How do you balance cost, quality and time in QS when facing uncertainty and change?

The first thing we're going to do survey should do before any risk assessment or contingencies considered is to prepare a detailed estimate of cost based on measured approximate quantities. From this, we define the scope of the works and then on the review with the drawings locations we can assess where there are Gaps in the estimate which give rise to risk. Only then can we make an assessment to risk or advise the clients on how to make allowances for contingencies..

The construction industry is inherently complex, and uncertainty and change are almost inevitable. QS experts may limit any negative effects on project results by making informed decisions with effective risk management. He must first determine the risks. - Risks that are internal or external. - Categories of Risk. Then share with all project stakeholders the risks that have been identified and the strategies that have been implemented or will be to mitigate them.

Risk Identification: Proactively identify potential risks that could impact cost, quality, or schedule. This includes changes in scope, regulatory issues, market fluctuations, and unforeseen events. Risk Assessment: Evaluate the likelihood and potential impact of each identified risk on project objectives. Prioritize risks based on their significance and develop a risk register to document findings.

The Iron Triangle concept indicates that any uncertainty, change, or adjustment to one leg of the triangle will have direct impact on the other two legs. Focusing on only one will give rise to a compromise on the other two. To balance it; - project objectives and priorities shall be assessed, - risks shall be identified and assessed (contingencies), - critical path, constraints, work sequences, methods, resources, etc. shall be identified and analysed, - strategies for optimising CTQ shall be developed and management techniques / methods / software (WBS, PERT, budget estimating and managing, cost control, finance mgmt., quality plan, audits, inspections, and control, etc.) shall be utilised, and - effective communication shall be ensured.

Risk analysis is to incorporate both qualitative and quantitative methods to assess potential risks. This approach allows us to prioritize the most significant risks and understand their implications for our project objectives. Balancing cost, quality, and time in the face of uncertainty is a challenging task, but effective risk analysis and contingency planning are essential tools to navigate these challenges successfully.

In Quantity Surveying, balancing cost, quality, and time amidst uncertainty and change requires strategic risk management. Firstly, identify potential risks and uncertainties that could impact these factors. Then, develop appropriate risk responses tailored to each identified risk. Transfer risks through insurance or contractual agreements where feasible. Mitigate risks by implementing quality control measures and setting aside contingency reserves. Lastly, accept certain risks by devising contingency plans and establishing monitoring mechanisms.

Risk Mitigation: Develop strategies to mitigate identified risks. This may involve preventive actions to reduce the likelihood of occurrence or proactive measures to minimize their impact. Risk Avoidance: Consider alternatives or adjustments in project planning to avoid high-risk scenarios altogether. Risk Transfer: Evaluate opportunities to transfer risk to other parties through contracts, insurance, or partnerships.

one effective approach is to develop risk responses when facing uncertainty and change. These responses, like avoidance, transfer, mitigation, and acceptance, allow us to proactively address identified risks. For instance, mitigating risks through quality control and contingency reserves can significantly contribute to balancing cost, quality, and time in QS projects. It's all about smart planning and strategic decision-making.

Regardless of the scenario, it's essential to prepare for everything, and contingency planning helps you do so. Planning is a proactive process of creating a strategy to help you prepare for any scenario that can affect your business, regardless of the likelihood of its occurrence. Think of it as a backup plan, or plan B to guide organizations through a worst-case scenario.

Contingency planning is early identification of potential triggers. This proactive approach allows for a quicker response and minimizes the impact of risks or changes on the project. For example, when working on a construction project, we anticipated potential weather-related delays and developed a clear response plan, ensuring that we were well-prepared for any unexpected circumstances.

Contingency Planning: Develop contingency plans for managing risks that cannot be mitigated or avoided entirely. Allocate resources and define response protocols to address potential disruptions. Allocate Contingency Funds: Set aside budget reserves or contingency funds to cover unforeseen costs or delays resulting from identified risks.

Monitoring and reviewing risks and contingencies is a crucial part of our role as Quantity Surveyors. It helps us adapt to uncertainties in construction projects. I've found that tools like risk audits and lessons learned can be invaluable in this process, ensuring the effective management of cost, quality, and time while facing changes and challenges.

Continuous Monitoring: Regularly monitor identified risks and their corresponding contingency plans throughout the project lifecycle. Update Risk Register: Keep the risk register updated with new risks as they arise and reassess existing risks based on changing project conditions. Review Effectiveness: Assess the effectiveness of risk responses and contingency measures periodically. Make adjustments as necessary to optimize outcomes and maintain alignment with project objectives.

Such tools provide a structured approach to assess uncertainties, assign probabilities, and generate actionable strategies. They not only streamline the process but also enhance our ability to balance cost, quality, and time effectively, particularly when navigating the challenges posed by change and uncertainty in construction projects.

One thing that seems abundantly obvious with all of these tools and methods available that something must be seriously wrong at HS2. Clearly, a project forecast initially to cost ￡33BN in total now almost certainly over ￡100BN with large chunks missing would in most circumstances be described as outside of any of these controls and professional measures. Enormous contingency sums, upwards of 10% on Phase 1 alone simply vanish with increasing rapidity, accompanied historically with strong denials of escalation and seemingly scant monitoring. How with all these QS. and Project Risk software can this happen? Where are the Audit Trails etc.?

In quantity surveying, balancing cost, quality, and time amid uncertainty and change involves proactive risk management. Use contingency budgets for unforeseen costs, maintain strict quality standards, and adopt agile project management to adapt to changing circumstances. Frequent communication with stakeholders and monitoring progress is essential to make informed decisions and maintain equilibrium. Prioritize flexibility and clear documentation to manage uncertainty effectively.

Project Management Software: Utilize project management software with built-in risk management modules to streamline risk identification, assessment, and monitoring. Cost Estimation Tools: Implement advanced cost estimation software to model various scenarios and assess the financial impact of risks on project budgets. Collaboration Platforms: Utilize collaborative platforms for real-time communication and data sharing among project stakeholders, enhancing transparency and responsiveness to changes.