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Transcript of Construction Economics Intro
![Page 1: Construction Economics Intro](https://reader031.fdocuments.us/reader031/viewer/2022031921/55cf8f42550346703b9a8dc0/html5/thumbnails/1.jpg)
Construction EconomicsConstruction Economics
Introduction to this DisciplineIntroduction to this Discipline
Richard O’Carroll
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What do the following Buildings What do the following Buildings have in common ?have in common ?
Construction EconomicsConstruction Economics
have in common ?have in common ?
Richard O’Carroll
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Construction EconomicsConstruction Economics
Richard O’Carroll
‘Hydropolis Underwater’ Resort Hotel - Dubai UAE
Estimated price -$440M
200 Guest Suites
22M underwater
US$5,500 per night
A
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‘Burj Dubai’ UAE – World’s tallest building
Estimated price -$1.5B
828M high
160Nr Levels
B
Construction EconomicsConstruction Economics
Richard O’Carroll
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‘Ski Dubai’ UAE – World’s largest indoor snow park
Estimated price -$275M
32,290 Sq foot
2 foot of snow
Has own ‘black slope’
C
Construction EconomicsConstruction Economics
Richard O’Carroll
Has own ‘black slope’
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Yes….. you spotted it …
Construction EconomicsConstruction Economics
Richard O’Carroll
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Yes….. you spotted it … ‘DUBAI’
Construction EconomicsConstruction Economics
Richard O’Carroll
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Yes….. you spotted it … ‘DUBAI’
Construction EconomicsConstruction Economics
Richard O’Carroll
Well not quite what we wanted you to notice
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Yes….. you spotted it … ‘DUBAI’
Construction EconomicsConstruction Economics
Richard O’Carroll
Well not quite what we wanted you to notice
LOOK AGAIN !!!
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$440 Million
Construction EconomicsConstruction Economics
Richard O’Carroll
$440 Million
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Construction EconomicsConstruction Economics
Richard O’Carroll
$1.5 Billion
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Construction EconomicsConstruction Economics
Richard O’Carroll
$275 Million
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They all needed ‘Budget Estimates’ to be
established
Construction EconomicsConstruction Economics
Richard O’Carroll
(to ‘Confirm feasibility or otherwise the Client’s Objective’).
“you’re fired !!”
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They all needed to be Measured and Evaluated
(to confirm the
Client’s Budget).
Construction EconomicsConstruction Economics
Richard O’Carroll
Client’s Budget).
Cost per Hospital Bed Cost per Theatre Seat Cost per Car Park Space
Comparative Cost Planning based on Analysis on previous completed Contracts
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They all needed the most, time and cost efficient methods to be procured
Construction EconomicsConstruction Economics
Richard O’Carroll
(to comply with the
Client’s requirements)
Fishing for the Best Price and Best Contractor
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They all needed the most, time and cost efficient methods to be constructed
Construction EconomicsConstruction Economics
Richard O’Carroll
(to ensure it is coming
In on Budget)
Bringing in the Contract Cost on Budgetary Target
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They all needed ‘Finance’
(to support the Objective)
Construction EconomicsConstruction Economics
Richard O’Carroll
(to support the Objective)
Based on soundly established and balanced Cost Plans and Projected Cash Flow forecasts
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They all needed Financial Control
Construction EconomicsConstruction Economics
Richard O’Carroll
(to satisfy the financiers)
Based on a proper financial monitoring system as well as a pool of change control facilities to incorporate changes whilst still maintaining Budget and Programme
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They all need to be administered to a pre-
agreed contract
(to bring the dream to fruition)
Construction EconomicsConstruction Economics
Richard O’Carroll
(to bring the dream to fruition)
Via suites of Construction &/or Design Contracts
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All contracts need to be negotiated basedon a sound cost based knowledge
Construction EconomicsConstruction Economics
Richard O’Carroll
(to maximise the chances
of being within Budget)
From Main Contractor to Nominated/Specialist Contractors
From Pre-Award to Final Account
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All Contractors need to be paid a fair assessment of the value of Work done on an interim basis
Construction EconomicsConstruction Economics
Richard O’Carroll
(to ensure the continued liquidity
of the Contractor and completion
of the Objective).
Cash flow is the Life Blood of the Contractor
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Once complete, over time, buildings will need
maintenance, repair, renovation, rectification.
Construction EconomicsConstruction Economics
Richard O’Carroll
(To ensure the maximum life of
the original Capital Investment
but with the most economic meansof design and construction).
