A quantity surveyor’s prime responsibility is to ensure the best value for investor’s money and impeccable outcome for any project he is working on. The surveyors mitigate foreseeable risks at different phases of project development. Quantity surveying is an integral approach towards construction project cost management. The surveyors are licensed and experienced professionals who work closely with their clients during the entire life-cycle of different construction projects. They provide various services to the construction project contractors and owners including detailed cost planning, procurement guidance, dispute resolution assistance, cost control etc. However, the biggest benefit of using a surveyor’s specialist service is that associated risks can be fully or partly mitigated. On the other hand, some surveyors also prepare tax depreciation schedules for their clients so that they can enjoy depreciation allowance.
Initial Stage Risk Mitigation: Detailed Feasibility Study and Cost Forecasting
Quantity reviewers, if appointed from the very beginning of a construction project, can estimate the costs involved and can help the contractor in setting a budget. They also study the feasibility of the construction projects undertaken and monitor the costs as the project progresses and/or as per the specific requirement of the clients. They also help their clients to in appointing subcontractors/suppliers/vendors on the basis of their expressions of interest.
During the initial stages of a project lifecycle, they mitigate and avert many risks that might spring up during later stages of the project because of wrong vendor/supplier selection. Surveyors check the financial records and credentials of the vendors individually and check whether they are compliant with the pertinent rules and regulations. The documentation part within the procurement process, especially preparing the Bills of Quantities, is efficiently handled by quantity surveying experts. Experienced surveyors are apt enough to detect incongruousness in quotations placed against tenders.
Risk Mitigation during Project Progress: Analysing/Resolving Progress Payments Issues
Quantity surveyors help the project managers in monitoring project progress payments effectively. Project progress payments may indicate several issues that might hinder the normal or expected pace of the project life-cycle. What issues these surveyors can find and sort out during this stage? These issues are:
Low claims: This indicates that a contractor is making slow progress and necessary steps need to be taken to put the contractor (individual or entity) back on track.
High claims: The contractor is stuck in some sort of financial predicament and is overcharging to gain control over the situation.
Final Stage Risk Mitigation: Final Costs Planning and Estimation
In the final phase of a construction project life cycle, a quantity surveying expert may come instrumental by making a full estimation of the final costs involved in the project and ensuring that cost agreements are duly done. Insolvencies, subcontractor grievances and many more blockading issues can be successfully managed and mitigated by the surveyors. They also ensure that retention money is released during the final phase of a project.
Experienced surveyors go beyond the demarcated job responsibility areas to mitigate the risks involved in a construction project in every possible manner. They give sustainability advices as well as provide their clients with tax depreciation schedules.
SJB is a reputed New South Wales based quantity surveying firm offering consultation services. Prepare tax depreciation schedules through us to get highest possible tax exemptions.
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