Advanced Cost Management (ABPL90129)
Graduate courseworkPoints: 12.5On Campus (Parkville)
About this subject
Contact information
Semester 2
Overview
| Availability | Semester 2 |
|---|---|
| Fees | Look up fees |
Successful project development depends on pro-active cost management from feasibility through to design, tender and construction, to the completion and useful life of the project. This subject examines applications of economics, management, law and statistical techniques to construction cost economics and management.
Topics include: advanced cost modelling techniques with parametric and probabilistic cost estimating methods; cost-in-use studies and life-cost approach to building evaluation (LCC in practice); feasibility studies and financial decision-making; value management; tender analysis; construction claims, conflict and dispute management; professional practice in quantity surveying including professional ethics; the role of quantity surveyors during construction as it affects the valuation of preliminaries, fluctuations, change orders and accounts, provisional sums and prime cost sums, as well as the role of quantity surveyors in risk assessment.
Principles of professional liability in quantity surveying practice as well as the impact of advanced digital technology such as Building Information Modelling on Cost management are also examined.
Intended learning outcomes
Upon completion of this subject, students should be able to:
- Evaluate a contractor’s tender based on priced Bill of Quantities or Builders Quantities and prepare a tender evaluation report.
- Apply parametric and probabilistic estimating methods to project cost estimation.
- Develop, evaluate and interpret a life cycle cost model for a simple commercial building using Microsoft Excel spreadsheet.
- Describe and analyse the role of quantity surveyors in risk assessment as well as the principles of professional liability in quantity surveying practice.
- Identify and describe some of the emerging and future roles and responsibilities of quantity surveyors in the construction industry.
Generic skills
At the completion of the subject students should have developed the following skills and capabilities:
- decision making and analytical skills as applicable to cost management i.e. economic analysis of project and project components;
- effective participation as a team member and communication;
- project evaluation, monitoring and cost reporting;
- information gathering, analysis and interpretation;
- understanding and application of professional ethics and conduct in practice.
Last updated: 3 November 2022
Eligibility and requirements
Prerequisites
Admission into one of the following courses, plus completion of the first 100 points of:
MC-CM Master of Construction Management (300 point entry)
MC-CONMG3Y Master of Construction Management (300 points)
AND
| Code | Name | Teaching period | Credit Points |
|---|---|---|---|
| ABPL90208 | Construction Measurement and Estimating | Semester 2 (On Campus - Parkville) |
12.5 |
ABPL90208 Construction Measurement and Estimating can be taken concurrently.
OR
Admission into one of the following courses
MCCM-200EP Master of Construction Management (200 point entry)
MC-CONMG2Y - Master of Construction Management (200 point, entry)
AND
| Code | Name | Teaching period | Credit Points |
|---|---|---|---|
| ABPL90208 | Construction Measurement and Estimating | Semester 2 (On Campus - Parkville) |
12.5 |
ABPL90208 Construction Measurement and Estimating can be taken concurrently.
Corequisites
None
Non-allowed subjects
None
Recommended background knowledge
Microsoft Excel
Inherent requirements (core participation requirements)
The University of Melbourne is committed to providing students with reasonable adjustments to assessment and participation under the Disability Standards for Education (2005), and the Assessment and Results Policy (MPF1326). Students are expected to meet the core participation requirements for their course. These can be viewed under Entry and Participation Requirements for the course outlines in the Handbook.
Further details on how to seek academic adjustments can be found on the Student Equity and Disability Support website: http://services.unimelb.edu.au/student-equity/home
Last updated: 3 November 2022
Assessment
Additional details
- Group assignment equivalent to 1000 words per student focusing on a financial feasibility discounted cash-flow analysis and / or coupled with a life cycle cost assessment of a hypothetical project from the perspective of the developer. Students will submit feasibility and /or life cycle cost assessment report, due week 6 20%;
- Individual assignment equivalent to 2000 words focusing on Tender Evaluation for a building project. Students will submit a tender evaluation report, due week 10 40%;
- Two hour examination equivalent to 2000 words during the examination period (40%) focussing on advanced cost management theories and techniques covered during the semester.
Hurdle requirement: A minimum mark of 40% has to be achieved in the examination in order to pass this subject
Last updated: 3 November 2022
Dates & times
- Semester 2
Principal coordinator Ajibade Aibinu Mode of delivery On Campus (Parkville) Contact hours 3 hours per week Total time commitment 170 hours Teaching period 23 July 2018 to 21 October 2018 Last self-enrol date 3 August 2018 Census date 31 August 2018 Last date to withdraw without fail 21 September 2018 Assessment period ends 16 November 2018 Semester 2 contact information
Time commitment details
170 hours
Last updated: 3 November 2022
Further information
- Texts
- Related Handbook entries
This subject contributes to the following:
Type Name Course Master of Construction Management Course Master of Construction Management Specialisation (formal) Project Management Informal specialisation Cost Management Informal specialisation Building Systems and Trade Specialties Informal specialisation Project Management Informal specialisation Project Management Informal specialisation Building Informal specialisation Cost Management Informal specialisation Building Systems and Trade Specialties Informal specialisation Corporate Management Informal specialisation Corporate Management Informal specialisation Building Informal specialisation Building Informal specialisation Project Management Informal specialisation Cost Management Major 300 point Master of Construction Management - Available through the Community Access Program
About the Community Access Program (CAP)
This subject is available through the Community Access Program (also called Single Subject Studies) which allows you to enrol in single subjects offered by the University of Melbourne, without the commitment required to complete a whole degree.
Please note Single Subject Studies via Community Access Program is not available to student visa holders or applicants
Entry requirements including prerequisites may apply. Please refer to the CAP applications page for further information.
Last updated: 3 November 2022