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This module enables students to develop a detailed understanding of the financial control of projects, with a particular focus on the construction phase when most of the client’s money is being spent. It covers the major stages, procedures and responsibilities involved in the effective management of costs for a construction or infrastructure project, drawing on the principles of financial control and reporting, which are of wider relevance to any business.

This module makes a connection between different types of contracts and their consequences for cost management and monitoring. For example, even with the commonly used ‘Lump Sum’ contract there are still a significant number of ways in which the final contract sum may be varied. The module therefore explains why and how strict control and reporting procedures are employed so that the client and/or the contractor are kept up to date with cost variations and cost forecasts. It equips students to handle cost data from databases and project documents and produce reports that accord with professional standards and expectations.

The module provides basic training on an industry-standard tool for cost management (such as Bluebeam). This approach provides basic knowledge drawn from national costing databases, company information, industry reports and textbooks. It extends students numeracy and analytical skills that will help them be able to understand project financial information, and the wider factors and context which can influence whether not a project is delivered on budget.

Lectures, seminars and discussions in class, are informed by selected reading tasks and software training sessions.

Students are required to sit an open-book exam at the end of the module. The module leader provides formative feedback on a costing exercise, and students gain experience of analysing and visualising example project financial reports – an important professional skills development opportunity.