Project financial control and reporting
This competency covers the effective cost control of construction projects during the construction phase. Candidates should be aware of the principles of controlling and reporting costs on any construction project. They should have an understanding of the control and reporting processes used on their projects (please note: for surveyors working in contracting this competency covers externally issued cost advice).
Demonstrate knowledge and understanding of the effective control of costs during a project. Demonstrate understanding of the legal and contractual constraints and the effect of time and quality on the cost of a project. Apply your knowledge to the management of project costs.
This should include the preparation and presentation of financial reports on the performance of a project at appropriate intervals to provide effective forecasting of costs, risks and their financial implications.
Examples of likely skills, knowledge and experience
- the effective control of costs during the construction phase of a project
- the legal and contractual constraints on the cost of a project such as changes in building legislation and design risk allocation
- the reporting and forecasting of costs during the construction phase
- the principles of contingencies/risk allowances.
- managing project costs during the construction phase
- reporting and forecasting costs for different procurement routes and client types
- using cash flows in financial management
- managing provisional sums/risk allowances.
Examples of tasks undertaken
- reconciling interim payments against cost forecasts
- reconciling interim payments against predicted cash flows and progress on site
- authentication of actual costs
- reporting regimes and protocols
- final accounts.