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Objective: You are required to assess/evaluate the cost control system of a construction company of your own choice. Your submission should be in the form of a report (5-7 pages excluding title page). The format of the report should be professional and presentable. Use Times New Roman (12 pt.) one and half spaced. Avoid answering one by one, try combining them into paragraphs. Your assessment should contain at least (but not limited) the following aspects.
1. Introduction to the Company
Name, Type, Employee strength, volume of work, type of construction, geographical area of business etc.
II. Assessment of Cost Control System of the Company
1. What type of financial yardsticks does the company have to measure cost control performance?
2. What type of forecasting mechanisms does the company use?
a. Forecasting the productivity
b. Forecasting of Work hours required to complete the remaining work
c. Forecasting of the material requirement
d. Forecasting of the financial requirement
3. How do they compare, analyze cost deviation? How do they relate it to schedule variance?
4. What are the usual probable reasons for the overruns?
5. What is the corrective mechanism for such overruns?
6. What type of written procedures does the company have for cost control process?
7. How the responsibility of cost control aligns with the company’s organizational structure? What
is the role of each of the person involved in the cost control system?
8. How does the company carryout cost control activities during different stages of the project?
a. Conceptual
b. Design/Engineering
c. Construction
d. Closeout
9. How does the company deal with the blackout periods during the conceptual stage of the project
with regards to cost control?
10. What sorts of yardsticks are being used by the company for justifying economic changes to the
project for cost control?
11. What are the important features of cost monitoring committee during the conceptual stage of the
project?
12. What are the reporting procedures and mechanisms of the cost control committee?
13. What types of written procedures are adopted for dealing with the change orders?
14. What are the mechanisms for determining the contingency in case of overruns?
15. How does the cost control system deal with subcontracted work?
16. What type of softwares are being used for the cost control system?
17. How does the cost control system relate to the cost estimation system/procedures?
18. How does the company account for cost of cost control?
19. Describe the company’s strategies for the escalation estimation and escalation treatment?
20. Advantages and Disadvantages of the assessed system?
21. Your Own Opinion about the company’s cost control system/strategy
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