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Construction EconomicsConstruction Economics
So where does it all So where does it all
start ?start ?
Richard O’Carroll
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Construction EconomicsConstruction Economics
Clients (Clients (Entrepreneurs, Developers, Entrepreneurs, Developers,
ContractorsContractors) start with an idea) start with an idea
Richard O’Carroll
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Construction EconomicsConstruction Economics
Clients ideaClients idea
Wish to procure / attain ideaWish to procure / attain idea
Richard O’Carroll
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Construction EconomicsConstruction Economics
Clients ideaClients idea
Wishes to procureWishes to procure
Little or no CapitalLittle or no Capital
Richard O’Carroll
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Construction EconomicsConstruction Economics
Clients ideaClients idea
Wishes to procureWishes to procure
Little or no CapitalLittle or no Capital
Seeks financeSeeks finance
Richard O’Carroll
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Construction EconomicsConstruction Economics
Clients ideaClients idea
Wishes to procureWishes to procure
Little or no CapitalLittle or no Capital
Seek financeSeek finance
Richard O’Carroll
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Construction EconomicsConstruction Economics
Clients ideaClients idea
Wishes to procureWishes to procure
Little or no CapitalLittle or no Capital
Lets try that one again !!!Lets try that one again !!!
Richard O’Carroll
Lets try that one again !!!Lets try that one again !!!
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Construction EconomicsConstruction Economics
Clients ideaClients idea
Wishes to procureWishes to procure
Little or no CapitalLittle or no Capital
Provide a Game PlanProvide a Game Plan
Richard O’Carroll
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Construction EconomicsConstruction Economics
Clients ideaClients idea
Wishes to procureWishes to procure
Little or no CapitalLittle or no Capital
Provide a Game PlanProvide a Game Plan
Market Analysis / review of economic indicators
Richard O’Carroll
Likely Cost
Likely Revenue
Cash Flow Forecast (long & short term)
RoI / Profitability – Balance of payments
Risk strategy & Stress TestingSound Procurement strategy
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Construction EconomicsConstruction Economics
Clients ideaClients idea
Wishes to procureWishes to procure
Little or no CapitalLittle or no Capital
Provide a Game PlanProvide a Game Plan
Seek FinanceSeek Finance
Richard O’Carroll
Now.....They are listening !!!
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Reasons to be a - ‘DOCTOR’
Construction EconomicsConstruction Economics
Richard O’Carroll
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Reasons to be a - ‘DOCTOR’
Construction EconomicsConstruction Economics
Richard O’Carroll
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Reasons to be a - ‘Lawyer’
Construction EconomicsConstruction Economics
Richard O’Carroll
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Reasons to be a - ‘Lawyer’
Construction EconomicsConstruction Economics
Richard O’Carroll
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Reasons to be a - ‘Construction Economist’
Construction EconomicsConstruction Economics
Richard O’Carroll
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Reasons to be a - ‘Construction Economist’
“He reads between
Construction EconomicsConstruction Economics
Richard O’Carroll
“He reads between the lies”
“Of Course I can do it for that
price…..”
“Oh that extra will cost a fortune…”
“I never intended to do that work…”
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The Construction Industries Best Kept Secret
Construction EconomicsConstruction Economics
Richard O’Carroll
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The Construction Industries Best Kept Secret
The
‘Construction Economist’
and the
Construction EconomicsConstruction Economics
Richard O’Carroll
and the
‘Quantity Surveyor’
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Essential Equipment
Construction EconomicsConstruction Economics
Richard O’Carroll
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Essential Equipment
The ‘All seeing’ & ‘Cool’ glasses
Construction EconomicsConstruction Economics
Richard O’Carroll
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Essential Equipment
The ‘All-seeing’ & ‘Cool’ glasses
Construction EconomicsConstruction Economics
Richard O’Carroll
The DIT C.E. Tee Shirt that says….
Construction Economics
‘Not only Builds Relations…..
‘but also Costs and Values them’
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What happened before
Construction EconomicsConstruction Economics
Richard O’Carroll
What happened before Construction Economics ??
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BEFOREBEFORE
CONSTRUCTION ECONOMISTSCONSTRUCTION ECONOMISTS
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This is how they This is how they Forecasted Costs Forecasted Costs
before before Construction EconomistsConstruction Economists
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These were their These were their
Negotiation Negotiation
Experts Experts
before before
Construction Construction
EconomistsEconomistsEconomistsEconomists
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This is how they This is how they Controlled Costs on Site Controlled Costs on Site
before before Construction EconomistsConstruction Economists
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What did Construction Economists bring to Civilisation ?
