Risk And Financial Management In Construction
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Risk And Financial Management In Construction
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Author : Simon A. Burtonshaw-Gunn
language : en
Publisher: Routledge
Release Date : 2017-03-02
Risk And Financial Management In Construction written by Simon A. Burtonshaw-Gunn and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-03-02 with Business & Economics categories.
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.
Financial Management In Construction Contracting
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Author : Andrew Ross
language : en
Publisher: John Wiley & Sons
Release Date : 2013-01-29
Financial Management In Construction Contracting written by Andrew Ross and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-01-29 with Technology & Engineering categories.
This authoritative text provides a detailed insight into how construction companies manage their finances at both corporate and project level. It will guide students and practitioners through the complexities of the financial reporting of construction projects within the constraints of accepted accounting practice. The book is written for non-accountants and from a contractor’s perspective and is equally relevant to subcontractors and main contractors. The authors examine the relationship between the external annual accounts and the internal cost-value reconciliation process. CVR is covered in depth and the authors consider issues such as interim payments, subcontract accounts, contractual claims, final accounts, cash flow management and the reporting of the physical and financial progress of contracts. A broad perspective of all the financial aspects of contracting is taken along with related legal issues and the authors explain how things operate in the ‘real world’. They describe good practice in financial control while at the same time being honest about some of the more questionable practices that can - and do - happen. The approach taken is unique as the financial management of construction projects is considered from the perspective of the contractor’s quantity surveyor. The book deals with the real issues that surveyors have to address when using their judgment to report turnover, profitability, cash flow, and work in progress on projects and the financial problems faced by subcontractors are frankly and pragmatically explored. The payment and notice requirements of the Construction Act are explained in detail and relevant provisions of JCT2011, NEC3, ICC, DOM/1 and other standard contracts and subcontracts are also covered. Financial Management in Construction Contracting addresses the wide variety of external factors that influence how construction companies operate, including government policy, banking covenants and the financial aspects of supply chain management. Cost reporting systems are described and real-life examples are used to illustrate cost reports, accrual systems and how computerised systems can be employed to provide the QS with information that can be audited. Examples drawn from practice demonstrate how work-in-progress (WIP) is reported in contracting. Cost value reconciliation reports are featured and the book demonstrates how adjustments are made for overmeasure, undermeasure, subcontract liabilities and WIP as well as explaining the processes that contractors use when analysing external valuations. This is the ideal core text for final year degree and post-graduate level modules on Quantity Surveying, Commercial Management, Construction Management and Project Management courses and will provide an invaluable source of reference for quantity surveyors and others who may be engaged in the financial management of construction projects. The book’s companion website at www.wiley.com/go/rossfinancialmanagement offers invaluable resources for students and lecturers as well as for practising construction managers: end-of-chapter exercises + outline answers PowerPoint slides for each chapter ideas for discussion topics links to useful websites
Managing Risk In Construction Projects
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Author : Nigel J. Smith
language : en
Publisher: John Wiley & Sons
Release Date : 2014-02-03
Managing Risk In Construction Projects written by Nigel J. Smith and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-02-03 with Technology & Engineering categories.
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.
Project Finance For Construction
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Author : Anthony Higham
language : en
Publisher: Taylor & Francis
Release Date : 2016-12-08
Project Finance For Construction written by Anthony Higham and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-12-08 with Architecture categories.
The world of construction is intrinsically linked with that of finance, from the procurement and tendering stage of projects right through to valuation of buildings. In addition to this, things like administrations, liquidations, mergers, take-overs, buy-outs and floatations affect construction firms as they do all other companies. This book is a rare explanation of common construction management activities from a financial point of view. While the practical side of the industry is illustrated here with case studies, the authors also take the time to build up an understanding of balance sheets and P&L accounts before explaining how common tasks like estimating or valuation work from this perspective. Readers of this book will not only learn how to carry out the tasks of a construction cost manager, quantity surveyor or estimator, they will also understand the financial logic behind them, and the motivations that drive senior management. This is an essential book for students of quantity surveying or construction management, and all ambitious practitioners.
Financial Management And Accounting Fundamentals For Construction
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Author : Daniel W. Halpin
language : en
Publisher: John Wiley & Sons
Release Date : 2011-09-09
Financial Management And Accounting Fundamentals For Construction written by Daniel W. Halpin and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-09-09 with Technology & Engineering categories.
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
Risk Management In Engineering And Construction
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Author : Stephen Ogunlana
language : en
Publisher: Routledge
Release Date : 2019-09-09
Risk Management In Engineering And Construction written by Stephen Ogunlana and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-09-09 with Technology & Engineering categories.
