Estimation With Cost Significant Elements In Malaysia Construction Essay

Estimation With Cost Significant Elements In Malaysia Construction Essay The construction estimation is an important content of the feasibility study of the projects. The accuracy of the cost estimation directly affects the decision of project, scale of construction, design scheme and economic effects, and affects the proceeding of projects. It is significant for the management and control of the project estimation to process the estimated practically, speedily, and exactly. Construction cost is an important element that should be monitored at different phases of the process of a building construction. It is also a factual process designed to give a reliable estimation or prediction of its financial cost. Cost estimating is a fundamental activity which combines a mechanical process and a subjective expertise undertaken to assess and predict the total cost to execute the construction works. It consists of an application with an appropriate method to estimate and to measure the final quantities of the building. The purpose of construction cost estimation is to provide information for constructors which include areas in the procurement and pricing of construction, establishing contractual amount of payment, and quantity control. Cost models serve a variety of purposes. It can be defined as the symbolic representation for a system, expressing the content of that system in terms of the factors which influence its costs (1). It is a procedure developed to reflect, by means of derived processes, adequately acceptable output for an established series of input data (2). Besides that, techniques used in the cost modeling can also forecast the estimated cost of a proposed construction project (3). Therefore, every method, technique or procedure used by quantity surveyors for cost estimation or cost forecast may be termed as cost models. All procurement systems require a contractor to predict the cost of a project, and to determine a price for the work within the constraints of time and to maintain the required quality without compromising to the wellbeing of other projects. In the traditional procurement system, Bill of Quantities (BQ) is an essential part of tender document that lists all the items of work to be co mpleted in a project which is to provide a mean of comparing bids from several contractors on a like for like basis. Since BQ has become an important tool for project costing and tendering it is also a document for architects and other consultants to have a sense of control on their projects in term of cost and finance. Today BQ are also used for cost planning, projected cash flows and budget, for valuation of interim payments and variation orders, and for settlement of final account. The objective of this paper is to present a formal method, the Cost Significant Element (CSE) method to accelerate the tendering process in the construction industry. The CSE has existed in the industry for a long time and has been used by many project stakeholders to deliver the project and to meet the specified targets and objectives set by the clients. Previous Studies The construction projects in Malaysia are getting more complicated and their scales are getting larger as the industrial development directly affects the construction sector. Hence it is getting more difficult to complete the projects within quality standards, budgeted cost limits and on time. Most of the time, decisions to be taken may be delayed due to the risk and uncertainties met by managers during the construction process and as a result some difficulties are arisen. One of these difficulties is caused by the lack of cost data whenever needed and in demanded quality. Therefore, the budgeted cost limits are often exceeded. However, it is well-known fact that the earlier cost planning is started on resulting in the more suitable outcome are obtained. In construction industry, Cost significant Element (CSE) method is a way to build up a simple cost estimate model by using historical bills of quantities (BQ) which the document that states how much is to be spent on each functional element of a proposed building in relation to a defined standard of space and quality. It is also an organized breakdown of cost data into the standard elements of a building. CSE facilitate the comparison between projects and the development of recording cost data for future cost planning in a simple way. It is important to identify the cost significant item in the research on CSE method. A research project has been carried out in Istanbul Technical University Faculty of Architecture intending to estimate most probable building cost in the early stage of the construction process taking the advantage of recent developments in the information and communication technology (ICT) [Orhon, 1996], [Tas and Yaman, 2002]. The main objectives of this research were collecting building construction cost data, processing data and transforming it into building cost information, storing and retrieving the cost data and information, connecting private and public sector data as well as information through a database, saving time and minimizing mistakes, by avoiding reproduction of the information that has already been stored somewhere in the sector. BQ is the traditional method that is commonly used by construction companies to predict the cost of a project in the detailed design phase and throughout the construction period. It will usually result in similar significant items being identified across different bills, but with each item having a minor difference. In order to overcome this problem, once the identification of cost of the elements, quantity or resource significant items is completed, the BQ items are aggregated into significant work elements. Whereas, it is one of the most important components of the tender documents along with technical drawings, specifications, conditions of contract, etc. Once a project is defined in detail, every item of work needed to complete the project is listed and priced by estimators. BQ for building work is counterproductive and leads to ambiguities and differences in interpretation, creating a potential for dispute. An acceptable level of simplification can be achieved through the aggreg ation of work items, presently required to be measured separately (Edwards and Edwards, 1995). The process of developing cost significant models has tended to consists of several steps. These include finding the cost significant items, grouping similar items together, and calculating a cost significant factor. The cost significant items to be identify in a project uses a technique proposed by Shereef (1981) where items are considered as significant when their value is higher than, or equal to, the mean bill value. Other than that, research at the University of Dundee has consistently shown that BQ analyses using this technique are successful in identifying the 20% of significant items that constitute 80% of the cost (Horner and Zakieh, 1993). However, it has long been recognized that in the value of the research work identified in the second stage of this process will not associate to the full cost of the trade. In Paretoà ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¾Ã‚ ¢s principle (commonly called 80:20 rule), when 80:20 rule is utilized the assumption is made that the 20 per cent of items are contributing 80 per cent of the value, and consequently the cost of the work packages identified in stage two equate to only approximately 80 per cent of the total cost of the trade. A model factor has to be applied to the total value of the work elements to determine the cost of the trade as a whole, to include a value for the 80 per cent of items not costed during this process. This factor is termed the cost model factor and is calculated by establishing the average proportion of the total cost of a trade that is accounted for by the significant work elements. The total cost of a trade can then be established by dividing the total cost of the si gnificant work elements by the cost model factor (Munns and Al-Haimus). Research Methodology In order to achieve the objectives of the study, there are two approaches to be carried out in this research. Firstly, primary data collected from a number of the construction companies in Johor Bahru area of Malaysia. Primary data are those data observed or collected directly from first-hand experience. It shows the advantage towards the accuracy of data since the specific information has been collected by the person who is doing the research. Twenty-five high cost double storey terrace housing projects historical BQ were collected in the data analysis. In this particular research is to develop a building cost estimation model based on cost significant work elements. Several important steps came to establish this model. These were including finding the cost significant work items in BQ, grouping similar work items together to select work packages, and calculating a cost significant value factor (CSVF). Cost significant element models rely on the well documented finding that 80 per cent of a billà ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¾Ã‚ ¢s value is contained within the 20 per cent of the items which are most expensive (Barnes 1971; Skinner 1981; Ashworth Skitmore 1983; PSA 1987). Projects which have similar features, the cost significant items are roughly the same. This model has covered the criteria that need to be considered and getting the result to prove the 20:80 rules in the estimating practice. In developing the model, literature reviews are adopted as secondary sources, and as such, it does not report any new or original experimental work. Cost-significant items can be grouped together, using a variety of techniques, into a smaller number of cost-significant element work packages, which within any given category of project consistently represent a fixed proportion of the total cost, usually close to 80 per cent. The total value of the project can then be calculated simply by multiplying the total price of the cost-significant work packages by an appropriate factor. The value of the factor varies slightly that to determine from an analysis of historical data (Poh, P.S.H. Horner, R.M.W.). Accuracy of the result in this model can be varied by coarsening or refining to match the quality of data available at each stage in the projectà ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¾Ã‚ ¢s life when calculating of the cost significant model factor.

