Quantity Surveying and Cost Management

A major contributing factor to a Projects success lies in accurate Quantity Surveying and Cost Management.  FAEC in-house team utilizes a variety of effective and proven techniques in delivering projects within agreed budgets. Our extensive knowledge and experience in the local market coupled with a team of competent and experienced Quantity Surveyors and Cost Engineers ensures that the Client is always in control of costs from inception to completion.

The FAEC QS Team works hand-in-hand with the Client and Design/ Engineering Team to assess the project's requirements so that all key deliverables, timescales, restrictions and desires are fully understood, reflected and accounted for throughout the entire project lifecycle. We optimize and update the project cost at every stage through our proven methodologies, benchmarks, cost models, cost data, quality checks, and with our intimate market knowledge and understanding of current prices of labour, materials and plant.

In combination with a sound understanding of design objectives and early stage decisions, FAEC’s approach to cost management is driven by a real commitment to provide maximum value/ return for a Client’s investment.

One of our key strengths is our capability to produce accurate tender documentation including bills of quantities and construction cost estimate using traditional Quantity Surveying skills complimented with modern technology. This emphasis of getting it right from the beginning creates a solid base to continue our service throughout the entirety of the project and helps reduce risk and promote certainty of time and money.

Quantity Surveying and Cost Management Services:

FAEC has extensive experience in undertaking major building, health care, recreational, security, site development/ infrastructure and marine projects and the comprehensive Quantity Surveying and Cost Management services we can deliver are as follows:

• Benchmarking
• Budget estimating
• Cost estimating
• Value engineering
• Tender documentation
• Specifications
• Material Take-offs
• Bills of Quantities
• Pre and post contract cost management
• Design change notice with Cost change management

FAEC quality management and procedures (QMS: ISO 9001:2015), environmental (EMS: ISO 14001:2015), health and safety (HSE: ISO 45001:2018) are ISO certified and we ensure that all aspect of our operations are fully compliant. For the specific needs of every Project, FAEC adheres to the following steps:

• Client’s Project budgets are finite and not to be exceeded without the Client's written authority
• Robust levels of project governance are employed throughout the project with clear lines of responsibility and accountability
• Accurate prediction and control of costs play a huge part and is a fundamental aspect of a successful Contract
• Offer factual, transparent and honest advice with “No Surprises”
• Tailor-made resource allocation according to the most appropriate skill set required for the specific project needs
• Pro-actively interrogate and challenge design proposals
• Identify and manage risk at early stage
• Can adapt quickly to any change in Client's priorities or unforeseen project circumstances without compromising the quality of our service. We achieve this by implementing robust and high-level project management and maintaining a clear communication policy with all parties.

Cost Estimation Process:

Cost Estimating is a predictive process used to quantify, cost, and price the resources required by the scope of an investment option, activity, or project. The output of the estimating process, the Cost Estimate, may be used for many purposes, such as:

• determining the economic feasibility of a project
• evaluating various project alternatives
• establishing the project budget
• providing a basis for project cost and schedule control

Cost Estimating may be used to determine the cost of any investment activity, such as building an office or process power plant, developing a software program, or producing a stage play. The primary estimating focus will be applied to support the creation of capital assets (site development and infrastructure, a building, industrial facility, bridge, highway, etc), however, the estimating processes described can be applied to any investment activity.

The basic estimating steps are the same:

• understand the scope of the activity to quantify the resources required
• apply costs to the resources
• apply pricing adjustments
• organize the output in a structured way that supports decision-making

Furthermore, the Cost Estimate serves other purposes besides establishing the budget for a project. It also serves as a tool or resource used for both scheduling and cost control of projects. The estimate not only establishes a project budget, but plays an equally important role in monitoring the budget during project execution. It is the relationship between estimating, scheduling, and cost control, which is typically identified by the term “Cost Engineering” that serves as a driver for successful and cost-effective projects. Thus, an effective estimate must not only establish a realistic budget, but must also provide accurate information to allow for scheduling, cost monitoring, and progress measurement of a project during execution.