Today’s businesses are driven by customer ‘pull’ and technological ‘push’. To remain competitive in this dynamic business world, engineering and construction organizations are constantly innovating with new technology tools and techniques to improve process performance in their projects. Their management challenge is to save time, reduce cost and increase quality and operational efficiency. Risk management has recently evolved as an effective method of managing both projects and operations. Risk is inherent in any project, as managers need to plan projects with minimal knowledge and information, but its management helps managers to become proactive rather than reactive. Hence, it not only increases the chance of project achievement, but also helps ensure better performance throughout its operations phase. Various qualitative and quantitative tools are researched extensively by academics and routinely deployed by practitioners for managing risk. These have tremendous potential for wider applications. Yet the current literature on both the theory and practice of risk management is widely scattered. Most of the books emphasize risk management theory but lack practical demonstrations and give little guidance on the application of those theories. This book showcases a number of effective applications of risk management tools and techniques across product and service life in a way useful for practitioners, graduate students and researchers. It also provides an in-depth understanding of the principles of risk management in engineering and construction.
Cost Accounting And Financial Management For Construction Project Managers
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Author : Len Holm
language : en
Publisher: Routledge
Release Date : 2018-09-03
Cost Accounting And Financial Management For Construction Project Managers written by Len Holm and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-09-03 with Architecture categories.
Proper cost accounting and financial management are essential elements of any successful construction job, and therefore make up essential skills for construction project managers and project engineers. Many textbooks on the market focus on the theoretical principles of accounting and finance required for head office staff like the chief financial officer (CFO) of a construction firm. This book's unique practical approach focuses on the activities of the construction management team, including the project manager, superintendent, project engineer, and jobsite cost engineers and cost accountants. In short, this book provides a seamless connection between cost accounting and construction project management from the construction management practitioner’s perspective. Following a complete accounting cycle, from the original estimate through cost controls to financial close-out, the book makes use of one commercial construction project case study throughout. It covers key topics like financial statements, ratios, cost control, earned value, equipment depreciation, cash flow, and pay requests. But unlike other texts, this book also covers additional financial responsibilities such as cost estimates, change orders, and project close-out. Also included are more advanced accounting and financial topics such as supply chain management, activity-based accounting, lean construction techniques, taxes, and the developer’s pro forma. Each chapter contains review questions and applied exercises and the book is supplemented with an eResource with instructor manual, estimates and schedules, further cases and figures from the book. This textbook is ideal for use in all cost accounting and financial management classes on both undergraduate and graduate level construction management or construction engineering programs.
Ramp Risk Analysis And Management For Projects
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Author : Institution of Civil Engineers (Great Britain)
language : en
Publisher: Thomas Telford
Release Date : 2005
Ramp Risk Analysis And Management For Projects written by Institution of Civil Engineers (Great Britain) and has been published by Thomas Telford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Capital investments categories.
Key coverage/key issues of this book are: uncertainty and its mitigation, upside risk, the disadvantages of using optimum bias alone, evidence that has recently emerged about the risks in transport infrastructure projects, and risk efficiency.
Critical Risks In Large Construction Projects And Their Consideration In Cost Estimation
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Author : Martin Henschelchen
language : en
Publisher: GRIN Verlag
Release Date : 2022-05-24
Critical Risks In Large Construction Projects And Their Consideration In Cost Estimation written by Martin Henschelchen and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-05-24 with Business & Economics categories.
Seminar paper from the year 2022 in the subject Business economics - Investment and Finance, grade: 1,5, University of Western Sydney, course: Financial Management of Projects, language: English, abstract: Early cost estimating has often become a major challenge in large projects. Budget overruns occur time and again, which leads regularly to conflicts between investors, project teams, contractors, and other stakeholders. The cause for these are several factors such as inadequate consideration of project risks, insufficient project information and an unclear project scope, or unforeseen project complexities. The following literature review, therefore, observes the risk identification of major construction and infrastructure projects as one of the major reasons for cost overruns. This review aims to deliver an overview of the different approaches to the identification of risks during the early stage of large projects. In this context, however, no rigid definition of the term "major project" has yet emerged. There is no fixed rule when a project is a major project and should be organized likewise. A major project is characterized by the fact that it differs from the client's usual projects in terms of its planning and implementation duration, its complexity, the large number of participants, or its high social significance. In contrast to small and medium-sized construction projects, where routine can be applied, extensive infrastructure and construction projects are often a multitude of different tasks with several interconnections and interfaces. They often require more complicated organizational structures, and accordingly many risk management requirements. Whether a project is considered a major project depends on the specific individual case. In these projects, decision-makers often rely on intuition, judgment, and their personal experiences to conduct risk assessments and cost estimates. Although various risk assessment models have been developed in recent years, the lack of precise and general data to examine risk effects usually leads to inconsistencies and inaccuracies in risk assessment. This often results in significant budget overruns for large construction and infrastructure projects.
Construction Accounting And Financial Management
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Author : Steven J. Peterson
language : en
Publisher:
Release Date : 2022
Construction Accounting And Financial Management written by Steven J. Peterson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with Construction industry categories.