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Nadine APC > Quantification & Costing > Flashcards

Quantification & Costing Flashcards

1
Q

What methods of measurement are you aware of?

A

IPMS - Offices, Resi & Retail.
RICS Code of Measurement Practice - 6th Ed 2015 - GEA/GIA/NIA - all other buildings.
ICMS - set of measurement rules that result in a single methodology for reporting, grouping and classifying construction project costs. Basis of NRM.
NRM 1, 2 & 3 (2021) - 2021 update to align with ICMS & RIBA PoW 2020
CESMM - Civil Engineering Standard Method of Measurement.

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2
Q

What is NRM?

A

New Rules of Measurement.
Books published by the RICS to provide a set of measurement rules for estimating / cost planning / procurement for construction projects.

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3
Q

What is NRM 1?

A

Order of cost estimating and cost planning for capital building works.

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4
Q

What is NRM 2?

A

Detailed measurement for building works.

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5
Q

What is NRM 3?

A

Order of cost estimating and cost planning for building maintenance works.

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6
Q

What are the sections of NRM?

A

0 - Facilitating Works
1 - Substructure
2 - Superstructure
3 - Internal Finishes
4 - Fittings Finishes and Equipment
5 - Services
6 - Prefabricated Buildings and Building Units
7 - Work to Existing Buildings
8 - External Works
9 - Main Contractor’s Prelims
10 -Main Contractor’s Overhead and Profit
11 - Project / Design Team Fees
12 - Other Development / Project Costs
13 - Risks
14 - Inflation

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7
Q

What is ICMS?

A

International Cost Management Standards.
Provide a framework for cost and carbon management in construction from concept to completion.

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8
Q

What are RPI and CPI?

A

Retail Price Index and Consumer Price Index.
Government’s preferred measures of inflation.

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9
Q

Why is it important to measure the works according to industry standards and best practice?

A

To provide consistency and greater accuracy of pricing.
To ensure all parties price on the same basis and reduce risk of dispute.

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10
Q

How can Benchmarking assist Value Engineering?

A

It can inform the spread of cost among construction elements so you can identify if something is ‘high’.

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11
Q

What is GIA?

A

Gross Internal Floor Area:-
Area of a building measured to the internal face of the perimeter walls at each floor level.

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12
Q

What is NIA?

A

Net Internal Area:-
The usable area within a building measured to the internal face of the perimeter walls at each floor level.

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13
Q

Can you name some of the pricing documents we might use?

A

Bill of quantities (BoQ).
Schedule of rates (SoR).
Schedule of works (SoW).
Activity schedule.

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14
Q

Can you name some of the pricing options for construction contracts?

A

Lump sum.
Cost-plus.
Remeasurement.
Target cost.
Guaranteed maximum price.

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15
Q

What is meant by the abbreviation GEA?

A

Gross External Area.
This is the area of the building measured externally at each floor level.

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16
Q

What is a lump sum contract?

A

Provides for payment of a set amount.
The fixed price is determined by a contractor by estimating their cost to provide the work and then add OH&P.

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17
Q

What are the advantages of a lump sum contract?

A

The contractor takes on the pricing risk but stands to benefit from the increased profit.
Cost certainty for the employer.

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18
Q

What are the disadvantages of a lump sum contract?

A

Presents a higher risk to the contractor. If the contractor underestimates their cost hen the profit margin decreases.
Contractor may therefore increase their tender price.

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19
Q

What is a cost-plus contract?

A

Otherwise known as a cost reimbursable.
Pays the contractor for the actual costs incurred, plus a pre agreed percentage for profit.

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20
Q

What are the advantages of a cost-plus contract?

A

Since they contract is flexible in nature, the initial bid isn’t as detrimental as they are with lump sum.
Allow employers to make design changes along the way.

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21
Q

What are the disadvantages of a cost-plus contract?

A

The final contract price is uncertain until the end of the contract.
Contractor may include higher costs to increase profit.

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22
Q

When may a cost-plus contract be appropriate?

