Cost Consultant, A Savior
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Cost Consultant, A Savior

The first and foremost thing that comes to our mind while we plan to build a house or an office is the “cost” to be incurred. Though a number of decisions have to be taken, some decisions can be taken by ourselves and for some we are too naive to understand. That’s the time when you need a consultant to do it for you. The one that is new to you is a routine to the consultant. The cost consultant can help in many ways as he is adroit surveyor by profession and specialized as well.

COST CONTROL AND FEASIBILITY STUDIES

The cost consultant provides the estimates and advice the cost of the project after you provide them the requirements. The estimation come after the long appraise on the projects they have executed before. They can help to define the appropriate project budget by comparing with the options already available. The initial cost advice and feasibility studies are crucial during the inception stage of the project. The cost consultants are the professional acting as cost and value assessment advisers. They will provide you an accurate and reliable information regarding the procurement.

Feasibility studies are usually done on the complex and big construction projects. The big the project, more are the complexities and the ramifications involved. The professional cost consultants, therefore, ensure the following:

• Accurate and reliable cost assessment

• Advice on the feasible and presumptive costs of construction

• Accurate initial budget cost in reference to the data and information of cost in the preceding projects making them as benchmarks

• Advice on the layout, size, materials, methods of construction and quality of the work

• Checking design meet quality and legal standards

• Advising on procurement strategies

• Assisting with the evaluation of claims.

• Litigation support

RISK ASSESMENT AND MANGEMENT

The consultant undertakes a process by which he can identify, assess and mitigate the risk involved in the project. Risk identification is a key aspect to the robust and sophisticated framework. Construction projects are always unique and risk arises from the number of sources (depends upon the complexity of the project). The cost consultant after the identifying the risk involved (future and current risks) devises a plan to manage the risks. Risk management in construction projects has been identified as a very important aspect in order to accomplish the project objectives in terms of time, cost, quality, safety and environmental sustainability. It is important to manage the risks from the early stages of the project, a knowledgeable and well-experienced consultant does it well. The very common risks include:-

• Improper estimation of cost

• Delay in the completion of project in the specified time

• Poor Scoping

• Quality concerns

• Poor safety and health measures

• Improper estimation of taxes

• Irregularities in project documentation

• Poor quality material used

• Coerce in saving time and money

• Ignoring environmental sustainability and provisions of using eco-friendly material

BUDGETING AND COST FLOW

Once the risks are assessed and identified the process of budgeting comes into play. A budget is prepared by taking the inputs and credentials from the client. The client sets a budget according to his requirement and then is followed by the process of cost flow. The cash flow specifies when the cost will be incurred and how much they will amount to the life of the project. Predicting the cash flow is also very important in the process of budgeting as the appropriate level of funding should be available.

From preparing the estimate and bills of the quantities to the issuing of tendering documentation (for commercial purposes) and then completing the final account all is included in budgeting.

If you are planning to build your dream house or building, make sure to consult a good cost consultant professional, who will guide you in a proper way.


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