Financial Management in Construction Contracting

Financial Management in Construction Contracting
  • Author : Andrew Ross,Peter Williams
  • Publisher : John Wiley & Sons
  • Pages : 456
  • Relase : 2012-11-30
  • ISBN : 9781118537978

Financial Management in Construction Contracting Book Review:

This authoritative text provides a detailed insight into howconstruction companies manage their finances at both corporate andproject level. It will guide students and practitioners through thecomplexities of the financial reporting of construction projectswithin the constraints of accepted accounting practice. The book iswritten for non-accountants and from a contractor’sperspective and is equally relevant to subcontractors and maincontractors. The authors examine the relationship between the external annualaccounts and the internal cost-value reconciliation process. CVR iscovered in depth and the authors consider issues such as interimpayments, subcontract accounts, contractual claims, final accounts,cash flow management and the reporting of the physical andfinancial progress of contracts. A broad perspective of all the financial aspects of contractingis taken along with related legal issues and the authors explainhow things operate in the ‘real world’. They describegood practice in financial control while at the same time beinghonest about some of the more questionable practices that can - anddo - happen. The approach taken is unique as the financialmanagement of construction projects is considered from theperspective of the contractor’s quantity surveyor. The bookdeals with the real issues that surveyors have to address whenusing their judgment to report turnover, profitability, cash flow,and work in progress on projects and the financial problems facedby subcontractors are frankly and pragmatically explored. The payment and notice requirements of the Construction Act areexplained in detail and relevant provisions of JCT2011, NEC3, ICC,DOM/1 and other standard contracts and subcontracts are alsocovered. Financial Management in Construction Contractingaddresses the wide variety of external factors that influence howconstruction companies operate, including government policy,banking covenants and the financial aspects of supply chainmanagement. Cost reporting systems are described and real-lifeexamples are used to illustrate cost reports, accrual systems andhow computerised systems can be employed to provide the QS withinformation that can be audited. Examples drawn from practice demonstrate how work-in-progress(WIP) is reported in contracting. Cost value reconciliation reportsare featured and the book demonstrates how adjustments are made forovermeasure, undermeasure, subcontract liabilities and WIP as wellas explaining the processes that contractors use when analysingexternal valuations. This is the ideal core text for final year degree andpost-graduate level modules on Quantity Surveying, CommercialManagement, Construction Management and Project Management coursesand will provide an invaluable source of reference for quantitysurveyors and others who may be engaged in the financial managementof construction projects. The book’s companion website at ahref="http://www.wiley.com/go/xxxx"www.wiley.com/go/rossfinancialmanagement/a offersinvaluable resources for students and lecturers as well as forpractising construction managers: end-of-chapter exercises + outline answers PowerPoint slides for each chapter ideas for discussion topics links to useful websites

Risk and Financial Management in Construction

Risk and Financial Management in Construction
  • Author : Simon A. Burtonshaw-Gunn
  • Publisher : Routledge
  • Pages : 200
  • Relase : 2017-03-02
  • ISBN : 9781351903073

Risk and Financial Management in Construction Book Review:

In today’s climate the need for a closer understanding of the relationship between the two inter-related topics of risk management and finance on construction projects is becoming increasingly crucial to achieving the objectives of the investor, the end-user and the constructor and its supply chain, especially as interest in PFI and PPP arrangements continues to grow around the world. Risk and Financial Management in Construction shows the relationship between the Construction Project Manager’s task of balancing time, cost and quality and the need to satisfy the client’s requirements efficiently, effectively and professionally whilst at the same time contributing to the contractor’s future sustainability. The book covers Risk Management describing the tools and methods to reduce the occurrence and consequences of risk, and the financial management of construction projects from raising funding, to contract strategy and through to estimating, budgeting and cost control. It includes a chapter covering international project risk, bringing together the issues of risk management, prime contracting, and PFI funding for construction projects undertaken away from the contractors main home market. Risk and Financial Management in Construction is aimed at those practising in, or studying to enter, the project management profession in providing a strategic and operational knowledge of these subjects allowing the reader easy access to the key points through a wide selection of models, checklists and easy to find lists in all of the key areas.