Construction EconomicsConstruction Economics
Richard O’Carroll
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What did Construction Economists bring to Civilisation ?
Construction EconomicsConstruction Economics
Richard O’Carroll
Be careful ……
Serious Learning Section
Now
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Serious Learning Section
Cost
•Labour
•Plant
•Materials
•Preliminaries
•Overheads
•Inflation
Time
Programme
•Methodology
•Resources
•Outputs
•Holidays
•Acceleration
•Weather
Construction EconomicsConstruction Economics
Richard O’Carroll
•Inflation•Weather
Quality
Standards
•Finishes
•Mech & Elec Services
•Useful Life / Maintenance
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Cost
•Labour
•Plant
•Materials
•Preliminaries
•Overheads
•Inflation
Construction EconomicsConstruction Economics
Richard O’Carroll
![Page 53: Construction Economics Intro](https://reader031.fdocuments.us/reader031/viewer/2022031921/55cf8f42550346703b9a8dc0/html5/thumbnails/53.jpg)
Time
Programme
•Methodology
•Resources
•Outputs
•Holidays
•Acceleration
•WeatherMaster Programme
Jan Feb Mar Apr Jun Jul Aug Sept Oct Nov
Construction EconomicsConstruction Economics
Richard O’Carroll
__
__
__
__
__
__
__
__
__
__
__
__
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__
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__
__
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Quality
Standards
•Finishes
•Mech & Elec Services
•Useful Life / Maintenance
Construction EconomicsConstruction Economics
Richard O’Carroll
![Page 55: Construction Economics Intro](https://reader031.fdocuments.us/reader031/viewer/2022031921/55cf8f42550346703b9a8dc0/html5/thumbnails/55.jpg)
Typical Client’s view of
Construction EconomicsConstruction Economics
Richard O’Carroll
Typical Client’s view of himself, the Design Team
& Construction Team
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The Client’s
Construction EconomicsConstruction Economics
Richard O’Carroll
The Client’s view of
themselves
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Construction EconomicsConstruction Economics
Richard O’Carroll
The Client
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The Architect
Construction EconomicsConstruction Economics
Richard O’Carroll
The Architect
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Construction EconomicsConstruction Economics
Richard O’Carroll
The Architect
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The Engineer
Construction EconomicsConstruction Economics
Richard O’Carroll
The Engineer
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Construction EconomicsConstruction Economics
Richard O’Carroll
The Engineer
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The Health &
Construction EconomicsConstruction Economics
Richard O’Carroll
The Health & Safety Officer
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Construction EconomicsConstruction Economics
Richard O’Carroll
The Health & Safety Officer
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The Contractor
Construction EconomicsConstruction Economics
Richard O’Carroll
The Contractor & Site Team
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Construction EconomicsConstruction Economics
Richard O’Carroll
The Contractor & Site Team
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The
Construction EconomicsConstruction Economics
Richard O’Carroll
The Construction Economist
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Construction EconomicsConstruction Economics
Richard O’Carroll
The Construction Economist
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Construction EconomicsConstruction Economics
Richard O’Carroll
We navigate away from foreseeable dangers
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Construction EconomicsConstruction Economics
Richard O’Carroll
We identify alternative action should conditions change
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Construction EconomicsConstruction Economics
Richard O’Carroll
We determine the underline features of any venture project
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Construction EconomicsConstruction Economics
Richard O’Carroll
We protect our Clients Interests
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Construction EconomicsConstruction Economics
Richard O’Carroll
Thankyou ..... any Questions ?
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International Acclaim &
Recognition of students
Construction EconomicsConstruction Economics
Richard O’Carroll
Recognition of studentsCouncil of European Construction Economists
Royal Institution of Chartered Surveyors
Union Nationale des Economists de la Construction et Coordonnateurs (UNTEC)
Society of Chartered Surveyors (SCSI)
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Richard O’Carroll
CEGA Award ceremony CEEC – Cyprus 2009Thomas Stronge of DIT - Third place runner up
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Richard O’Carroll
CEGA Award ceremony CEEC – Malta 2010
Richard O’Carroll CEEC -Educational Officer; Nick Murphy of DIT -CEGA Winner; Peter van der Pijl -President