Cost Management (Tendering & Scheduling)
Cost management in construction involves planning, budgeting, monitoring, and controlling the expenses associated with a construction project. Effective cost management is crucial to the success of a construction project, as it ensures that the project is completed within budget and on time. The cost management process typically begins with the development of a detailed cost estimate, which includes all of the expected expenses associated with the project.
Once the cost estimate has been developed, the project team can develop a budget and a cost management plan. The budget outlines how much money is available for each aspect of the project, while the cost management plan outlines how the project team will track and control expenses.
During the construction phase, the project team must monitor costs regularly to ensure that the project stays within budget. This may involve tracking labor costs, material costs, equipment costs, and any other expenses associated with the project. If the project is in danger of going over budget, the project team must take steps to control costs and bring the project back in line with the budget.
Overall, effective cost management is critical to the success of a construction project. By developing a detailed cost estimate, creating a budget and cost management plan, and monitoring costs regularly, the project team can ensure that the project is completed on time and within budget.
Quantity Surveying (Take-Off):
Cost Umbrella is trusted in providing accurate, excellent and reliable construction take-off services following industry standards such as new rule of measurement (NRM-RICS), CESMM3, POMI and construction specification institution (CSI). We ensure to validate the take-off by using expert review and parametric approaches established over the time. We provide all the relevant measurement sheets in-addition to appropriate BOQ for extracting related information (if needed). CU team has award winning track record of producing detailed BOQ in given timeframe. We are expert in well know take-off software such as plan swift, QTO, Bluebeam and Auto Cad.
Quantity Validation / Verification:
We provide PEER review to validate the bill of quantities prepared by designer or company quantity surveyors. CU team has been working more than 20 years in the construction industry. We have established complex parameters to validate quantity take-off, we are specialized and expert in quantity validation of concrete frame structure by applying different concrete and steel ratios. CU team has established ratios of each component of construction project by using different criteria such as BUA, # of room, # of keys, # of resident and # of beds. We provide insight of projects while providing the final report for PEER review.
Estimation (Direct / Indirect):
Cost Umbrella provides estimating services as per AACE classification such as Class 5 ~ Class 1. Estimation and budgeting is our core expertise, and we do this task at micro level by developing detailed work breakdown structure (WBS). We classify construction cost intro three categories, Dry Cost, Indirect Cost and OH/Profit. We have well studied and PEER reviewed crew compositions and productivity rates for different regions globally, RS Means is our prime source to validate our manpower calculation. Cost Umbrella team has produced hundreds of estimate of mega projects and maintain high ratio of tender winning. We develop well organized technical and commercial submittal for all asset classes in civil construction industry.
Cost Plans (AACE-RIBA-RICS):
Cost plan is a tool of controlling the estimated cost during the design and construction phases of a project. CU provides a snapshot of the likely costs associated with construction work. Our team is expert in developing initial cost appraisals, elemental cost plan, approximate take-off cost plan and pre-tender estimate evolved during different stage of design completion. We provide cost plan and cashflows as per international industry standards such as AACE, RIBA and RICS.
Bid Evaluation (Tech/Commercial):
Cost Umbrella has provided the services of bid evaluation for many mega project. We get involve during the opening and examining of the bids to identify the prefer main contractors for execution. We follow the defined bid evaluation criteria by different employer or consider CU’s established bid evaluation criteria for commercial and technical bids. We believe strategy employed in bid analysis should reflect the client’s objective and project-specific criteria of full functionality, safety, security, and durability. CU team has established professional approach of validating the bid values and identify the unethical estimating practices such front-loading, backloading and quantity manipulation.
Tender Negotiation & Selection:
We shortlist the main contractors for further negotiation by identifying the area in which the contractor price is high. CU team go in BAFO and LAFO stages to finalize cost effective contract.