Construction Accounting & Financial Management

Construction Accounting & Financial Management
  • Author : Stephen Peterson
  • Publisher : Pearson Higher Ed
  • Pages : 281
  • Relase : 2013-10-03
  • ISBN : 9781292054872

Construction Accounting & Financial Management Book Review:

For all courses in construction accounting and construction finance, and for courses in engineering economics taught in construction management programs. This book helps construction professionals and construction management students master the principles of financial management, and adapt and apply them to the challenge of profitably managing construction companies. It integrates content that has traditionally been taught through separate accounting, finance, and engineering economics texts. Students learn how to account for a construction company’s financial resources; how to manage its costs, profits, and cash flows; how to evaluate different sources of funding a company’s cash needs; and how to quantitatively analyze financial decisions. Readers gain hands-on experience through 220 example problems and over 390 practice problems, many of them based on situations actually encountered by the author. This edition adds more than 100 new discussion questions, and presents financial equations and accounting transactions more visually to support more intuitive learning.

Project Management for Construction

Project Management for Construction
  • Author : Chris Hendrickson,Tung Au
  • Publisher : Chris Hendrickson
  • Pages : 537
  • Relase : 1989-01-01
  • ISBN : 9780137312665

Project Management for Construction Book Review:

Financial Management and Accounting Fundamentals for Construction

Financial Management and Accounting Fundamentals for Construction
  • Author : Daniel W. Halpin,Bolivar A. Senior
  • Publisher : John Wiley & Sons
  • Pages : 320
  • Relase : 2011-09-09
  • ISBN : 9781118174272

Financial Management and Accounting Fundamentals for Construction Book Review:

TECHNOLOGY/ENGINEERING/CIVIL SUCCESSFUL FINANCIAL MANAGEMENT IN THE CONSTRUCTION INDUSTRY BEGINS WITH THIS HANDS-ON GUIDE While construction professionals are skilled in the technical side of their work, they often find the financial management aspect of the business daunting. Financial Management and Accounting Fundamentals for Construction will help you better understand and navigate the financial decisions that are part of every construction project. This book is a compact summary of the basic financial skills that a construction professional must have to be successful in the management of a construction company and its projects. Its topics address many of the questions that any construction administrator will face, such as: How to organize and use a company's financial reports What amount of cash must be made available to the contractor to complete a project Why the early payment of supplier invoices can enhance profitability How to quantify the time value of money in financial decisions What tax amount is owed by a company and how it impacts the bottom line How to control project costs What financial sources are available to a construction contractor for capital expansion In this text, you will learn about accounting fundamentals, project-related financial matters, and company level financial issues—three factors that are key to your career success. An ideal reference for students of construction management and engineering, as well as professionals who need a quick refresher when dealing with cost control analysis and other financial issues, this text also offers: Easy-to-understand coverage of financial concepts specific to the construction industry, including business taxation, project control, engineering economy, and financial forecasting Numerous worked examples, plus end-of-chapter review questions and exercises Helpful appendices that present the structure of a typical chart of accounts, the flow of transactions through a construction accounting system, and tables required for computing interest and the time value of money

Cost Accounting and Financial Management for Construction Project Managers

Cost Accounting and Financial Management for Construction Project Managers
  • Author : Len Holm
  • Publisher : Routledge
  • Pages : 278
  • Relase : 2018-08-15
  • ISBN : 9781351376945

Cost Accounting and Financial Management for Construction Project Managers Book Review:

Proper cost accounting and financial management are essential elements of any successful construction job, and therefore make up essential skills for construction project managers and project engineers. Many textbooks on the market focus on the theoretical principles of accounting and finance required for head office staff like the chief financial officer (CFO) of a construction firm. This book's unique practical approach focuses on the activities of the construction management team, including the project manager, superintendent, project engineer, and jobsite cost engineers and cost accountants. In short, this book provides a seamless connection between cost accounting and construction project management from the construction management practitioner’s perspective. Following a complete accounting cycle, from the original estimate through cost controls to financial close-out, the book makes use of one commercial construction project case study throughout. It covers key topics like financial statements, ratios, cost control, earned value, equipment depreciation, cash flow, and pay requests. But unlike other texts, this book also covers additional financial responsibilities such as cost estimates, change orders, and project close-out. Also included are more advanced accounting and financial topics such as supply chain management, activity-based accounting, lean construction techniques, taxes, and the developer’s pro forma. Each chapter contains review questions and applied exercises and the book is supplemented with an eResource with instructor manual, estimates and schedules, further cases and figures from the book. This textbook is ideal for use in all cost accounting and financial management classes on both undergraduate and graduate level construction management or construction engineering programs.

