1. Handbook
  2. Subjects
  3. Advanced Cost Management
  4. Print

Advanced Cost Management (ABPL90129)

Graduate courseworkPoints: 12.5On Campus (Parkville)

Or view archived Handbooks

Overview

Year of offer2018
Subject levelGraduate coursework
Subject codeABPL90129
Campus
Parkville
Availability
Semester 2
FeesSubject EFTSL, Level, Discipline & Census Date

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.

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
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
12.5

ABPL90208 Construction Measurement and Estimating can be taken concurrently.

Corequisites

None

Non-allowed subjects

None

Recommended background knowledge

Microsoft Excel

Core participation requirements

For the purposes of considering request for Reasonable Adjustments under the Disability Standards for Education (Cwth 2005), and Students Experiencing Academic Disadvantage Policy, academic requirements for this subject are articulated in the Subject Description, Subject Objectives, Generic Skills and Assessment Requirements of this entry. The University is dedicated to provide support to those with special requirements. Further details on the disability support scheme can be found at the Student Equity and Disability Support website: http://www.services.unimelb.edu.au/disability

Assessment

Description

  • 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

Dates & times

  • Semester 2
    Principal coordinatorAjibade Aibinu
    Mode of deliveryOn Campus — Parkville
    Contact hours3 hours per week
    Total time commitment170 hours
    Teaching period23 July 2018 to 21 October 2018
    Last self-enrol date 3 August 2018
    Census date31 August 2018
    Last date to withdraw without fail21 September 2018
    Assessment period ends16 November 2018

    Semester 2 contact information

Time commitment details

170 hours

Further information

Texts

There are no specifically prescribed or recommended texts for this subject.

Related courses

Related majors/minors/specialisations

Last updated: 23 October 2017