Quantity Surveying

Quantity Surveying

Is a profession within the construction industry that focuses on managing and controlling costs related to building and civil engineering projects.

Quantity surveyor

play a crucial role throughout the lifecycle of a project, from initial concept to completion, ensuring that the project is completed within its budget.

Key Responsibilities of a quantity surveyors

Cost planning and estimating

Budget management

Funding

Contract administration

Tendering

Valuation of work

Risk management

Final accounts

Financial reports

Accounting

Cost planning and estimating

QS professionals prepare detailed cost estimates for projects, helping clients and designers understand the financial implications of their design.

Cost estimation

Accurate prediction of costs involved in the project

Cost tracking

Monitoring actual costs against budget

Variance analysis

Identifying and analyzing differences between budgeted and actual costs.

Cost Planning

Develop a comprehensive project cost plan that includes a detailed budget and timeline.

Cost Planning

Incorporate risk management strategies to anticipate and mitigate potential financial risks.

Budget Management

They monitor project expenditures and ensure that the project stays within the allocated budget. This includes change in design or construction and adjusting the budget accordingly.

Pre-construction Budgeting

Establishing a detailed budget before the project starts.

Project Budgeting

Continually updating and managing the budget as the project progresses.

Contingency Budgeting

Setting aside funds for unexpected costs.

Project Financing

Securing funding from lenders, investors, or other sources.

Cash Flow Management

Ensuring there are enough funds available to meet the project’s needs at all times.

Contract Administration

QS professionals prepare and manage contracts between clients and contractors. They ensure that all parties understand their obligations and that the work is carried out according to the contract terms.

Ensures Compliance

Helps ensure that all parties meet their contractual obligations, reducing the risk of disputes and delays

Control Costs

By managing changes and variations effectively, contract administration helps keep the project within budget.

Facilitates Communication

Ensures clear and consistent communication among all stakeholders, which is vital for project success.

Protect Interests

Protects the interests of both the client and the contractor by ensuring that the contract is fair and that any issues are addressed promptly and equitably.

Tendering

They are involved in the tendering process, where contractors bid for the work. This includes preparing documents, evaluating bids, and selecting the most suitable contractor.

Is a vital process that requires careful planning and execution to ensure the success of a construction project.

Promotes Fair Competition

Ensures that the multiple contractors have the opportunity to bid, which can lead to better pricing and quality.

Provides Value for Money

By evaluating multiple bids, clients can select the contractor that offers the best value, balancing cost, quality and time.m

Mitigate Risk

A well-structures tendering process helps identify capable contractors, reducing the risk of project delays, cost overruns, and poor-quality work.

Promotes Fair Competition

Ensures that multiple contractors have opportunity to bid, which can lead to better pricing and quality.

Provides Value for Money

By evaluating multiple bids, clients can select the contractor that offers the best value, balancing cost, quality, and time.

Mitigates Risk

A well-structured tendering process helps identify capable contractors, reducing the risk of project delays, cost overruns, and poor-quality work.

Ensures Transparency

Especially in public sector projects, tendering ensures that the procurement process is transparent and that all contractors are treated fairly.

Valuation of Work

Throughout the project, quantity surveyors assess the value of work completed and prepare interim payment certificates for contractors.

Ensures Fair Payment

By evaluating the work completed accurately, the process ensures that contractors are paid fairly and promptly for their work.

Maintain Quality

Regular evaluation helps to monitor the quality of work and ensures that it meets the required standards

Control Cost

Work evaluation is integral to cost management, helping to prevent budget overruns and financial mismanagement.

Facilitates Project Progress

By ensuring that work is progressing as planned and that payments are made on time, work evaluation helps to keep the project on track.

Provide Documentation

It creates a detailed record of work completed, payments made, and any issues encountered, which is essential for projects closeout and future reference.

Risk Management

Identifying potential financial risks and developing strategies to mitigate them.

Final Accounts

At the end of a project, the QS prepares the final account, which is a detailed statement of the actual costs incurred, ensuring that everything aligns with the agreed-upon budget.

Progress Billing

Invoicing clients based on project progress.

Financial Statements

Preparing balance sheets, income statements, and cash flow statements.

Compliance Reporting

Ensuring adherence to financial regulations and standards

Bookeeping

Recording all financial transactions.

Accounts payable and receivable

Managing incoming and outgoing payments

Payroll Management

Handling wages and salaries of workers