Table of Contents
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.
Quantity Surveying Terms
- 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
- 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.
- 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.
- Cost planning: The process of establishing a budget and allocating costs to various elements of a construction project.
- Cross Bracing: It is a system utilized to reinforce building structures in which diagonal supports intersect.
- ECI (Early Contractor Involvement): Act of involving the principal contractor during early stages of design for professional input
- Cost estimation: The process of determining the anticipated costs of a construction project by considering factors such as materials, labor, equipment, and overhead expenses.
- 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.
- 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.
- Procurement: The process of acquiring materials, equipment, and services required for a construction project, including vendor selection, negotiation, and contract management.
- 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.
- Cost database: A repository of historical cost information maintained by quantity surveyors, used for reference and benchmarking during the estimation and cost control processes.
- 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.
- Cost estimating software: Computer programs and tools used by quantity surveyors to facilitate the accurate and efficient estimation of construction project costs.
- 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.
- 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.
- 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.
- 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.
- Green building: The design, construction, and operation of buildings that minimize their environmental impact, conserve resources and enhance occupant health and comfort.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- VOWD (Value of work to date ): It is a project management technique for measuring and estimating the project cost at a point in time
- Damp proofing: It is the treatment of a surface or structure to resist the passage of liquid water in the absence of hydrostatic pressure.
- Building Information Modelling (BIM): It is an intelligent, 3D model-based tool that provides a digital representation of a facility’s physical & functional aspects.
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.