Project Finance for Construction

Project Finance for Construction
  • Author : Anthony Higham,Carl Bridge,Peter Farrell
  • Publisher : Taylor & Francis
  • Pages : 400
  • Relase : 2016-12-08
  • ISBN : 9781317377146

Project Finance for Construction Book Review:

The world of construction is intrinsically linked with that of finance, from the procurement and tendering stage of projects right through to valuation of buildings. In addition to this, things like administrations, liquidations, mergers, take-overs, buy-outs and floatations affect construction firms as they do all other companies. This book is a rare explanation of common construction management activities from a financial point of view. While the practical side of the industry is illustrated here with case studies, the authors also take the time to build up an understanding of balance sheets and P&L accounts before explaining how common tasks like estimating or valuation work from this perspective. Readers of this book will not only learn how to carry out the tasks of a construction cost manager, quantity surveyor or estimator, they will also understand the financial logic behind them, and the motivations that drive senior management. This is an essential book for students of quantity surveying or construction management, and all ambitious practitioners.

Financing Construction

Financing Construction
  • Author : Russell Kenley
  • Publisher : Routledge
  • Pages : 304
  • Relase : 2003-09-02
  • ISBN : 9781134573479

Financing Construction Book Review:

Cash is king, not least in the construction industry. Recent government-commissioned reports have highlighted the importance of better financial management in the construction industry. This professional text provides a considered analysis of the tools and techniques of project financial management in construction; notably it covers cash flow modelling and provides the first detailed investigation of the contentious issue of cash farming. Through use of case studies, worked examples and questions this book will appeal to practitioners and students alike.

Managing a Construction Firm on Just 24 Hours a Day

Managing a Construction Firm on Just 24 Hours a Day
  • Author : Matt Stevens
  • Publisher : McGraw Hill Professional
  • Pages : 406
  • Relase : 2006-11-09
  • ISBN : 9780071631471

Managing a Construction Firm on Just 24 Hours a Day Book Review:

This detailed overview of the construction contracting business delivers an invaluable collection of best practices, forms, templates, and checklists designed to reduce risks and increase profits. Contractors will learn everything they need to know about the make-or-break areas of estimating, pricing, bidding, project management, and financial management. The author is well-known in the industry, with a weekly newsletter, website, online digest, regular column for Contractor magazine, and 70-plus seminar bookings for 2006 Extensive examples and illustrations help readers apply the insights offered

The Construction MBA: Practical Approaches to Construction Contracting

The Construction MBA: Practical Approaches to Construction Contracting
  • Author : Matt Stevens
  • Publisher : McGraw Hill Professional
  • Pages : 480
  • Relase : 2012-07-02
  • ISBN : 9780071763264

The Construction MBA: Practical Approaches to Construction Contracting Book Review:

Proven business strategies for operating a profitable and efficient construction firm Written by a successful management researcher, advisor, and educator to construction contractors, The Construction MBA reveals effective operating practices for managing the multiple processes that must work simultaneously to make a construction firm consistently profitable. The methods in the book apply to both general and specialty contracting firms and describe how to grow both the top line and bottom line. This strategic resource explains how to integrate metrics into your business model that allow you to identify and react to critical trends. You'll learn ways to gain the competitive edge by adopting superior processes, speeding up your business cycle, and maximizing client satisfaction. Tips for positioning your firm on the "sweet spot" of the risk-reward curve are also included. Realworld case studies demonstrate the concepts presented in this practical guide. In addition, eight legendary management books are reviewed and their lessons are applied to the construction contracting business. The Construction MBA covers: The new business model Corporate objectives and strategies Work acquisition Operations management Human resources Financial management Technology Good operating practices

