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The most vital part of any profitable project is estimating the right cost. It depends upon how you estimate the price of the project; if you undervalue the cost of the project, then you will suffer a loss ad lose money, and if you overvalue the cost, most must lose the bids on the project. Generally, construction costing is the process of estimating the project's cost and feasibility and deciding the overall project's budget. It helps in forecasting the profit and scheduling the resource management.

To deliver a successful project, a project manager must have a proper construction procurement process. How businesses and experts care about their procurement process impacts the overall operation of a particular construction industry. Procurement is the process of achieving the goals, objectives, and services in construction. For a particular project, a construction organization must systematically identify the approach to maximize the project's overall efficiency. Construction organizations must carefully examine the purchase and supplies cost considering factors such as time, Quality, and budget. Because of the complexity of the topic, students often face issues while drafting their assignments and seek academic assistance. To help the students, we provide one of the best 5CN035 Construction Costing and Procurement assignment help so that they score impressive marks in their academics.

5CN035 Assessment Answers

What are the Phases of Construction Project Management?

Every project, whether small or big, covered the same phase. Each project needs planning and designing to achieve the overall objective of the project. It is necessary to understand the construction process to construct the correct plan for your construction project. There are five phases, .so lets have a glance at the five phases of a construction project.

  • The initiation phase: This stage is the most vital phase and aspects of any construction project management .it include all the steps that a particular must take before the commencement of a particular project. Generally, it includes three steps programming and feasibility, schematic design and contract document.
  • The pre-contribution phase: Once the project is planned and bidding is done. In this stage, a project manager plans a construction site before the work begins. This stage identifies the environmental issue, such as soil testing. Once the issue is identified, all the plans and findings are reviewed.
  • The procurement phase: In this, all the required materials, tools and services are ordered, purchased and rented by the project team to complete the project. This is a little bit complicated and challenging depending on the scope of the project and the availability of the resources.
  • The construction phase: It is the execution phase where all the ideas that are planned will pay off. In this stage, the centre belongs to the subcontractors and the contractor. In this stage, the idea that is planned is transformed into real construction.
  • The post-construction/closeout phase: It is the last stage of the long process of designing and completing a construction project. Project close-out is more than the completion of the this stage, all the rented resources are returned, the project is demobilised, the workplace is cleaned up, and the people assigned to work move on to the other project.

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5CN035 assessment answers

What are the various types of procurement?

The term procurement refers to all the elements of company purchasing procedures. It only results in the purchasing of raw materials but also involves strategic planning as well. There are three kinds of procurement activities. Listed below is the description of them.

  • Direct procurement: Direct procurement is a process that includes the material that directly contributes to the company's final product such as the direct purchase of raw material, machinery and wholesale product.
  • Indirect procurement: Indirect procurement evolves the buying of goods for commercial supplies. They are not directly related to the company's final product and do affect the bottom lion of the product but assist in the day-to-day operation of the business.
  • Services procurement: This service procurement includes recruiting temporary staff and software with short tenure to work, particularly at events or seminars.

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5CN035 Assessment Answers

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Frequently Asked Questions

The different types of costs are:

  • Base cost
  • Cost of Transportation
  • Closing cost
  • Taxes and duties.
  • Negotiation cost.

There are seven procurement principles: Accountability, Competitive Supply, Consistency, Effectiveness, and Value for Money, Fair-dealing, Integration, and Integrity.

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