FINANCIAL MANAGEMENT IN CONSTRUCTION CONTRACTING

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Financial Management In Construction Contracting

Author : Andrew Ross
ISBN : 9781118537978
Genre : Technology & Engineering
File Size : 79.96 MB
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This authoritative text provides a detailed insight into howconstruction companies manage their finances at both corporate andproject level. It will guide students and practitioners through thecomplexities of the financial reporting of construction projectswithin the constraints of accepted accounting practice. The book iswritten for non-accountants and from a contractor’sperspective and is equally relevant to subcontractors and maincontractors. The authors examine the relationship between the external annualaccounts and the internal cost-value reconciliation process. CVR iscovered in depth and the authors consider issues such as interimpayments, subcontract accounts, contractual claims, final accounts,cash flow management and the reporting of the physical andfinancial progress of contracts. A broad perspective of all the financial aspects of contractingis taken along with related legal issues and the authors explainhow things operate in the ‘real world’. They describegood practice in financial control while at the same time beinghonest about some of the more questionable practices that can - anddo - happen. The approach taken is unique as the financialmanagement of construction projects is considered from theperspective of the contractor’s quantity surveyor. The bookdeals with the real issues that surveyors have to address whenusing their judgment to report turnover, profitability, cash flow,and work in progress on projects and the financial problems facedby subcontractors are frankly and pragmatically explored. The payment and notice requirements of the Construction Act areexplained in detail and relevant provisions of JCT2011, NEC3, ICC,DOM/1 and other standard contracts and subcontracts are alsocovered. Financial Management in Construction Contractingaddresses the wide variety of external factors that influence howconstruction companies operate, including government policy,banking covenants and the financial aspects of supply chainmanagement. Cost reporting systems are described and real-lifeexamples are used to illustrate cost reports, accrual systems andhow computerised systems can be employed to provide the QS withinformation that can be audited. Examples drawn from practice demonstrate how work-in-progress(WIP) is reported in contracting. Cost value reconciliation reportsare featured and the book demonstrates how adjustments are made forovermeasure, undermeasure, subcontract liabilities and WIP as wellas explaining the processes that contractors use when analysingexternal valuations. This is the ideal core text for final year degree andpost-graduate level modules on Quantity Surveying, CommercialManagement, Construction Management and Project Management coursesand will provide an invaluable source of reference for quantitysurveyors and others who may be engaged in the financial managementof construction projects. The book’s companion website at ahref="http://www.wiley.com/go/xxxx"www.wiley.com/go/rossfinancialmanagement/a offersinvaluable resources for students and lecturers as well as forpractising construction managers: end-of-chapter exercises + outline answers PowerPoint slides for each chapter ideas for discussion topics links to useful websites
Category: Technology & Engineering

Risk And Financial Management In Construction

Author : Simon A. Burtonshaw-Gunn
ISBN : 0566088975
Genre : Business & Economics
File Size : 37.36 MB
Format : PDF, Kindle
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The book covers Risk Management describing the tools and methods to reduce the occurrence and consequences of risk, and the financial management of construction projects from raising funding, to contract strategy and through to estimating, budgeting and cost control. It includes a chapter covering international project risk, bringing together the issues of risk management, prime contracting, and PFI funding for construction projects undertaken away from the contractors main home market.
Category: Business & Economics

Financial Management And Accounting Fundamentals For Construction

Author : Daniel W. Halpin
ISBN : 9781118174272
Genre : Technology & Engineering
File Size : 90.24 MB
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TECHNOLOGY/ENGINEERING/CIVIL SUCCESSFUL FINANCIAL MANAGEMENT IN THE CONSTRUCTION INDUSTRY BEGINS WITH THIS HANDS-ON GUIDE While construction professionals are skilled in the technical side of their work, they often find the financial management aspect of the business daunting. Financial Management and Accounting Fundamentals for Construction will help you better understand and navigate the financial decisions that are part of every construction project. This book is a compact summary of the basic financial skills that a construction professional must have to be successful in the management of a construction company and its projects. Its topics address many of the questions that any construction administrator will face, such as: How to organize and use a company's financial reports What amount of cash must be made available to the contractor to complete a project Why the early payment of supplier invoices can enhance profitability How to quantify the time value of money in financial decisions What tax amount is owed by a company and how it impacts the bottom line How to control project costs What financial sources are available to a construction contractor for capital expansion In this text, you will learn about accounting fundamentals, project-related financial matters, and company level financial issues—three factors that are key to your career success. An ideal reference for students of construction management and engineering, as well as professionals who need a quick refresher when dealing with cost control analysis and other financial issues, this text also offers: Easy-to-understand coverage of financial concepts specific to the construction industry, including business taxation, project control, engineering economy, and financial forecasting Numerous worked examples, plus end-of-chapter review questions and exercises Helpful appendices that present the structure of a typical chart of accounts, the flow of transactions through a construction accounting system, and tables required for computing interest and the time value of money
Category: Technology & Engineering