Canadian Trade Balance Analysis :: essays research papers

Canada   Ã‚  Ã‚  Ã‚  Ã‚  The Canadian economy and the United States economy tend to move together because of the amount of transactions that take place within the two nations due to their geographical proximity. With the United States recently experiencing a downturn in the economy, analysts estimate that the Canadian economy will not be far behind. However, in the past 10 years the Canadian economy and especially the trade balance have been very healthy. Current Account   Ã‚  Ã‚  Ã‚  Ã‚  Since 1992, Canada has increased their amount of exports of goods year-in and year-out until slight downfalls in 2001 and 2002. However, between 1992 and 2000 they raised exports from $135 billion to $289 billion, an increase of 114%. Imports of goods also rose consistently over that nine year period from $128 billion to $244 billion. The key fact there though is that imports rose only 90% compared to a rise in exports of 114%. This has allowed Canada to maintain a very healthy trade balance, which has also risen consistently except for a few decreases in 1997, 1998, and 2002. They have not run a trade balance deficit on goods once since 1992.   Ã‚  Ã‚  Ã‚  Ã‚  Canada’s trade balance for services is similar to their trade balance for goods from a growth perspective, but with fewer breakdowns. Both exports and imports of services took very small hits in 2001. Overall, between 1992 and 2003 exports and imports of services rose 105% and 65% respectively. However with services the Canadian economy continually ran a deficit over this 12 year period.   Ã‚  Ã‚  Ã‚  Ã‚  Canada’s overall balance of goods and services also rose every year except for 1997, 1998, and 2002. They initially were running an overall deficit in 1992 and 1993 from a larger deficit in services than surplus in goods. The most common trend that is evident is that every trade category dropped in 2001 and/or 2002. There were no real substantial drops and the declines were quickly met with increases in the following years. It is likely that Canada’s economy felt at least some of the effects of the terrorist attacks on September 11, 2001 because they are such a large trading partner of the United States.   Ã‚  Ã‚  Ã‚  Ã‚  The statistics indicate that Canada has primarily been an investor abroad, with substantial amounts of cash flows leaving the country. Again, both of these accounts grew almost every year. Between 1992 and 1997, funds received dropped only once in 1993. Likewise, funds invested abroad dropped only once within this time interval in 1996.

