1.3 Cost planning and Financial control

Question 1

In terms of financial control what can a QS contribute at pre-contract stage?

Answer 1

1.3

Question 2

What is Value Engineering?

Answer 2

1.3

Question 3

Why do you undertake value engineering?

Answer 3

1.3

Question 4

What are the benefits of value engineering throughout the RIBA stages?

Answer 4

1.3

Question 5

What is difference between value management and value engineering?

Answer 5

1.3

Question 6

What are the different types of cost cutting exercises under value management?

Answer 6

1.3

Question 7

Can you give an example of when a value engineering exercise actually increases cost?

Answer 7

1.3

Question 8

What is the benefit of carrying out life cycle costing when undertaking value engineering?

Answer 8

1.3

Question 9

You have 5 different types of flooring. How would you go about doing a life cycle cost comparison for them?

Answer 9

2.2

Question 10

How would you present them to a client?

Answer 10

2.2

Question 11

Explain to me how you would choose between two air-conditioning units using LCC.

Answer 11

2.2

Question 12

When would you use Value Management?

Answer 12

1.3

Question 13

Is value engineering part of cost planning?

Answer 13

1.3

Question 14

Is design development part of value engineering?

Answer 14

1.3

Question 15

If your client does not have enough money for the proposed project how would you deal with it?

Answer 15

1.3

Question 16

What are the different kinds of factors that you would have to consider when carrying out cost saving exercises?

Answer 16

1.3

Question 17

What are the implications of a QS highlighting other various design options available to the project?

Answer 17

1.3

Question 18

Are you aware of the term benchmarking? What is this?

Answer 18

1.3

Question 19

If you provide a benchmark costs what else would you include?

Answer 19

1.3

Question 20

What are the advantages and disadvantages of benchmarking?

Answer 20

1.3

Question 21

Explain how an elemental cost estimate will be more beneficial in controlling cost when compared to a GIFA estimate?

Answer 21

1.3

Question 22

What are the advantages and disadvantages of using a functional unit estimate?

Answer 22

1.3

Question 23

What are the advantages and disadvantages of using a GIFA estimate?

Answer 23

1.3

Question 24

What are the advantages and disadvantages of using an elemental estimate?

Answer 24

1.3

Question 25

What are the advantages and disadvantages of using a cost plan?

Answer 25

1.3