Elements and Performance Criteria
- Quantify and qualify factors to be included in the organisation costing system.
- Strategic factors impacting on the construction costing process are identified and quantified.
- Range and scope of activities being undertaken by the organisation under the contract are quantified.
- Strategic and operational factors impinging on organisation costing processes are qualified, and measures are introduced to capture cost data.
- Establish and implement organisational costing system.
- Design and development of organisational project planning system are directed and managed.
- Criteria for implementing and maintaining systems concerned with costing the construction process are developed and formulated into active practice.
- Methods are developed to gather and monitor actual cost information essential to construction costing process.
- Approval of costing process is obtained from senior management.
- Costing process is regularly evaluated to ensure accuracy and compliance with policy.
- Establish and implement a costing quality control system.
- Quality control procedures are based on sound financial principles and practices.
- Staff are trained to ensure that quality assurance practices are applied to the costing process on a daily basis.
- System is developed that allows reconciliation of invoices for progress payments against work completed, or due for completion, prior to payments being approved.
- Develop and implement a costing feedback system.
- Method to effectively and quickly communicate financial information concerning construction costs within the organisation is established and implemented.
- Review and feedback system is developed and maintained using company project records and performance criteria to identify cost over-runs or savings within the contract.
- Subcontractor feedback system, based on performance, progress and other strategic factors, is planned and strategically implemented.
- Establish recording and costing evaluation system.