Construction Economics II

At the end of this course, students should be able to: 1. Gain the knowledge and understanding of the fundamental concepts in construction economics: estimate, cost, price and value, the concept of value for money; 2. Develop the knowledge and skill for preparing preliminary estimates as well as methods and techniques for preparing approximate estimates; 3. Develop the awareness and understanding of the theories and practice of construction cost planning and cost control; 4. Develop the knowledge and skill for preparation of cost plan and cost control; 5. Develop the awareness and understanding of the use of the outputs of cost plans and approximate estimates; and 6. Develop an awareness and usefulness of current research on the theory and practice of cost planning and cost control in Nigeria.

Review of fundamental concepts in construction economics: estimate, cost, price and value, the concept of value for money. Preliminary estimates, methods of preparing approximate estimates. Theory and practice of construction cost planning and cost control. Cost planning principles and types of cost planning methods. Construction cost data: characteristics of cost data, accuracy and consistency of cost data. Presentation of cost plan and formats. Utilizing the outputs of cost planning and approximate estimates. Analysis of current research on the practice of cost planning and cost control in Nigeria.