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Need help with my writing homework on Pre-Contract Cost Planning and Cost Controlling. Write a 2250 word paper answering;
Need help with my writing homework on Pre-Contract Cost Planning and Cost Controlling. Write a 2250 word paper answering; Cost control takes place when the manager of the project decides that it is time for something to be done differently, whereby the translation of that particular decision is put into practice. For an employer to satisfactorily fund their project, he/she needs to know exactly the much that the project will cost them and when he/she will have to pay (Ferry, Brandon, Peter & Ferry, 1999, p.53).  .A team of consultants is responsible for providing the service during the pre-contract period, as well as the information needed, and this is what is referred to as Cost Planning and Cost Controlling.
Cost planning is considered important where successful planning, design, and construction of projects are concerned (Mincks & Johnston, 2004, p.102). Its main objective is to provide the best value solutions to project managers. Cost planning not only enables capital cost budgets to be set but also provides a structure to accommodate as well as manage transformations to the client’s brief and design (Murdoch & Hughes, 2007, p.80). An effective Cost plan enables a client together with the design team to understand where and how finances have been allocated towards the completion of a project. On the other hand, Cost control should be provided from start to completion of the project, ensuring that the estimated final cost is always known. However, Pre-contract Cost Controlling is quite different from Post-contract Cost Controlling.
As aforementioned, an effective construction plan is the foundation of budget development as well as the schedule for work. Pre-construct cost planning is thus crucial when preparing a construction plan. Even though construction costs can be pre-planned as well as estimated, it is quite possible for these to significantly change in the course of the actual construction (Chitkara, 1998, p.99). Pre-contract cost planning informs the owner when financial installments will be required to enable him/her to keep current with the billings (Ferry, et al., 1999, p.55).
