Identify and critically review the particular and recognized problems in predicting capital costs at the various pre-contract stages.

Assessment task details and instructions
Ensuring construction projects are completed within budget and with a high degree of cost certainty is a central feature of quantity surveying practice. Clients require confidence in the cost advice provided, with construction projects becoming more complex and challenging with developments requiring consideration of a wide range of issues. Approaches to estimating and cost management are required to embody activity which “deliver confidence by enabling ac1vity that is accountable, transparent and socially responsible ”RICS Professional Statement – Cost Prediction, Global 2020You are therefore required to identify and critically review key aspects of pre-contract cost control throughout the development of a building design. This can be focused on a particular agreed world region. A considered report is required which should address the following:
TASKS
1. Identify and critically review the particular and recognized problems in predicting capital costs at the various pre-contract stages.
2. Identify and discuss how these problems may be overcome.
3. Provide a focused critical appraisal with examples of how technological advances, including the use of Building Information Modelling may assist quantity surveying practitioners in providing accurate and reliable cost advice.
4. In addition to capital cost advice, identify the main potential benefits for clients and consider challenges top actioners in providing life cycle cost advice.

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