Project Financial Control & Reporting

Question 1

How did you establish that your cost report template was suitable?

Answer 1

• I used my organisations in-house Cost report template

Question 2

How did the cost report deal with changes?

Answer 2

• The report had a section that listed Contract instructions and anticipated instructions, to capture all changes.

Question 3

How did you advise the Client on risk within your Cost Report ?

Answer 3

• Identified risk items with the project team
• Listed the items out within a Risk register
• Valued the items on cost and programme implications
• Built overall contingency allowance
• Included contingency within my Cost report
• Contingency was updated and offset throughout the project as and when the contractor priced the risk items.

Question 4

Tell me about a specific risk you have advised a Client on?

Answer 4

• I advised on the potential cost and programme implications of window options to Duke Street project.

Question 5

How was the cost of risk reported?

Answer 5

• Every risk was assessed and listed within a risk register
• These risks were valued and an assessment was made against the potential cost impact.
• Once this risk had been priced by the contractor, the risk contingency allowance was reduced/offset by the firm cost.

Question 6

What did you include within your Cost Report/Financial Statement?

Answer 6

• Executive summary
• Contract sum
• Contract instructions
• anticipated variations
• Claims
• Cashflow forecast
• Anticipated contract sum

Question 7

Why might a variation arise on a project?

Answer 7

• Change to specification/design
• Discrepancies between contract docs
• Potential errors in design

Question 8

You mentioned you have included Provisional sums, were these defined or undefined?

Answer 8

• These were defined provisional sums, as I had sufficient design information to allow me to make an appropriate allowance in pricing, programme and prelims.

Question 9

How did you value the Landscaping works on the Brook?

Answer 9

• I used the revised landscaping drawings to build my take-off
• I used SPONS, BCIS and in-house cost data to apply current market rates to each measured item.

Question 10

What did you include within your Cost Plan?

Answer 10

• Executive Summary
• Elemental breakdown
• Area Schedule
• Drawing List
• Prov sums
• Assumptions

Question 11

How did you value the Preliminaries, measured works and risk?

Answer 11

• I used BCIS for inflation rates and location indices

- SPONS and in-house cost data to value items at current day market rates