Financial Management In Construction Contracting

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Financial Management In Construction Contracting

Author : Andrew Ross
ISBN : 9781118537961
Genre : Technology & Engineering
File Size : 49.60 MB
Format : PDF, ePub
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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 : 9781351903073
Genre : Business & Economics
File Size : 21.61 MB
Format : PDF, Kindle
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In today’s climate the need for a closer understanding of the relationship between the two inter-related topics of risk management and finance on construction projects is becoming increasingly crucial to achieving the objectives of the investor, the end-user and the constructor and its supply chain, especially as interest in PFI and PPP arrangements continues to grow around the world. Risk and Financial Management in Construction shows the relationship between the Construction Project Manager’s task of balancing time, cost and quality and the need to satisfy the client’s requirements efficiently, effectively and professionally whilst at the same time contributing to the contractor’s future sustainability. 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. Risk and Financial Management in Construction is aimed at those practising in, or studying to enter, the project management profession in providing a strategic and operational knowledge of these subjects allowing the reader easy access to the key points through a wide selection of models, checklists and easy to find lists in all of the key areas.
Category: Business & Economics

Construction Contracting

Author : Richard H. Clough
ISBN : 9781119019978
Genre : Technology & Engineering
File Size : 89.11 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. 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

Financial And Cost Concepts For Construction Management

Author : Daniel W. Halpin
ISBN : UOM:39015020871540
Genre : Technology & Engineering
File Size : 65.31 MB
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Designed for engineering students in upper-level courses of construction management or cost control, this text provides a thorough grounding in all aspects of financial management so that the construction engineering manager can understand how to control costs and communicate with the accountant or bookkeeper. Features include explanations of financial documents and cost reports and an overview of bookkeeping fundamentals.
Category: Technology & Engineering

Construction Contracts

Author : Will Hughes
ISBN : 9781317442288
Genre : Law
File Size : 68.2 MB
Format : PDF
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The fifth edition of this bestselling textbook has been thoroughly revised to provide the most up-to-date and comprehensive coverage of the legislation, administration and management of construction contracts. It now includes comparisons of working with JCT, NEC3, and FIDIC contracts throughout. Introducing this topic at the core of construction law and management, this book provides students with a one-stop reference on construction contracts. Significant new material covers: procurement tendering developments in dispute settlement commentary on all key legislation, case law and contract amendments In line with new thinking in construction management research, this authoritative guide is essential reading for every construction undergraduate and an extremely useful source of reference for practitioners.
Category: Law

Construction Contracts

Author : John Murdoch
ISBN : 9781135803261
Genre : Architecture
File Size : 44.17 MB
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Although the legal principles involved in construction contracts and their management and administration are an aspect of general contract law, the practical and commercial complexities of the construction industry have increasingly made this a specialist field. Recognizing this, Construction Contracts is a fully revised edition of the UK’s leading textbook on the law governing this area. Brought up to date with recent cases and developments in the law as it stands at July 2000, this new edition: takes full account of the effects of the Housing Grants, Construction and Regeneration Act 1996, the Arbitration Act 1996, the Contracts (Rights of Third Parties) Act 1999 and the changes in the legal system brought about by the Woolf reforms includes extended coverage of financial protection, construction insurance and tendering controls, as well as the Construction (Design and Management) Regulations has been revised to take account of changes to the common standard-form contracts, particularly the New Engineering Contract and the GC/Works family of contracts. Retaining the same basic approach as its successful predecessors, this important text introduces the general principles that underlie contracts in construction, illustrating them by reference to the most important standard forms currently in use.
Category: Architecture

Financial Management For Local Government

Author : Kay Spearman
ISBN : 9781844074020
Genre : Political Science
File Size : 69.23 MB
Format : PDF, Kindle
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"This series is designed to cover all aspects of sound financial management for local governments in developed and developing countries and economies in transition. Concepts of good governance, transparency and accountability are woven into the text of every chapter, and the needs and potential obstacles to greater decentralization and democracy are highlighted. Each volume is self-contained with its own Trainer's Guide, exercises and web resources. Chapters are divided into basic and advanced concepts and the detailed relationship of each topic to the others covered in the series is explained"--Publisher's description.
Category: Political Science

Managing Risk In Construction Projects

Author : Nigel J. Smith
ISBN : 9781118347225
Genre : Technology & Engineering
File Size : 22.12 MB
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Investment in any new project invariably carries risk but the construction industry is subject to more risk and uncertainty than perhaps any other industry. This guide for construction managers, project managers and quantity surveyors as well as for students shows how the risk management process improves decision-making. Managing Risk in Construction Projects offers practical guidance on identifying, assessing and managing risk and provides a sound basis for effective decision-making in conditions of uncertainty. The book focuses on theoretical aspects of risk management but also clarifies procedures for undertaking and utilising decisions. This blend of theory and practice is the real message of the book and, with a strong authorship team of practitioners and leading academics, the book provides an authoritative guide for practitioners having to manage real projects. It discusses a number of general concepts, including projects, project phases, and risk attitude before introducing various risk management techniques. This third edition has been extended to recognize the reality of multi-project or programme management and the risks in this context; to highlight the particular problems of risk in international joint ventures; and to provide more coverage of PFI and PPP. With case studies and examples of good practice, the book offers the distilled knowledge of over 100 man-years of experience in working on all aspects of project risk, giving sound practical guidance on identifying, assessing and managing risk.
Category: Technology & Engineering

