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Construction Economics

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Construction Economics Introduction to this Discipline Richard O Carroll Richard O Carroll The Construction Economist Construction Economics Richard O Carroll ... – PowerPoint PPT presentation

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Title: Construction Economics


1
Construction Economics
  • Introduction to this Discipline

Richard OCarroll
2
What do the following Buildings have in common ?
Construction Economics
Richard OCarroll
3
Construction Economics
Hydropolis Underwater Resort Hotel - Dubai
UAE Estimated price -440M 200 Guest Suites 22M
underwater US5,500 per night
A
Richard OCarroll
4
Construction Economics
Burj Dubai UAE Worlds tallest
building Estimated price -1.5B 828M high 160Nr
Levels
B
Richard OCarroll
5
Construction Economics
Ski Dubai UAE Worlds largest indoor snow
park Estimated price -275M 32,290 Sq foot 2
foot of snow Has own black slope
C
Richard OCarroll
6
Construction Economics
Yes.. you spotted it
Richard OCarroll
7
Construction Economics
Yes.. you spotted it DUBAI
Richard OCarroll
8
Construction Economics
Yes.. you spotted it DUBAI Well not quite
what we wanted you to notice
Richard OCarroll
9
Construction Economics
Yes.. you spotted it DUBAI Well not quite
what we wanted you to notice LOOK AGAIN !!!
Richard OCarroll
10
Construction Economics
440 Million
Richard OCarroll
11
Construction Economics
1.5 Billion
Richard OCarroll
12
Construction Economics
275 Million
Richard OCarroll
13
Construction Economics
They all needed Budget Estimates to be
established (to Confirm feasibility or
otherwise the Clients Objective).
youre fired !!
Richard OCarroll
14
Construction Economics
They all needed to be Measured and Evaluated
(to confirm the Clients Budget).
Comparative Cost Planning based on Analysis on
previous completed Contracts
Cost per Hospital Bed
Cost per Theatre Seat
Cost per Car Park Space
Richard OCarroll
15
Construction Economics
They all needed the most, time and cost
efficient methods to be procured (to comply
with the Clients requirements)
Fishing for the Best Price and Best Contractor
Richard OCarroll
16
Construction Economics
They all needed the most, time and cost
efficient methods to be constructed (to
ensure it is coming In on Budget)
Bringing in the Contract Cost on Budgetary Target
Richard OCarroll
17
Construction Economics
They all needed Finance (to support the
Objective)
Based on soundly established and balanced Cost
Plans and Projected Cash Flow forecasts
Richard OCarroll
18
Construction Economics
They all needed Financial Control (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
Richard OCarroll
19
Construction Economics
They all need to be administered to a pre-agreed
contract (to bring the dream to fruition)
Via suites of Construction /or Design Contracts
Richard OCarroll
20
Construction Economics
All contracts need to be negotiated based on a
sound cost based knowledge (to maximise the
chances of being within Budget)
From Main Contractor to Nominated/Specialist
Contractors From Pre-Award to Final Account
Richard OCarroll
21
Construction Economics
All Contractors need to be paid a fair
assessment of the value of Work done on an
interim basis (to ensure the continued
liquidity of the Contractor and completion of
the Objective).
Cash flow is the Life Blood of the Contractor
Richard OCarroll
22
Construction Economics
Once complete, over time, buildings will need
maintenance, repair, renovation, rectification.
(To ensure the maximum life of the original
Capital Investment but with the most economic
means of design and construction).
Richard OCarroll
23
So where does it all start ?
Construction Economics
Richard OCarroll
24
Clients (Entrepreneurs, Developers, Contractors)
start with an idea
Construction Economics
Richard OCarroll
25
Clients idea
Construction Economics
Wish to procure / attain idea
Richard OCarroll
26
Clients idea
Construction Economics
Wishes to procure
Little or no Capital
Richard OCarroll
27
Clients idea
Construction Economics
Wishes to procure
Little or no Capital
Seeks finance
Richard OCarroll
28
Clients idea
Construction Economics
Wishes to procure
Little or no Capital
Seek finance
Richard OCarroll
29
Clients idea
Construction Economics
Wishes to procure
Little or no Capital
Lets try that one again !!!
Richard OCarroll
30
Clients idea
Construction Economics
Wishes to procure
Little or no Capital
Provide a Game Plan
Richard OCarroll
31
Clients idea
Construction Economics
Wishes to procure
Little or no Capital
Provide a Game Plan
Market Analysis / review of economic indicators
Likely Cost
Likely Revenue
RoI / Profitability Balance of payments
Cash Flow Forecast (long short term)
Risk strategy Stress Testing
Sound Procurement strategy
Richard OCarroll
32
Clients idea
Construction Economics
Wishes to procure
Little or no Capital
Provide a Game Plan
Seek Finance
Now.....They are listening !!!
Richard OCarroll
33
Construction Economics
Reasons to be a - DOCTOR
Richard OCarroll
34
Construction Economics
Reasons to be a - DOCTOR
Richard OCarroll
35
Construction Economics
Reasons to be a - Lawyer
Richard OCarroll
36
Construction Economics
Reasons to be a - Lawyer
Richard OCarroll
37
Construction Economics
Reasons to be a - Construction Economist
Richard OCarroll
38
Construction Economics
Reasons to be a - Construction Economist
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
Richard OCarroll
39
Construction Economics
The Construction Industries Best Kept Secret
Richard OCarroll
40
Construction Economics
The Construction Industries Best Kept Secret
The Construction Economist and the Quantity
Surveyor
Richard OCarroll
41
Construction Economics
Essential Equipment
Richard OCarroll
42
Construction Economics
Essential Equipment
The All seeing Cool glasses
Richard OCarroll
43
Construction Economics
Essential Equipment
The All-seeing Cool glasses
The DIT C.E. Tee Shirt that says.
Construction Economics Not only Builds
Relations.. but also Costs and Values them
Richard OCarroll
44
Construction Economics
What happened before Construction Economics ??
Richard OCarroll
45
BEFORE CONSTRUCTION ECONOMISTS
46
This is how they Forecasted Costs before
Construction Economists
47
These were their Negotiation Experts before
Construction Economists
48
This is how they Controlled Costs on Site before
Construction Economists
49
Construction Economics
What did Construction Economists bring to
Civilisation ?
Richard OCarroll
50
Construction Economics
What did Construction Economists bring to
Civilisation ? Be careful Serious Learning
Section Now
Richard OCarroll
51
Construction Economics
Serious Learning Section
  • Time
  • Programme
  • Methodology
  • Resources
  • Outputs
  • Holidays
  • Acceleration
  • Weather
  • Cost
  • Labour
  • Plant
  • Materials
  • Preliminaries
  • Overheads
  • Inflation
  • Quality
  • Standards
  • Finishes
  • Mech Elec Services
  • Useful Life / Maintenance

