Building Economics is a new subject to me for this semester. The topics that being covered in Building Economics are as below:
Chapter 1 : Introduction
Chapter 2 : Concept of Cost Control
Chapter 3: Cost Modelling
Chapter 4: Building Morphology and Design Economics
Chapter 5: Cost Analysis, Indices & Data
Chapter 6: Detail Cost Planning
Chapter 7: Investment and Development Appraisals
Chapter 8: Whole Life Costing
Based on the topics that being taught, I have learned that costing is very important for construction field. The study of Building Economics consists of the application of the techniques and expertise of economics to construction projects. It includes client's requirement, possible effects on the surrounding area, relationship of space and shape, assessment of initial cost, means of controlling cost and building and material life estimate.
The construction industry has characteristics which are different from other industries which are physical nature of the product, structure of the industry, organisation of the construction process and method of price determination.
Other than that, I also learned the importance of cost control. It is important for quantity surveyor to know the importance of cost control as they usually need to help the clients to control the cost of a project so that it is within their budget.
Besides that, several route of procurement and types of tender are being taught also. There are four procurements that are being taught which are traditional procurement, design and build procurement and management procurement. While, types of tender consists of open tendering, restricted tendering, selected tendering and negotiated tendering. In addition to that, I got to know the pros and cons of each procurement or tendering.
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