The Construction Mba Practical Approaches To Construction Contracting

Author : Matt Stevens
ISBN : 9780071763264
Genre : Architecture
File Size : 72.17 MB
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Proven business strategies for operating a profitable and efficient construction firm Written by a successful management researcher, advisor, and educator to construction contractors, The Construction MBA reveals effective operating practices for managing the multiple processes that must work simultaneously to make a construction firm consistently profitable. The methods in the book apply to both general and specialty contracting firms and describe how to grow both the top line and bottom line. This strategic resource explains how to integrate metrics into your business model that allow you to identify and react to critical trends. You'll learn ways to gain the competitive edge by adopting superior processes, speeding up your business cycle, and maximizing client satisfaction. Tips for positioning your firm on the "sweet spot" of the risk-reward curve are also included. Realworld case studies demonstrate the concepts presented in this practical guide. In addition, eight legendary management books are reviewed and their lessons are applied to the construction contracting business. The Construction MBA covers: The new business model Corporate objectives and strategies Work acquisition Operations management Human resources Financial management Technology Good operating practices
Category: Architecture

Managing Construction Contracts

Author : Robert D. Gilbreath
ISBN : 0471569321
Genre : Technology & Engineering
File Size : 44.8 MB
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This Second Edition focuses on the commercial issues of contracting, covering the lifespan of a contract in four stages: inception of need, bid and award, administration, termination. Written from the owners' perspective, it is appropriate for construction managers and contract administrators. New material includes the effects of the computer on construction management practices, the risks and rewards of cross-border contracts and the role of the lawyer.
Category: Technology & Engineering

Concept And Application Of Shariah For The Construction Industry Shariah Compliance In Construction Contracts Project Finance And Risk Management

Author : Abdul Rashid Khairuddin
ISBN : 9789813238923
Genre : Technology & Engineering
File Size : 79.2 MB
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The application of Shariah compliance in business transactions continues to increase. The Asian financial crisis of 1997, global financial crisis of 2007-2008, Enron scandal and other reported ills besieging conventional business transactions have led to advocates of Shariah-compliant business transactions promoting the latter as a credible alternative. However, unlike the banking, commerce and financial sectors, the uptake by the construction sector was sluggish due to limited understanding of Shariah among the practitioners and policymakers compounded by the lack of research and publications on its application for the construction sector.This book is intended for students, researchers, practitioners and policymakers of the construction industry as well as the related upstream and downstream activities. It offers basic theories, challenges current practices, and proposes innovative ideas on Shariah compliance and its application for the construction industry.Related Link(s)
Category: Technology & Engineering

Civil Engineering Construction Contracts

Author : M. P. O'Reilly
ISBN : 0727725300
Genre : Law
File Size : 27.85 MB
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This work provides guidance on all aspects of the most commonly used construction contracts for all those involved in specifying contracts, whether in drafting, administration, claims or dispute resolution. The main sections of the text deal with the general concepts of traditional construction contracts, as well as design and construct contracts. Contracts examined in detail include the ICE 6th editions FCEC subcontract and the NEC. The text concludes with a discussion of dispute avoidance and resolution.
Category: Law

Financial Management Theory In The Public Sector

Author : Aman Khan
ISBN : 1567206255
Genre : Business & Economics
File Size : 32.16 MB
Format : PDF, ePub
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Integrating insights from economics, business, and political science, this book presents a multidisciplinary approach to the theory and practice of financial management in the public sector.
Category: Business & Economics

Construction Contracting

Author : James J. Adrian
ISBN : PSU:000045787812
Genre : Technology & Engineering
File Size : 80.59 MB
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Category: Technology & Engineering

Cost Management Of Construction Projects

Author : Donald Towey
ISBN : 9781118473801
Genre : Technology & Engineering
File Size : 75.82 MB
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The cost manager/quantity surveyor plays a pivotal role in the financial and contract management of construction projects, although the exact nature of the service they provide depends on the project employer’s terms of engagement. This can mean acting as consultant in a range of roles including cost and advisory services for budget setting to initiate a project, cost management through the design and construction phases, contract administration and acting as the client side project manager to oversee the entire building process. Cost Management of Construction Projects focusses on the cost manager/quantity surveyor engaged by the project client, and discusses key elements that help drive project success including measurement (based on the New Rules of Measurement published by RICS), procurement, cost planning, contract administration and project cost management. With examples, it provides a thorough guide to the role in the workplace and in the field, directly addressing the day to day situations faced by the cost manager/quantity surveyor. Donald Towey MRICS has extensive experience of the construction industry. His experience began as an estimator with a glass/glazing contractor in Manchester. Following a number of positions with UK contractors he relocated to Australia and has worked with a number of developers and main contractors, as well as doing freelance work. He is currently working in contracts management in Sydney.
Category: Technology & Engineering