Financial Management in Construction Contracting

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Financial Management in Construction Contracting

Financial Management in Construction Contracting

  • Author: Andrew Ross,Peter Williams
  • Publisher: John Wiley & Sons
  • ISBN: 1118537971
  • Category: Technology & Engineering
  • Page: 456
  • View: 2239
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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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Risk and Financial Management in Construction

Risk and Financial Management in Construction

  • Author: Simon A. Burtonshaw-Gunn
  • Publisher: Routledge
  • ISBN: 1351903071
  • Category: Business & Economics
  • Page: 200
  • View: 8047
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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 and Accounting Fundamentals for Construction

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Financial Management and Accounting Fundamentals for Construction

Financial Management and Accounting Fundamentals for Construction

  • Author: Daniel W. Halpin,Bolivar A. Senior
  • Publisher: John Wiley & Sons
  • ISBN: 1118174275
  • Category: Technology & Engineering
  • Page: 320
  • View: 5153
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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

Managing Risk in Construction Projects

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Managing Risk in Construction Projects

Managing Risk in Construction Projects

  • Author: Nigel J. Smith,Tony Merna,Paul Jobling
  • Publisher: John Wiley & Sons
  • ISBN: 1118347226
  • Category: Technology & Engineering
  • Page: 256
  • View: 7059
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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.

Concept And Application Of Shariah For The Construction Industry: Shariah Compliance In Construction Contracts, Project Finance And Risk Management

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Concept And Application Of Shariah For The Construction Industry: Shariah Compliance In Construction Contracts, Project Finance And Risk Management

Concept And Application Of Shariah For The Construction Industry: Shariah Compliance In Construction Contracts, Project Finance And Risk Management

  • Author: Abdul Rashid Khairuddin,Kobayashi Kiyoshi,Hasan Sharina Farihah,Onishi Masamitsu
  • Publisher: World Scientific
  • ISBN: 9813238925
  • Category: Technology & Engineering
  • Page: 344
  • View: 6914
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The application of Shariah compliance in business transactions continues to increase. The Asian financial crisis of 1997, global financial crisis of 2007-2008, Enron scandal and other reported ills besieging conventional business transactions have led to advocates of Shariah-compliant business transactions promoting the latter as a credible alternative. However, unlike the banking, commerce and financial sectors, the uptake by the construction sector was sluggish due to limited understanding of Shariah among the practitioners and policymakers compounded by the lack of research and publications on its application for the construction sector.This book is intended for students, researchers, practitioners and policymakers of the construction industry as well as the related upstream and downstream activities. It offers basic theories, challenges current practices, and proposes innovative ideas on Shariah compliance and its application for the construction industry.Related Link(s)

Construction Accounting & Financial Management

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Construction Accounting & Financial Management

Construction Accounting & Financial Management

  • Author: William J. Palmer,William Palmer,William E. Coombs,Mark A. Smith
  • Publisher: McGraw Hill Professional
  • ISBN: 9780071359634
  • Category: Law
  • Page: 610
  • View: 3485
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Construction Accounting and Financial Management

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Construction Accounting and Financial Management

Construction Accounting and Financial Management

  • Author: Steven J. Peterson
  • Publisher: Pearson College Division
  • ISBN: 9780135017111
  • Category: Business & Economics
  • Page: 582
  • View: 2929
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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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Managing Overseas Construction Contracting

Managing Overseas Construction Contracting

  • Author: D. A. Langford,V. R. Rowland
  • Publisher: Thomas Telford
  • ISBN: 9780727720290
  • Category: Technology & Engineering
  • Page: 191
  • View: 3867
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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.

Management of Disadvantaged Business Enterprise Issues in Construction Contracting

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Management of Disadvantaged Business Enterprise Issues in Construction Contracting

Management of Disadvantaged Business Enterprise Issues in Construction Contracting

  • Author: Dr. Gary R. Smith
  • Publisher: Transportation Research Board
  • ISBN: 0309097452
  • Category: Construction contracts
  • Page: 97
  • View: 990
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Financial Management Theory in the Public Sector

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Financial Management Theory in the Public Sector

Financial Management Theory in the Public Sector

  • Author: Aman Khan,W. Bartley Hildreth
  • Publisher: Greenwood Publishing Group
  • ISBN: 9781567206258
  • Category: Business & Economics
  • Page: 270
  • View: 4745
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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.