Managing Overseas Construction Contracting

Author : D. A. Langford
ISBN : 0727720295
Genre : Technology & Engineering
File Size : 45.98 MB
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This book addresses the practical aspects of international construction. Increasingly the world is occupied by clients seeking construction work on a global basis - designers from one country, contractors from another, materials and subcontractors from yet others. In such complex multi-organisational and cross-cultural setting the management of the construction environment and process is likely to create formidable challenges. This book outlines the best approaches for the best results in addressing these challenges. This book is of interest to undergraduates and graduates specialising in the built environment, development economics or project management, while practitioners in construction and finance, bankers and civil servants may also profit from the ideas it contains.
Category: Technology & Engineering

Construction Project Management

Author : Richard H. Clough
ISBN : 0471324388
Genre : Technology & Engineering
File Size : 58.1 MB
Format : PDF, Docs
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A complete update of the definitive guide to the planning and scheduling of construction projects Now with a dedicated Web site containing a downloadable version of the premier CPM scheduling software program–Micro Planner Manager(r) from MicroPlanning International for both Windows(r) and Macintosh platforms This Fourth Edition of Construction Project Management reaffirms the book′s status as the industry–leading, definitive guide to the Critical Path Method (CPM) of project scheduling. It combines a solid foundation in the principles and fundamentals of CPM with particular emphasis on project planning. A highway bridge with a complete cost estimate is used to illustrate each of the principles of project management. Using this basic information and the case studies in the appendix, students are given project management problems and hands–on project management experience. Important features of Construction Project Management, Fourth Edition include: ∗ Complete coverage of planning and scheduling principles that apply to every type of construction project ∗ Special emphasis on the most difficult and important part of CPM–the planning process ∗ A new chapter on production planning, the process of turning the project plan into efficient workplace operations ∗ New methods for handling construction contingency planning and weather delays ∗ In–depth coverage of the legal aspects of CPM scheduling ∗ Large illustrations conveniently tucked into a back cover pocket An excellent text for both building construction and construction engineering students, this book is also an indispensable on–the–job reference for builders, architects, civil engineers, and other construction professionals.
Category: Technology & Engineering

Construction Contracting

Author : Richard H. Clough
ISBN : 9781118693216
Genre : Technology & Engineering
File Size : 37.9 MB
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The definitive contracting reference for the construction industry, updated and expanded Construction Contracting, the industry's leading professional reference for five decades, has been updated to reflect current practices, business methods, management techniques, codes, and regulations. A cornerstone of the construction library, this text presents the hard-to-find information essential to successfully managing a construction company, applicable to building, heavy civil, high-tech, and industrial construction endeavors alike. A wealth of coverage on the basics of owning a construction business provides readers with a useful "checkup" on the state of their company, and in-depth exploration of the logistics, scheduling, administration, and legal aspects relevant to construction provide valuable guidance on important facets of the business operations. This updated edition contains new coverage of modern delivery methods, technology, and project management, with sample contracts and documentation and a companion website for additional guidance. The field of construction contracting comprises the entire set of skills, knowledge, and conceptual tools needed to successfully own or manage a construction company, as well as to undertake any actual project. This book gives readers complete, up-to-date information in all of these areas, with expert guidance toward best practices. Learn techniques for accurate cost estimating and effective bidding Understand construction contracts, surety bonds, and insurance Explore project time and cost management, with safety considerations Examine relevant labor law and labor relations techniques Between codes, standards, laws, and regulations, the construction industry presents many different areas with which the manager needs to be up to date, on top of actually doing the day-to-day running of the business. This book provides it all under one cover – for the project side and the business side, Construction Contracting is a complete working resource in the field or office.
Category: Technology & Engineering

Construction Accounting And Financial Management

Author : Steven J. Peterson
ISBN : 0135017114
Genre : Business & Economics
File Size : 72.81 MB
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This book takes general business accounting and financial principles as well as engineering economics and adapts them to the unique characteristics of the construction industry. It provides all of the key financial management principles needed by construction managers under one cover, addressing how they are applied in the construction industry and how they interact. This book teaches students how to account for the company’s financial resources, how to manage the costs and profits of a construction company, how to manage the company’s cash flows, how to evaluate different sources of funding a company’s cash needs, and how to quantitatively analyze financial decisions.
Category: Business & Economics

Major Construction Works

Author : Keith F. Potts
ISBN : 0582102987
Genre : Technology & Engineering
File Size : 76.10 MB
Format : PDF, Docs
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Examines the key issues and best practice to be considered in the contractual and financial management of major construction projects. Uniquely, it encompasses the building and civil engineering sectors by approaching the subject from the viewpoint of both the employer and the contractor.Worked examples, tables, legal and project case studies are used to illustrate the practical application of the theory where appropriate. End-of-chapter questions and extensive references help further develop understanding of the subject.
Category: Technology & Engineering