28 Quantity Surveying Terms You Need To Know

The work of a quantity surveyor can be either in office or onsite. The main purpose of hiring a quantity surveyor in a construction project is to make ensure that the project is costed out correctly and remains financially feasible in every stage of the project. It is important for a quantity surveyor to know  the terms used in construction project. In this article we are providing some quantity surveying terms used by a quantity surveyor.

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Quantity Surveying Terms 

1.  Application for Payment (AFP): It refers to a request for interim payment, or complete payment, by a contractor or a subcontractor in the construction industry
2.  Bill of Quantities (BOQ): A detailed document prepared by a quantity surveyor that lists and describes all the materials, quantities, and associated costs required for a construction project.
3. Tender documentation: The set of documents prepared by a quantity surveyor to invite bids from contractors, including drawings, specifications, bills of quantities, and contractual terms.
4.  Cost planning: The process of establishing a budget and allocating costs to various elements of a construction project.
5.  Cross Bracing: It is a system utilized to reinforce building structures in which diagonal supports intersect.
6. ECI (Early Contractor Involvement): Act of involving the principal contractor during early stages of design for professional input
7. Cost estimation: The process of determining the anticipated costs of a construction project by considering factors such as materials, labor, equipment, and overhead expenses.
8.  Life cycle costing: A method of evaluating the total cost of a construction project over its entire life span, including initial construction, operation, maintenance, and disposal.
9.  Cash flow forecasting: The estimation and monitoring of cash inflows and outflows throughout a construction project to ensure that sufficient funds are available at the right time.
10.  Procurement: The process of acquiring materials, equipment, and services required for a construction project, including vendor selection, negotiation, and contract management.
11. Risk management: The systematic identification, assessment, and mitigation of potential risks and uncertainties that may impact the cost, schedule, or quality of a construction project.
12.  Cost database: A repository of historical cost information maintained by quantity surveyors, used for reference and benchmarking during the estimation and cost control processes.
13. Feasibility study: A preliminary analysis conducted by quantity surveyors to assess the economic viability and potential risks of a construction project before committing significant resources.
14. Cost estimating software: Computer programs and tools used by quantity surveyors to facilitate the accurate and efficient estimation of construction project costs.
15. Variation analysis: The examination of differences between the estimated costs and the actual costs incurred during a construction project, with a focus on identifying and explaining discrepancies.
16. Value for money (VFM): The concept of obtaining the best possible outcome and benefits from the resources invested in a construction project, considering both cost and quality.
17.  Dilapidations: The assessment and estimation of the repairs and maintenance required to restore a property to its original condition, often performed by a quantity surveyor during lease agreements.
18. Arbitration: A method of dispute resolution in which parties involved in a construction project submit their case to an arbitrator or a panel for a binding decision, often used as an alternative to litigation.
19. Green building: The design, construction, and operation of buildings that minimize their environmental impact, conserve resources and enhance occupant health and comfort.
20.  Benchmark cost: The target or reference cost established by a quantity surveyor based on historical data, industry standards, or similar projects, used for comparison and evaluation purposes.
21.  Disbursement schedule: A structured plan that outlines the anticipated timing and amounts of cash outflows for a construction project, often used for financial planning and tracking.
22.  Retrospective valuation: The assessment of the value of a completed construction project at a specific point in time, often required for financial reporting, refinancing, or sale purposes.
23. Cost indexation: The adjustment of construction project costs to account for changes in the general price level of goods and services, typically using an inflation index.
24. Constructability review: A systematic evaluation conducted by a quantity surveyor to assess the constructability and efficiency of the design of a construction project, identifying potential cost-saving opportunities.
25. Snag list/Punch list: A construction snag list or punch list includes any work that was not completed according to specifications or any items that need correction, such as incorrect installs or improper building functionality.
26. VOWD  (Value of work to date ): It is  a project management technique for measuring and estimating the project cost at a point in time
27. Damp proofing: It is the treatment of a surface or structure to resist the passage of liquid water in the absence of hydrostatic pressure.
28. Building Information Modelling (BIM): It  is an intelligent, 3D model-based tool that provides a digital representation of a facility’s physical & functional aspects.

FAQ’S

Q: What is th term used for the process of evaluating the value of a property?

Ans: Property Appraisal

Q: What is the term used to describe the process of quantifying and valuing changes to the project scope?

Ans: Change management

Q: What does the term “standard deviation” means in cost estimation?

Ans: The spread of costs around the average value.

Q: What does the abbreviation “CAPEX” stand for in property valuation?

Ans: Capital Expenditure.

Q: What does the term “depreciation” refer to in property valuation?

Ans: The wear and tear of the property overtime.