Managing the Profitable Construction Business

Managing the Profitable Construction Business
  • Author : Thomas C. Schleifer,Kenneth T. Sullivan,John M. Murdough
  • Publisher : John Wiley & Sons
  • Pages : 288
  • Relase : 2014-02-21
  • ISBN : 9781118837139

Managing the Profitable Construction Business Book Review:

Take control of your construction contracting business and manage it through the natural highs and lows of the construction market. Learn from a team of construction business veterans led by Thomas C. Schleifer, who is commonly referred to as a construction business "turnaround" expert due to the number of construction companies he has rescued from financial distress. His financial acumen, combined with his practical, hands-on experience, has made him a sought-after private consultant. His experience and no-nonsense philosophy have truly given him a unique perspective. Important topics covered include: Understanding the primary areas of construction business failure in the next decade Minimizing business risk with real-world examples Developing a positive and competent management attitude and strategy Discover how to maneuver through this complicated and risky industry by using the authors' research and proven success strategies to sustain and grow your business.

Construction Contracts

Construction Contracts
  • Author : J. R. Murdoch,Will Hughes
  • Publisher : Taylor & Francis
  • Pages : 381
  • Relase : 2000
  • ISBN : 0419253106

Construction Contracts Book Review:

Construction Contracts focuses on the law governing construction contracts, and the management and administration of these contracts.

Management of Construction Projects

Management of Construction Projects
  • Author : John E. Schaufelberger,Len Holm
  • Publisher : Taylor & Francis
  • Pages : 304
  • Relase : 2017-03-27
  • ISBN : 9781315529080

Management of Construction Projects Book Review:

Unlike the majority of construction project management textbooks out there, Management of Construction Projects takes a distinctive approach by setting itself in the context of a single and real-world construction project throughout and also by looking at construction project management from the constructor’s perspective. This project-based learning approach emphasizes the skills, knowledge, and techniques students require to become successful project managers. This second edition uses a brand new, larger, and more challenging case study to take students through key stages of the process, including: contracts and subcontracting; estimating, scheduling, and planning; supply chain and materials management; cost control, quality, and safety; project leadership and ethics; and claims, disputes, and project close-outs. Also new to this edition is coverage of emergent industry trends such as LEAN, LEED, and BIM. The book contains essential features such as review questions, exercises, and chapter summaries, while example plans, schedules, contracts, and other documents are stored on a companion website. Written in straightforward language from a constructor’s perspective, this textbook gives a realistic overview and review of the roles of project managers and everything they need to know in order to see a successful project through from start to finish.

Principles of Project Finance

Principles of Project Finance
  • Author : E. R. Yescombe
  • Publisher : Academic Press
  • Pages : 560
  • Relase : 2013-11-13
  • ISBN : 9780124157552

Principles of Project Finance Book Review:

The Second Edition of this best-selling introduction for practitioners uses new material and updates to describe the changing environment for project finance. Integrating recent developments in credit markets with revised insights into making project finance deals, the second edition offers a balanced view of project financing by combining legal, contractual, scheduling, and other subjects. Its emphasis on concepts and techniques makes it critical for those who want to succeed in financing large projects. With extensive cross-references and a comprehensive glossary, the Second Edition presents anew a guide to the principles and practical issues that can commonly cause difficulties in commercial and financial negotiations. Provides a basic introduction to project finance and its relationship with other financing techniques Describes and explains: sources of project finance; typical commercial contracts (e.g., for construction of the project and sale of its product or services) and their effects on project-finance structures; project-finance risk assessment from the points of view of lenders, investors, and other project parties; how lenders and investors evaluate the risks and returns on a project; the rôle of the public sector in public-private partnerships and other privately-financed infrastructure projects; how all these issues are dealt with in the financing agreements

Practical Construction Accounting and Financial Management

Practical Construction Accounting and Financial Management
  • Author : Yunfeng Chen,Frederick Barnes Muehlhausen
  • Publisher :
  • Pages : 230
  • Relase : 2022-06-15
  • ISBN : 1612497659

Practical Construction Accounting and Financial Management Book Review:

Practical Construction Accounting and Financial Management provides instructions, training, exercises, and examples of the fundamentals that successful construction contractors must master: the ability to capture, summarize, analyze, and forecast operation data to be better informed when making project and business decisions. Typically, a project manager is not involved with data entry but is a source of data collection. Often the project manager?s lack of understanding of accounting systems creates a situation where the project manager?s role in the data retrieval and entry is compromised. This compromise results in poor decisions being made by the project and company managers due to inaccurate and untimely data. This book provides current and future construction professionals with an awareness of fundamental accounting concepts and financial principles to successfully manage the finances of construction companies, including accurately pricing projects based on actual overhead and profit recovery needs, successfully controlling the cost to operate a construction company through the comparison between company budgets and actual financial statements, and proactively forecasting cash needs before falling into a potential cash trap that could force the company into bankruptcy.

Jct

Jct
  • Author : Sweet & Maxwell, Limited
  • Publisher :
  • Pages :
  • Relase : 2016-12-31
  • ISBN : 0414059336

Jct Book Review:

Construction Extension to the PMBOK® Guide

Construction Extension to the PMBOK® Guide
  • Author : Project Management Institute
  • Publisher : Project Management Institute
  • Pages : 215
  • Relase : 2016-09-01
  • ISBN : 9781628251746

Construction Extension to the PMBOK® Guide Book Review:

A Guide to the Project Management Body of Knowledge (PMBOK® Guide) provides generalized project management guidance applicable to most projects most of the time. In order to apply this generalized guidance to construction projects, the Project Management Institute has developed the Construction Extension to the PMBOK® Guide.This Construction Extension provides construction-specific guidance for the project management practitioner for each of the PMBOK® Guide Knowledge Areas, as well as guidance in these additional areas not found in the PMBOK® Guide:•All project resources, rather than just human resources•Project health, safety, security, and environmental management•Project financial management, in addition to cost•Management of claims in constructionThis edition of the Construction Extension also follows a new structure, discussing the principles in each of the Knowledge Areas rather than discussing the individual processes. This approach broadens the applicability of the Construction Extension by increasing the focus on the “what” and “why” of construction project management. This Construction Extension also includes discussion of emerging trends and developments in the construction industry that affect the application of project management to construction projects.

The CSI Construction Contract Administration Practice Guide

The CSI Construction Contract Administration Practice Guide
  • Author : Construction Specifications Institute
  • Publisher : John Wiley & Sons
  • Pages : 224
  • Relase : 2011-01-19
  • ISBN : 0470940174

The CSI Construction Contract Administration Practice Guide Book Review:

Get the must-have reference on construction contract administration -- and the essential study aid for the Certified Construction Contract Administrator (CCCA) Exam. The CSI Construction Contract Administration Practice Guide: Takes an in-depth look at standard contract documents and their successful use in construction projects. Provides expert commentary on various standard forms and their use in documenting design decisions made during project construction and providing for clear project communications. Discusses the roles and responsibilities of all parties to construction agreements and their effective management. Packaged with the book is an access code which provides access to a password-protected Web site with bonus content, including a PDF of the printed book and copies of CSI format documents, such as UniFormat and SectionFormat/PageFormat. This easy-to-follow guide offers invaluable tips all construction professionals can immediately put to use for improving the overall skill and efficiency of document preparation that accurately conveys stated goals, ensuring that all interested individuals receive fair representation throughout the entire construction process. Part of the CSI Practice Guides, a library of comprehensive references specifically and carefully designed for the construction professional. Each book examines important concepts and best practices integral to a particular aspect of the building process.

Construction Accounting and Financial Management

Construction Accounting and Financial Management
  • Author : William E. Coombs,William J. Palmer
  • Publisher : McGraw-Hill Companies
  • Pages : 616
  • Relase : 1977
  • ISBN : UOM:39015006075181

Construction Accounting and Financial Management Book Review:

Construction Project Management

Construction Project Management
  • Author : S. Keoki Sears,Richard H. Clough,Glenn A. Sears
  • Publisher : John Wiley & Sons
  • Pages : 400
  • Relase : 2008-04-25
  • ISBN : 9780471745884

Construction Project Management Book Review:

This volume provides a guide to managing all aspects of a construction project. This is a new edition of this guide to the subject which includes a new chapter devoted solely to the planning process and another on legal aspects of scheduling.