Ideas for Young Activists

Transparency International, 2014 Philippines: A Million New Inspectors About 1 million boy and girl scouts in Philippines have counted textbooks and conducted quality inspections throughout the country. Working hand-in-hand with government and non-government agencies, the programmer discourages theft of textbooks and helps promote long-term transparency in the country schools.The Department of Education provided an open door to programmer organizers, including access to budget information, contracts, and delivery points, as well as providing inspection sites. Local organizations and volunteers that include schoolchildren also carry out the monitoring – including surprise inspections – during the textbook production process. The programmer has proved successful at reducing corruption In the textbook distribution process. India: I Paid a Bribe On www. Liberated. Com. Citizens can report their experiences of corruption.The site received almost 22,500 reports between 2010 a nd 2012, some of which were kicked up by the media and resulted in arrests and convictions. On the flipped, citizens can also report positive experiences they've had with honest officers. Solomon Islands: Comics against Corruption The Solomon Islands government, in partnership with Transparency Solomon Islands, ran a programmer that used comic-style posters and comic strips in newspapers to increase awareness of corruption in the country. It encouraged Solomon Islanders to say â€Å"Nap Ana! To corruption by reporting anyone they believe to be involved In corrupt practices. The comic was timed to coincide with International Ann-corruption Day on 9 December. Each comic told the story of average Solomon Islanders In everyday situations, and how their lives can be deeply affected by seemingly simple acts of corruption. The campaign covered the topics of bribery, favoritism, misuse of funds and what you can do to stop corruption. The series of anti-corruption comics ran in all three of Solomon Islands' major newspapers – and was even available as a pull-out poster insert in the Solomon Star.Afghanistan: Kabuki's Corruption Marathon Afghan youth Atari Equatorial uses marathons to fight corruption. He sees sport as the best way to spread awareness among Afghan youth, so he organized his first big marathon against corruption. The team was able to gather around 500 young Afghan boys and girls In one of Kabuki's many dusty streets. Their message was loud and clear: â€Å"Don't pay or accept bribes†. The participants did not run a long distance, but a large crowd noticed the group. Strider also involved local radio stations in his outreach helped them convey their message to an even larger audience.India: The â€Å"Zero Rupee† Movement The â€Å"zero rupee† note was created by an Indian physics professor who was harassed by endless extortion demands. He handed out the â€Å"zero rupee† notes as a polite way of saying â€Å"no† to officials who held out their hands. Printed on the note was â€Å"Eliminate Corruption at all levels† and â€Å"l promise to neither accept nor give a bribe†. When a corrupt official suggests to a citizen that they should pay a bribe to get something done, the citizen can hand over the â€Å"zero rupee† note and its effects have taken hold.The Indian MONGO 5th Pillar has now distributed more than 1 million bills in five languages since 2007. Solomon Islands: Clean Election Pledge A group of young volunteers established the â€Å"Clean Election Campaign† in the Solomon Islands. Their approach was to gather voter pledges, each being a promise to not take part in corrupt activities during that year's election. Their pledge states: â€Å"l pledge that I will reject all bribes. I will not accept any false promises. I will not sell my vote. I will not involve myself in any corrupt activities during, before and after the elections.And also I pledge that I wi ll use my full conscience to decide on my vote and ask God to help me to decide my vote. And I pledge that I will only vote for an honest leader. † Kenya: Mapping the Election Jacuzzi is an open-source platform designed to courseware information via SMS and online messaging and appears on an interactive map. Pioneered in Kenya after the fall-out of the deadly 2008 elections, the website had 45,000 users in Kenya reporting on both instances of electoral fraud and acts of integrity during the following presidential elections.Activists launched the platform to courseware data via Twitter, SMS, Android, e-mail and the web. More than 4,500 reports were cast – and a staggering 58 per cent of these claims have been verified. The findings were referred to by Jenny's electoral commission and international media. Venezuela: Tweeting the Election Twitter is a simple way to monitor elections with your friends and community. Use or create a credible twitter name so that fellow tweet ers know whom to contact for details on election monitoring. Design a washrag so that voters tweeting claims of election fraud are streamlined (e. #Pomegranate or #Cafeteria). In Venezuela, civil society organizations came together to cast a watchful eye on the national elections via Twitter. They received tweets – including photos – from around the country to gather data on election violations at the polling stations through several hostage. They received more than 1,000 tweets claiming electoral fraud. These strategies do you think be the most effective in dealing with corruption? Choose two and explain why. 3. What other strategies do you think local people could use to deal with corruption in their government?

The United States Of Americas Economy - 1937 Words

The United States of America’s economy is one of the largest and the most differentiated national economies of the world. For this reason, the US is considered the engine of the world economy. A key feature that separates the US economy from others is the focus on making technological advancements and scientific progress. This often leads to dependence of other countries from the United States in science and technology and determines foreign policy of the state (Block, 2009). United States’ Brief History At the end of the World War 2, the â€Å"golden era† for the U.S economy had begun. This was the time frame in which the economic productivity and activities were raising, which gave birth to the baby boomer generation and increased the income of the middle class families. The US GDP grew at an average rate of about 4% from the late 1940s to the early 1970s. During the 1970s, there were many structural changes in the economy ranging from services to industry and manufacturing. 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