In the intricate world of construction projects, there exists a crucial yet often overlooked profession that serves as an essential of construction projects - Quantity Surveyors
One of the primary responsibilities of a quantity surveyor is to accurately estimate and quantify the materials, labor, and other resources required for a project.
This involves conducting thorough site assessments, analyzing drawings and specifications, and staying ahead of market trends to ensure precise cost projections.
Quantity Surveyor Terms
Term | Explanation |
BOQ (Bill of Quantities) | A detailed list of items, quantities, and prices required for a construction project, used by quantity surveyors for cost estimation, tendering, and contract administration. |
Contract Administration | The oversight and management of contractual agreements between parties involved in a construction project, including interpreting contract terms, issuing change orders, and ensuring compliance. |
Cost Control | The process of managing and monitoring project costs to ensure they remain within budget, involving tracking expenses, analyzing variances, and implementing corrective measures. |
Cost Estimation | The process of predicting the costs of materials, labor, equipment, and other resources required for a construction project based on historical data, market rates, and expertise. |
Final Account | A detailed summary of all financial transactions related to a construction project, including costs, payments, and adjustments, prepared by quantity surveyors upon project completion. |
Life Cycle Costing | The evaluation of total costs associated with owning, operating, maintaining, and disposing of a building or infrastructure asset over its entire lifespan, performed by quantity surveyors to inform decision-making. |
Quantity Takeoff | The process of measuring and calculating the quantities of materials required for construction based on project drawings and specifications, performed by quantity surveyors. |
Tender Evaluation | The assessment of bids submitted by contractors for a construction project, involving the comparison of prices, qualifications, and proposed methodologies to select the most suitable bidder. |
Value Engineering | A systematic process aimed at optimizing the value of a construction project by analyzing functions, materials, and methods to improve efficiency and reduce costs, often led by quantity surveyors. |
Variation Order | A change to the original scope of work agreed upon between the client and contractor, resulting in adjustments to the contract sum and/or project timeline, managed by quantity surveyors. |
In summary, Quantity Surveyors fulfill a role similar to financial strategists within construction projects. Their expertise ensures adherence to budgets while identifying opportunities for cost savings without sacrificing quality.