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Cost Management
| Content Provider | Scilit |
|---|---|
| Author | Tan, Yan |
| Copyright Year | 2020 |
| Description | Cost management is one of the most important aspects of large-scale construction project management. Due to the low profit margin for the construction industry, effective cost management not only increases the profit margin of the construction company, but also provides sufficient cash flow to support the project implementation. If the contractor, sub-contractor, or supplier make significant losses in a large construction project, it may lead to bankruptcy of the company and consequently may have a significant impact on the project. In addition, most disputes around construction projects are ultimately related to the payment between the parties. Therefore, effective front-end cost management can not only improve the construction company's profits, but also avoid disputes in the later stages of the project. This chapter begins by introducing the obligation between the contract parties in terms of project price and payment. It then explains the pricing and payment mechanism under the standard forms contract, including FIDIC, NEC, and JCT. Finally, it summarizes the best practice for effective cost control and emphasizes the pitfalls during cost management. Book Name: Large-Scale Construction Project Management |
| Related Links | https://content.taylorfrancis.com/books/download?dac=C2018-0-88559-3&isbn=9780429423994&doi=10.1201/9780429423994-4&format=pdf |
| DOI | 10.1201/9780429423994-4 |
| Language | English |
| Publisher | Informa UK Limited |
| Publisher Date | 2020-04-02 |
| Access Restriction | Open |
| Subject Keyword | Book Name: Large-Scale Construction Project Management Architecture Construction Project |
| Content Type | Text |
| Resource Type | Chapter |
