Financial Management in Construction Contracting

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Author: Andrew Ross,Peter Williams

Publisher: John Wiley & Sons

ISBN: 1118537971

Category: Technology & Engineering

Page: 456

View: 3508

This authoritative text provides a detailed insight into howconstruction companies manage their finances at both corporate andproject level. It will guide students and practitioners through thecomplexities of the financial reporting of construction projectswithin the constraints of accepted accounting practice. The book iswritten for non-accountants and from a contractor’sperspective and is equally relevant to subcontractors and maincontractors. The authors examine the relationship between the external annualaccounts and the internal cost-value reconciliation process. CVR iscovered in depth and the authors consider issues such as interimpayments, subcontract accounts, contractual claims, final accounts,cash flow management and the reporting of the physical andfinancial progress of contracts. A broad perspective of all the financial aspects of contractingis taken along with related legal issues and the authors explainhow things operate in the ‘real world’. They describegood practice in financial control while at the same time beinghonest about some of the more questionable practices that can - anddo - happen. The approach taken is unique as the financialmanagement of construction projects is considered from theperspective of the contractor’s quantity surveyor. The bookdeals with the real issues that surveyors have to address whenusing their judgment to report turnover, profitability, cash flow,and work in progress on projects and the financial problems facedby subcontractors are frankly and pragmatically explored. The payment and notice requirements of the Construction Act areexplained in detail and relevant provisions of JCT2011, NEC3, ICC,DOM/1 and other standard contracts and subcontracts are alsocovered. Financial Management in Construction Contractingaddresses the wide variety of external factors that influence howconstruction companies operate, including government policy,banking covenants and the financial aspects of supply chainmanagement. Cost reporting systems are described and real-lifeexamples are used to illustrate cost reports, accrual systems andhow computerised systems can be employed to provide the QS withinformation that can be audited. Examples drawn from practice demonstrate how work-in-progress(WIP) is reported in contracting. Cost value reconciliation reportsare featured and the book demonstrates how adjustments are made forovermeasure, undermeasure, subcontract liabilities and WIP as wellas explaining the processes that contractors use when analysingexternal valuations. This is the ideal core text for final year degree andpost-graduate level modules on Quantity Surveying, CommercialManagement, Construction Management and Project Management coursesand will provide an invaluable source of reference for quantitysurveyors and others who may be engaged in the financial managementof construction projects. The book’s companion website at ahref="http://www.wiley.com/go/xxxx"www.wiley.com/go/rossfinancialmanagement/a offersinvaluable resources for students and lecturers as well as forpractising construction managers: end-of-chapter exercises + outline answers PowerPoint slides for each chapter ideas for discussion topics links to useful websites

Risk and Financial Management in Construction

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Author: Simon A. Burtonshaw-Gunn

Publisher: Gower Publishing, Ltd.

ISBN: 9780566088971

Category: Business & Economics

Page: 181

View: 3926

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.

Managing Risk in Construction Projects

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Author: Nigel J. Smith,Tony Merna,Paul Jobling

Publisher: John Wiley & Sons

ISBN: 1118347234

Category: Technology & Engineering

Page: 252

View: 978

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.

Construction Accounting and Financial Management

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Author: Steven J. Peterson

Publisher: Pearson College Division

ISBN: 9780135017111

Category: Business & Economics

Page: 582

View: 8438

This book takes general business accounting and financial principles as well as engineering economics and adapts them to the unique characteristics of the construction industry. It provides all of the key financial management principles needed by construction managers under one cover, addressing how they are applied in the construction industry and how they interact. This book teaches students how to account for the company’s financial resources, how to manage the costs and profits of a construction company, how to manage the company’s cash flows, how to evaluate different sources of funding a company’s cash needs, and how to quantitatively analyze financial decisions.

Managing Overseas Construction Contracting

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Author: D. A. Langford,V. R. Rowland

Publisher: Thomas Telford

ISBN: 9780727720290

Category: Technology & Engineering

Page: 191

View: 9580

This book addresses the practical aspects of international construction. Increasingly the world is occupied by clients seeking construction work on a global basis - designers from one country, contractors from another, materials and subcontractors from yet others. In such complex multi-organisational and cross-cultural setting the management of the construction environment and process is likely to create formidable challenges. This book outlines the best approaches for the best results in addressing these challenges. This book is of interest to undergraduates and graduates specialising in the built environment, development economics or project management, while practitioners in construction and finance, bankers and civil servants may also profit from the ideas it contains.

Civil Engineering Construction Contracts

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Author: M. P. O'Reilly

Publisher: Thomas Telford

ISBN: 9780727725301

Category: Law

Page: 388

View: 5991

This work provides guidance on all aspects of the most commonly used construction contracts for all those involved in specifying contracts, whether in drafting, administration, claims or dispute resolution. The main sections of the text deal with the general concepts of traditional construction contracts, as well as design and construct contracts. Contracts examined in detail include the ICE 6th editions FCEC subcontract and the NEC. The text concludes with a discussion of dispute avoidance and resolution.

Financial Management Theory in the Public Sector

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Author: Aman Khan,W. Bartley Hildreth

Publisher: Greenwood Publishing Group

ISBN: 9781567206258

Category: Business & Economics

Page: 270

View: 8095

Integrating insights from economics, business, and political science, this book presents a multidisciplinary approach to the theory and practice of financial management in the public sector.

Construction Contracting

A Practical Guide to Company Management

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Author: Richard H. Clough,Glenn A. Sears,S. Keoki Sears,Robert O. Segner,Jerald L. Rounds

Publisher: John Wiley & Sons

ISBN: 1119019974

Category: Technology & Engineering

Page: 688

View: 5742

The definitive contracting reference for the construction industry, updated and expanded Construction Contracting, the industry's leading professional reference for five decades, has been updated to reflect current practices, business methods, management techniques, codes, and regulations. A cornerstone of the construction library, this text presents the hard-to-find information essential to successfully managing a construction company, applicable to building, heavy civil, high-tech, and industrial construction endeavors alike. A wealth of coverage on the basics of owning a construction business provides readers with a useful "checkup" on the state of their company, and in-depth exploration of the logistics, scheduling, administration, and legal aspects relevant to construction provide valuable guidance on important facets of the business operations. This updated edition contains new coverage of modern delivery methods, technology, and project management. The field of construction contracting comprises the entire set of skills, knowledge, and conceptual tools needed to successfully own or manage a construction company, as well as to undertake any actual project. This book gives readers complete, up-to-date information in all of these areas, with expert guidance toward best practices. Learn techniques for accurate cost estimating and effective bidding Understand construction contracts, surety bonds, and insurance Explore project time and cost management, with safety considerations Examine relevant labor law and labor relations techniques Between codes, standards, laws, and regulations, the construction industry presents many different areas with which the manager needs to be up to date, on top of actually doing the day-to-day running of the business. This book provides it all under one cover – for the project side and the business side, Construction Contracting is a complete working resource in the field or office.

Trust in Co-operative Contracting in Construction

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Author: Sai On CHEUNG

Publisher: City University of HK Press

ISBN: 9629371170

Category: Business & Economics

Page: 248

View: 4302

This volume identifies the most critical driver for co-operative behavior—“Trust”. Its legal and behavioral implications will be carefully examined. Furthermore, a case study on the Mass Transit Railway Tseung Kwan O extension will help illustrate both theory and practice in perspective.This book provides a comprehensive discussion on trust in co-operative contracting. Directed from both management and legal perspectives with findings supported by empirical researches, it is hoped that professionals, researchers and students will find the book interesting. Published by City University of Hong Kong Press. 香港城市大學出版社出版。