A

When the scope of work has not been properly defined.
When there is emergency work to be undertaken.

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23
Q

What is a remeasurement contract?

A

Works are carried out based on approximate quantities.
The actual quantities of work carried out are measured and the tendered rates are applied.
The contractor is paid for the actual work they have done.

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24
Q

What are the advantages of a remeasurement contract?

A

Since the work is tendered on approximate quantities, the contractors will submit competitive tenders.
The contractors risk is fairly low.

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25
What are the disadvantages of a remeasurement contract?
There is less cost certainty until the project is complete. Risk for the employer is higher.
26
What is a target price contract?
Target cost is set early in the project, upon completion the cost savings are shared between the contractor and employer. This is based on the pre agreed %, often referred to as pain and gain.
27
What are the advantages of a target price contract?
Contractor and employer incentivised to reduce costs. Encourages risk sharing.
28
What are the disadvantages of a target price contract?
Employer and contractor need to share pain and gain, this exposes the employer to greater risk.
29
What are the target cost contracts under NEC?
Option C - Target Cost with Activity Schedule Option D - Target Cost with BoQ
30
What is guaranteed maximum price contract?
GMP sets the limit that the employer will pay their contractor, regardless of actual costs incurred. If the actual cost is higher, then the contractor has to bear the cost. If the actual cost is lower, the contract will state which party will benefit from the savings. Usually split using a pre agreed %. No adjustment of tender price unless design changes are requested by the client.
31
What are the advantages of a guaranteed maximum price contract?
Establishes the employers maximum financial commitment. Both contractor and employer have potential to benefit from the savings.
32
What are the disadvantages of a guaranteed maximum price contract?
The contractor will have to share any savings, whilst taking the risk on cost overrun.
33
What are contractor preliminaries?
Typically items which are necessary for the contractor to complete the works, but will not actually become part of the works, for example: Management and staff. Site setup. Temporary services. Insurances.
34
What is the difference between fixed and time related prelims?
Fixed are one off costs. Time related are dependent on duration.
35
What is a BoQ?
BoQ provides an accurate picture of the scope of works and provides a common and consistent basis for pricing. Based on a developed design and specification.
36
What is Simpsons Rule?
Simpsons is a mathematical formula for approximating the area under a curve over a given interval.
37
Why would you use a BoQ instead of a SoW?
Simplifies the tender process because tendering contractors will be pricing the same information. Simplifies the tender analysis.
38
What are the advantages of a BoQ?
Ideal for post contract cost control. Simplified tender analysis. Very detailed. All tenderers are pricing the same information.
39
What are the disadvantages of a BoQ?
Expensive and time consuming to produce. Potential for errors in measurement.
40
What is a Preamble?
A preamble is an explanation of a document that is commonly found in contracts, specifications and bills of quantities. It can help with the interpretation of the document.
41
What are advanced payments?
Payments issued to the contractor in advance of completing works. The usual rationale is to assist with cash flow.
42
What are the key disadvantages of advanced payments?
There may be a commercial risk to the employer. Payment will affect the employers cash flow. Could be concern the contractor is unable to fund the expenditure.
43
If the employer is happy to proceed with the advanced payment, what could be put in place to protect the employer's commercial risk?
An advanced payment bond.
44
What is an interim valuation?
A document put forward by the contractor which contains their progress against each of the work elements.
45
What are the main elements of an interim valuation?
Prelims Measured work Variations EoT costs Materials on site Materials off site Prov sums Retention Fees OH&P
46
How would you assess the interim valuation?
Normally involves the QS visiting site and checking the works by visual inspection.
47
What are the implications of over or under valuing the works?
Could create unreasonable financial problems for either employer or contractor. Low valuation puts the contractor at risk, whereas a high puts the client at risk.
48
What current challenges is Covid and/or Brexit bringing to Quantification & Costing?
More work forced online - implications in understanding how software works, calibration of scales, check measures. Fluctuation material rates - historic data not reliable.
