to avoid the challenges associated with low transparency in processes, a good price can be achieved through viable tendering. In this case, negotiation follows competitive tendering exercise. However, there is the associated risk that contractors will not offer their best prices for fear of being turned down.There is need to instill a certain degree of confidence among the participants by ensuring that the process is open and all round. The quantity surveyor has a special role of ensuring that all the invited contractors operate on a common ground with no favors directed at particular individuals (Keddy, 2007). This allows openness which then increases the contractors’ willingness to participate in the bidding process. In addition, the surveyor ought to be equipped with skills and knowledge of current building rates and prices. This will go a long way in helping the management to come up with and hence suggest the best prices to guide the negotiations (Kissane, 2007).

Estimating

The QS plays a crucial role in guiding and training the designers in order to ensure that the final outcome of the design falls within the value stipulated in the budget. This process of financial management is referred to as cost control. For a project to be successful, the goals and elements ought to be achieved within the stipulated period of time and in the right quality standards. Effective cost management therefore crucial in allowing the successful outcome of building projects .Clients mostly expect the final cost of their project to be above the initial estimation (Koschmann, 2012).Quantity surveyor can make significant assistance to the effective management of design costs by offering advice on manageable cost and planning on budgets allocation to the various portions of the project. The CQS actively monitors the evolving design before advising the team of the likely cost implications. They then make effective decision and propose solution in case the costs appear to be above the approved budget. When the designing team is constantly monitored and additional suggestions made during the designing process, it becomes practically impossible to overlook every single aspect of the project especially on the issues of budgeting (Koschmann, 2012). Monitoring the budget also enhances proper financial accountability which remains advantageous to the company as whole. For instance, good financial management gives the management an easy time when it comes to auditing.

A clients quantity surveyor is tasked with assisting the court with matters that appear beyond the tribunal’s area of specialization. He gives the judge the necessary evidence which is based on his particular region of operation within the management process (Ric, 2007). A client quantity surveyor has no concern in financial ending of the dispute although they give evidence and honest opinion based on the understanding of the facts and issues being discussed. A good expert is not only an excellent communicator but one who is confident about their judgment and also put forward their opinions regarding the issue at hand with impartiality. In cases where new information emerges the witness is required to deal with the varying circumstances and respond adequately. Despite the fact that disputes are inevitable happenings in any organizational set up, there is the need to always come up with amicable endings in case they arise (Seeley, 2007). The quantity surveyor makes an effective balance especially between the company and its clients in case of disputes. Due to the fact that the surveyor has dependable contact with both parties, they can always offer the best advice and information which can in turn be used to settle disputes when they arise in the process of project implementation.

Contracts Negotiation

Client quantity surveyor helps to ensure that commercial processes are strictly adhered to across the business unit. This helps in improving the processes and procedures hence improving the quality (Willis & Willis, 2009). The quantity surveyors’ work in this case is to ensure all project team members understand the contractual arrangement and monitor efficiency plans throughout the lifecycle of a project or programme of projects. The surveyor also works closely with the delivery team to ensure project and programme risk mitigation plans are considered, put in place and administered. Effective cost control therefore plays a crucial role in ensuring minimal losses incurred in the process of project implementation. This effort therefore ensures that the final project design is on in which the associated costs are minimized as much as possible while the intended profit or gain is kept at a maximum level (William, 2014).

Conclusion

In conclusion, a client quantity surveyor is the only person who is responsible for all the parts of the financial sections .The emphasis here is to earn more profits and complete project within the given period .Also their main duty is limiting the levels of using money and supervising the way that it is being spent, therefore quantity surveyor have to show a detailed proficiency in terms of financing efforts on special type of construction and projects. In summary, the clients quantity surveyor aids in cost planning, dispute resolution, cost estimation, budget monitoring as well as contract negotiation.

References

Ashforth, B. E., & Kreiner, G., 2009, "How can you do it?": Dirty work and the challenge of constructing a positive identity. Academy of Management Review,vol 24, pp. 413-434.

Berg, M. T., & Huebner, B. M. (2011). Reentry and the ties that bind: An examintion of social ties, employment, and recidivism. Justice Quarterly, vol 28, pp.382-410.

Bolman, L., & Deal, T.,2007, Leading with soul, Jossey-Bass: San Francisco, CA.

Carolyne, R., 2010, Technical Editing, Prentice Hall: New York.

Davis, L.,2009, QS 2000:The future role of the chartered quantity surveyor, Royal institution of chartered surveyors: London

Dempsey, S., 2007, Negotiating accountability within international contexts: The role

bounded voice. Communication Monographs, vol 33, pp. 311-322.

Eisenberg, E. M., & Eschenfelder, B., 2009, In the public interest: Communication in

nonprofit organizations. I (L.R. Frey & K. N. Cissna, Eds.) Routledge handbook of applied communication research, vol 1, pp. 355-379.

Frumpkin, P., 2007, On being nonprofit, Harvard Business Press: Cambridge, MA.

Guarreillo, R., 2007, Rethinking community collaboration through a dialogic lens Creativity, democracy, and diversity in community organizing. [journal article]. Management Communication Quarterly, vol. 21, pp. 145-171.

Keddy, J., 2007, Human dignity and grassroots leadership development. Social Policy, vol. 31, pp. 48-53.

Kissane, R. J., 2007,  What's need got to do with it? Barriers to use of nonprofit social services. Sociology & Social Welfare, vol.30, pp. 127-148.

Koschmann, M. A., 2012, Developing a communictive theory of the nonprofit. Management

Communication Quarterly,vol. 26, pp. 139-146.

Koschmann, M. A., 2012, Developing a communictive theory of the nonprofit. Management

Communication Quarterly,vol. 26, pp. 139-146.

Ric, S., 2007,  The future role of the quantity surveyor, The Royal institution of chartered surveyors: London

Seeley,I., 2007, Quantity surveying practice, Macmillan press Ltd: London

Willis,C., and Willis ,J., 2009, Practice and procedure for the Quantity surveyor, Blackwell science: Oxford.

William, R., 2014,  The Non-Designer’s Design Book, Pearson Education: US.

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