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Construction item pricing
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9781919895697
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274747499
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The pricing of the component items of a project has a substantial influence on the profitability of the project for a contractor. Despite this, there has been relatively little research done on this subject since 'unbalanced bidding' (the manipulation of component item prices) was identified as a viable strategy 50 years ago. Nevertheless, in practice, it has become popular for contractors to utilise these techniques. Contractors have come to appreciate the value of unbalancing their pricing, and clients and their professional advisors have fought back, largely in the belief that this practice is unethical and that it adds considerably to the costs and risks of construction. This debate has become emotive and distracting from the science of the underlying activity. The science now confirms that there are considerable benefits for contractors if they adopt a well-disciplined and well-informed approach to the pricing of their work. It is their right to price their work as they see fit. But they could considerably increase their profits, while reducing their risks, if they price their projects cleverly. This book outlines a new approach, called Component Unit Pricing Theory, which is intended to lay a new foundation for a scientifically based approach to item pricing. A test done using the new CUP Theory, using hypothetical data, has shown that contractors could increase their profit by as much as 150% without much change to their risk. The author has included a CD containing the program by which pricing can be calculated, and has presented it so that it can be further worked on by those researching the field. This book is intended to help establish a new foundation by which research into this field can be more openly discussed and debated, recognising that item pricing per se need not be unethical or exploitative, and that the industry - as a whole - has much to benefit from a more professional, more quantitatively sophisticated, and more openly discussed approach to this important subject. It will be of great value to professionals in the building, quantity surveying, construction and civil engineering industries, as well as to academics in the field of construction economics. Format:BP;MCR Pages:184
The pricing of the component items of a project has a substantial influence on the profitability of the project for a contractor. Despite this, there has been relatively little research done on this subject since 'unbalanced bidding' (the manipulation of component item prices) was identified as a viable strategy 50 years ago. Nevertheless, in practice, it has become popular for contractors to utilise these techniques. Contractors have come to appreciate the value of unbalancing their pricing, and clients and their professional advisors have fought back, largely in the belief that this practice is unethical and that it adds considerably to the costs and risks of construction. This debate has become emotive and distracting from the science of the underlying activity. The science now confirms that there are considerable benefits for contractors if they adopt a well-disciplined and well-informed approach to the pricing of their work. It is their right to price their work as they see fit. But they could considerably increase their profits, while reducing their risks, if they price their projects cleverly. This book outlines a new approach, called Component Unit Pricing Theory, which is intended to lay a new foundation for a scientifically based approach to item pricing. A test done using the new CUP Theory, using hypothetical data, has shown that contractors could increase their profit by as much as 150% without much change to their risk. The author has included a CD containing the program by which pricing can be calculated, and has presented it so that it can be further worked on by those researching the field. This book is intended to help establish a new foundation by which research into this field can be more openly discussed and debated, recognising that item pricing per se need not be unethical or exploitative, and that the industry - as a whole - has much to benefit from a more professional, more quantitatively sophisticated, and more openly discussed approach to this important subject. It will be of great value to professionals in the building, quantity surveying, construction and civil engineering industries, as well as to academics in the field of construction economics. Format:BP;MCR Pages:184