49
What information is typically shown on a payment certificate?
Date of certificate Contract date Key payment dates Employer, contractor, CA details Site address and project number Contract sum Gross value Retention Cumulative value of previous payments Amount due (excluding VAT) CA signature
50
What happens if the employer fails to pay the amount due?
The employer will be liable for interest on the amount due. Contractor could exercise their right to suspend the works.
51
What is a pay less notice?
Purpose is to give the paying party the right to pay less or withhold all of the sum.
52
What happens if the employer forgets to issue a pay less notice?
They are contractually obliged to pay the notified sum.
53
Can you explain the payment timeline for the JCT D&B 16?
Contractor required to make interim application before interim valuation date. Interim valuation date is 7 days prior to due date. Payment notice issued by the employer no later than 5 days following due date. 14 days after the due date is the final date for payment. A pay less notice may be issued no later than 5 days before the final date for payment.
54
Can you explain the payment timeline for the NEC3 ECC?
Payment process the same as JCT. With the exception that a pay less notice may be issued no later than 7 days before the final date for payment.
55
What is a final account?
Conclusion of the contract sum and signifies the agreed amount that the employer will pay the contarctor.
56
What is included within a final account?
Summary Measured work Variations/CE's Adjusted Prov sums Claims Total of all previous payments Delay damages Retention Fees OH&P Original contract sum Final account sum
57
L1 - Why do quantities need to be measured in a uniform way?
NRM2 provides a uniform basis for measuring and describing building works. This allows for standardisation throughout the industry and a way of measurement that is consistent and understood by all.
58
L1 - What are the different methods of measurement?
IPMS - Offices, Resi & Retail. RICS Code of Measurement Practice - 6th Ed 2015 - GEA/GIA/NIA - all other buildings. ICMS - International framework for measurement - basis of NRM. NRM 1, 2 & 3 (2021) - 2021 update to align with ICMS & RIBA PoW 2020 CESMM - Civil Engineering Standard Method of Measurement.
59
L1 - Can tell me what is your understanding of RICS code of Measuring Practice?
Allows for the accurate measurement, the calculation of the sizes (areas and volumes) and the description of land and buildings.
60
L1 - When would the RICS Code of Measuring Practice be used in your day to day employment?
It would be used to understand and define how GEA, GIA and NIA are measured.
61
L1 - GEA, GIA and NIA how are they each measured?
GEA - The area of a building measured externally at each floor level. GIA - Measured to the internal face of the perimeter walls at each floor level. NIA - Usable area within a building measured to the internal face of the perimeter walls at each floor level.
62
L1 - What new standards have been introduced (ICMS)?
There have been new standards introduced under ICMS3 that cover carbon emissions, including ways that can contribute positively to decarbonising the construction sector. It will provide a globally consistent method for carbon life cycle reporting across construction projects.
63
L1 - Will the Employer’s Requirements be available at cost plan stage?
Most employer's that I have worked with have a standard set of employer's requirements which are amended from project to project. Therefore I would think that they could be made available at cost plan stage to provide guidance. I would think that these would change throughout the cost planning stage up until tender.
64
L1 - Which method of measurement would you consider is the most appropriate for measuring civil engineering works?
CESMM
65
L1 - In the document suite the New Rules of Measurement (NRM) what are the key differences between NRM 1 and NRM 2?
NRM1 is the Order of cost estimating and cost planning for capital building works. NRM2 is the detailed measurement of building works.
66
L1 - What is the purpose of NRM 3?
NRM3 is the Order of cost estimating and cost planning for building maintenance works.
67
L1 - How do British Standards affect the measurement of construction works?
Adhere to the standards and codes of measurement. Ensure that drawings are compliant with the British standards. Anything that is blatantly wrong, inform the Architect.
68
L1 - How do the Building Regulations affect the measurement of construction works?
Adhere to the standards and codes of measurement. Ensure that drawings are compliant with the British standards. Anything that is blatantly wrong, inform the Architect.
69
L1 - What is your understanding of the shorter schedule of cost components?
The shorter schedule of cost components is always used to assess compensation events for NEC Options A & B. Can be used to assess options C & D if agreed with the PM and contractor. Simply a list of categories of costs that the Contractor can recover directly