Richard OCarroll
52
Construction Economics
  • Cost
  • Labour
  • Plant
  • Materials
  • Preliminaries
  • Overheads
  • Inflation

Richard OCarroll
53
Construction Economics
  • Time
  • Programme
  • Methodology
  • Resources
  • Outputs
  • Holidays
  • Acceleration
  • Weather

Master Programme Jan Feb
Mar Apr Jun Jul Aug
Sept Oct Nov
__________________________________________
Richard OCarroll
54
Construction Economics
  • Quality
  • Standards
  • Finishes
  • Mech Elec Services
  • Useful Life / Maintenance

Richard OCarroll
55
Construction Economics
Typical Clients view of himself, the Design Team
Construction Team
Richard OCarroll
56
Construction Economics
The Clients view of themselves
Richard OCarroll
57
Construction Economics
The Client
Richard OCarroll
58
Construction Economics
The Architect
Richard OCarroll
59
Construction Economics
The Architect
Richard OCarroll
60
Construction Economics
The Engineer
Richard OCarroll
61
Construction Economics
The Engineer
Richard OCarroll
62
Construction Economics
The Health Safety Officer
Richard OCarroll
63
Construction Economics
The Health Safety Officer
Richard OCarroll
64
Construction Economics
The Contractor Site Team
Richard OCarroll
65
Construction Economics
The Contractor Site Team
Richard OCarroll
66
Construction Economics
The Construction Economist
Richard OCarroll
67
Construction Economics
The Construction Economist
Richard OCarroll
68
Construction Economics
We navigate away from foreseeable dangers
Richard OCarroll
69
Construction Economics
We identify alternative action should conditions
change
Richard OCarroll
70
Construction Economics
We determine the underline features of any
venture project
Richard OCarroll
71
Construction Economics
We protect our Clients Interests
Richard OCarroll
72
Construction Economics
Thankyou ..... any Questions ?
Richard OCarroll
73
Construction Economics
International Acclaim Recognition of students
Council of European Construction Economists
Royal Institute of Chartered Surveyors
Union Nationale des Economists de la Construction
et Coordonnateurs (UNTEC)
Society of Chartered Surveyors (SCS)
Richard OCarroll
74
CEGA Award ceremony CEEC Cyprus 2009
Richard OCarroll
75
Construction Economics
Delegate Membership 2011
Richard OCarroll
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