Risk and Financial Management in Construction PDF Download

Author: Simon A. Burtonshaw-Gunn
Publisher: Routledge
ISBN: 1351903071
Category : Business & Economics
Languages : en
Pages : 195

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Book Description
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.

Author: Andrew Ross
Publisher: John Wiley & Sons
ISBN: 1405125063
Category : Technology & Engineering
Languages : en
Pages : 458

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Book Description
This authoritative text provides a detailed insight into how construction companies manage their finances at both corporate and project level. It will guide students and practitioners through the complexities of the financial reporting of construction projects within the constraints of accepted accounting practice. The book is written for non-accountants and from a contractor’s perspective and is equally relevant to subcontractors and main contractors. The authors examine the relationship between the external annual accounts and the internal cost-value reconciliation process. CVR is covered in depth and the authors consider issues such as interim payments, subcontract accounts, contractual claims, final accounts, cash flow management and the reporting of the physical and financial progress of contracts. A broad perspective of all the financial aspects of contracting is taken along with related legal issues and the authors explain how things operate in the ‘real world’. They describe good practice in financial control while at the same time being honest about some of the more questionable practices that can - and do - happen. The approach taken is unique as the financial management of construction projects is considered from the perspective of the contractor’s quantity surveyor. The book deals with the real issues that surveyors have to address when using their judgment to report turnover, profitability, cash flow, and work in progress on projects and the financial problems faced by subcontractors are frankly and pragmatically explored. The payment and notice requirements of the Construction Act are explained in detail and relevant provisions of JCT2011, NEC3, ICC, DOM/1 and other standard contracts and subcontracts are also covered. Financial Management in Construction Contracting addresses the wide variety of external factors that influence how construction companies operate, including government policy, banking covenants and the financial aspects of supply chain management. Cost reporting systems are described and real-life examples are used to illustrate cost reports, accrual systems and how computerised systems can be employed to provide the QS with information that can be audited. Examples drawn from practice demonstrate how work-in-progress (WIP) is reported in contracting. Cost value reconciliation reports are featured and the book demonstrates how adjustments are made for overmeasure, undermeasure, subcontract liabilities and WIP as well as explaining the processes that contractors use when analysing external valuations. This is the ideal core text for final year degree and post-graduate level modules on Quantity Surveying, Commercial Management, Construction Management and Project Management courses and will provide an invaluable source of reference for quantity surveyors and others who may be engaged in the financial management of construction projects. The book’s companion website at www.wiley.com/go/rossfinancialmanagement offers invaluable resources for students and lecturers as well as for practising construction managers: end-of-chapter exercises + outline answers PowerPoint slides for each chapter ideas for discussion topics links to useful websites

Author: Simon A. Burtonshaw-Gunn
Publisher: Taylor & Francis
ISBN: 135190308X
Category : Business & Economics
Languages : en
Pages : 198

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Book Description
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.

Author: Nigel J. Smith
Publisher: John Wiley & Sons
ISBN: 1118347234
Category : Technology & Engineering
Languages : en
Pages : 263

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Book Description
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.

Author: Daniel W. Halpin
Publisher: John Wiley & Sons
ISBN: 1118174275
Category : Technology & Engineering
Languages : en
Pages : 323

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Book Description
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

Author: Stephen Ogunlana
Publisher: Routledge
ISBN: 1134019289
Category : Technology & Engineering
Languages : en
Pages : 709

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Book Description
Today’s businesses are driven by customer ‘pull’ and technological ‘push’. To remain competitive in this dynamic business world, engineering and construction organizations are constantly innovating with new technology tools and techniques to improve process performance in their projects. Their management challenge is to save time, reduce cost and increase quality and operational efficiency. Risk management has recently evolved as an effective method of managing both projects and operations. Risk is inherent in any project, as managers need to plan projects with minimal knowledge and information, but its management helps managers to become proactive rather than reactive. Hence, it not only increases the chance of project achievement, but also helps ensure better performance throughout its operations phase. Various qualitative and quantitative tools are researched extensively by academics and routinely deployed by practitioners for managing risk. These have tremendous potential for wider applications. Yet the current literature on both the theory and practice of risk management is widely scattered. Most of the books emphasize risk management theory but lack practical demonstrations and give little guidance on the application of those theories. This book showcases a number of effective applications of risk management tools and techniques across product and service life in a way useful for practitioners, graduate students and researchers. It also provides an in-depth understanding of the principles of risk management in engineering and construction.

Author: Stephen Peterson
Publisher: Pearson Higher Ed
ISBN: 1292054875
Category : Technology & Engineering
Languages : en
Pages : 281

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Book Description
For all courses in construction accounting and construction finance, and for courses in engineering economics taught in construction management programs. This book helps construction professionals and construction management students master the principles of financial management, and adapt and apply them to the challenge of profitably managing construction companies. It integrates content that has traditionally been taught through separate accounting, finance, and engineering economics texts. Students learn how to account for a construction company’s financial resources; how to manage its costs, profits, and cash flows; how to evaluate different sources of funding a company’s cash needs; and how to quantitatively analyze financial decisions. Readers gain hands-on experience through 220 example problems and over 390 practice problems, many of them based on situations actually encountered by the author. This edition adds more than 100 new discussion questions, and presents financial equations and accounting transactions more visually to support more intuitive learning.

Author: Roger Flanagan
Publisher: Wiley-Blackwell
ISBN: 9780632028160
Category : Technology & Engineering
Languages : en
Pages : 228

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Book Description
The construction industry is subject to more risk and uncertainty than perhaps any other industry. Yet, surprisingly, managerial techniques used to identify, analyse and respond to risk were not applied in the industry until the 80's. Existing texts deal with the theoretical concepts of risk and the techniques that identify and manage it. This book provides a set of tools that enable these management techniques to be put into practice in the construction industry.

Author: Alberto De Marco
Publisher: Springer Science & Business Media
ISBN: 3642170927
Category : Technology & Engineering
Languages : en
Pages : 183

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Book Description
This book describes concepts, methods and practical techniques for managing projects to develop constructed facilities in the fields of oil & gas, power, infrastructure, architecture and the commercial building industries. It is addressed to a broad range of professionals willing to improve their management skills and designed to help newcomers to the engineering and construction industry understand how to apply project management to field practice. Also, it makes project management disciplines accessible to experts in technical areas of engineering and construction. In education, this text is suitable for undergraduate and graduate classes in architecture, engineering and construction management, as well as for specialist and professional courses in project management.

Author: E. R. Yescombe
Publisher: Academic Press
ISBN: 0124157556
Category : Business & Economics
Languages : en
Pages : 575

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Book Description
The Second Edition of this best-selling introduction for practitioners uses new material and updates to describe the changing environment for project finance. Integrating recent developments in credit markets with revised insights into making project finance deals, the second edition offers a balanced view of project financing by combining legal, contractual, scheduling, and other subjects. Its emphasis on concepts and techniques makes it critical for those who want to succeed in financing large projects. With extensive cross-references and a comprehensive glossary, the Second Edition presents anew a guide to the principles and practical issues that can commonly cause difficulties in commercial and financial negotiations. Provides a basic introduction to project finance and its relationship with other financing techniques Describes and explains: sources of project finance; typical commercial contracts (e.g., for construction of the project and sale of its product or services) and their effects on project-finance structures; project-finance risk assessment from the points of view of lenders, investors, and other project parties; how lenders and investors evaluate the risks and returns on a project; the rôle of the public sector in public-private partnerships and other privately-financed infrastructure projects; how all these issues are dealt with in the financing agreements