70
L1 - What current challenges is Covid and/or Brexit bringing to Quantification & Costing?
More work forced online - implications in understanding how software works, calibration of scales, check measures. Fluctuation material rates - historic data not reliable.
71
L2 - Wythenshawe – explain why you used the measurement software for the variations and contractor measurement checks.
I wanted to check that the quantities they had proposed were correct. I did my own measurement check to substantiate this.
72
L2 - InnKeeper - when the sanitaryware was changed from retain to replace were there any issues that you encountered with agreeing the changes with the contractor?
No, there were no issues with agreeing changes with the contractor. The Inn Keeper schemes work on the basis of agreed schedules.
73
L2 - Please explain when using Spons or BCIS or in house data what adjustments you may consider and why?
I may include for time, location or inflation factors.
74
L2 - What should a daywork rate include?
Prime cost = labour + materials + plant + % additions
75
L2 - Can you advise where you may have created an across the trades complete bill of quantities?
Whilst working on St Wilfrid's I worked alongside my Senior QS to deliver a bill of quantities for a school project.
76
L2 - Explain the process of completing a take off, what would you have to consider?
A takeoff refers to detailed measurement of construction works to produce a bill of quantities. You have to consider the method of measurement that you are to use and follow the guidance. The most up to date method of measurement is NRM2. NRM2 is read in conjunction with the drawings and specifications. Where there may be uncertainty about some elements, they may be entered onto a query sheet that can be issued to the appropriate members of the consultant team for clarification. Consider whether some elements may be CDP and would be the responsibility of the contractor to measure and price.
77
L3 - Kenilworth – how did you give your advice on the project costs and demonstrate value for money?
I advised the client that I had reviewed the works and that the works claimed for had been completed. I had also assessed the variations and these had been priced using agreed rates. This, along with the project costs being below the clients budget allowed me to confirm with the client that we had achieved value for money.
78
L3 - Alberton – please explain what you had done to construct the cost plan.
I had measured the individual items under the NRM sub elements to produce an elemental cost plan. This displayed measured elements item by item.
79
L3 - You advised the client that you had made assumptions on costs for the finishes. How did you compare this scheme to previous projects so that you knew that you had a fair comparison and your advice was sound?
One of my colleagues had been working on a project in Manchester that also had sauna and steam room facilities. This project was further progressed and therefore the design was more detailed. They had finishing information and it was this that I presented to the client as a proposal. I applied any relevant uplifts for inflation and time.
80
L3 - Are you able to explain where you have been involved in and advised on the negotiation of a complete contract sum?
On the Kenilworth project I was responsible for managing costings throughout the entirety of the project. I produced a schedule of works with agreed rates and proposed this to the contractor. The contract sum was agreed following discussions. I was also responsible for agreeing the final account, providing my assessment and coming to an agreement that both parties were happy with.
81
L3 - Are you able to explain where you have been involved in and advised on the negotiation of a significant final account?
On the Kenilworth I was responsible for negotiating and agreeing the final account with the contractor. I reviewed the contractors account and provided my assessment on costs. I made some amendments and agreed the final account with the contractor.
82
L3 - Where have you been involved in quantification and costing of a services element of a project?
On Alberton House I was responsible for reviewing the costs of an AHU against an FCU. I received costs back from approved suppliers and presented the cost options to the client.
83
What are the different IPMS categories?
IPMS1 - Universal Standard that applies to all building classes. Used for measuring the area of a building including the external walls. IPMS2 - Offices. Used for measuring the interior area and categorising the use of space in an office building. IPMS3 - Offices. Measuring the occupation of floor areas in exclusive use.
84
How do IPMS and ICMS differ to NRM?
NRM is focused on measurement for commercial and construction purposes. IPMS and ICMS are relevant for all surveying disciplines.

Nadine APC (21 decks)

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