MODERN QUANTITY SURVEYING OBLIGATIONS ON PROJECT FUNCTIONALITY AND COST EFFECTIVENESS BASED ON VALUE ENGINEERING AND COST MANAGEMENT.

The technology input on construction project has always placed more needs for innovative means in determining the economic, social and financial value of construction projects. A narrow traditional nature of costing and determining project return through several theoretical and practical processes is not enough to delivering clients major requirement on a project. These traditional means of construction value determinant can be summarized majorly as project effective costing, project quality delivery and effective time of project delivery. Despite the understanding of construction industry relevancy, the value for money and quality assurance is yet to be assured due to inability to improve the enabling factors. Much attention shall be drawn to client satisfactions which ensure the result of other performance indicators. There are absolutely two problems for client; expressing what they want and getting this delivered. Client satisfaction can be categorized to many sections while “value for money” is always at the top of client concerns. To ensure value for money in the modern construction industry the financial economy, functional economy, and social and whole-life economy must be satisfied.

The modern quantity surveying obligations emphasize on achieving value for money through a choice of cost management which is not enough but absolutely perfect and meet the highly desirous client’s needs through value engineering. This modern professional orientation of quantity surveying is to emphasize on project costing and project functionality without waste of resources. Value engineering is a process designed to maximize value through improved design, enhanced function, reduced cost, reduced risk or reduced whole life cost of the project. It is carried out to improve the ‘value’ of a project. The term ‘value’ in this instance is what would be the most economically advantageous price for the optimum product, and takes into consideration the overall cost of ownership of the end-product, including maintenance and replacement costs. Value is a complex concept. It is a measure of worth- a relative measure of the usefulness of resources in relation to the cost paid for it. The modern quantity surveying practice aims at reasonable reduction of cost through eradication or minimizing of wasteful resources and ensuring value for money through functional analysis of the used resources through value management.

Value management often precedes cost management in its timing but there can be a substantial overlap between the two activities. Cost management can be expressed as a service that synthesizes traditional quantity surveying skills with structured cost reduction or substitution procedures using a multi-disciplinary team. However, many quantity surveyors would disagree with this definition, arguing that it is too restrictive in defining their cost management role and that effective cost management is not dependent on a multi-disciplinary approach, valuable though it may be. Furthermore, the quantity surveyor can make an objective client project appraisal and have regard to the client's needs and wants against a background of cost. It cannot be denied that the value management process entails a detailed methodology aimed at achieving savings in cost and/or increased value of a construction project. By approaching the problem in a well-structured and organized way, an increased number of alternative solutions are likely be found, as compared with those emerging from a typical cost management approach.

The modern quantity surveyors are expected to be highly knowledgeable not only in cost management, commercial management but also in value engineering through value management techniques. The client requirements keep on increasing as they are detecting more responsibility should be enforced on quantity surveyors varying from financial auditing to functional analysis of projects. The adoption of value management and cost management on a project will surely result to project optimum functionality and cost effectiveness. Norton (1992a) believes that value management can achieve more fruitful results than cost management techniques on their own. There is no doubt that the client would receive a more comprehensive and efficient service if both systems could be used together on the same project by quantity surveyor.

Engage a quantity surveyor today to benefit effective cost management and value engineering.

ODUNMBAKU IDOWU OLUYEMI RQS,MNIQS.

ODUNMBAKU IDOWU OLUYEMI