FINANCIAL MANAGEMENT

FINANCIAL MANAGEMENT (QSB3414) Lecturers: Mr. Chang Jau Ho & Sr. Lee Wing Tey

Why we need to study financial management?

    

    Basically Financial Management was about financial and organization management practices in construction circumstances. It also required the student to study about resource-use systems, especially the finances of a construction project and the management of important resource to assure the quality performance of the project. Financial Management also enables student to learn various finance terms which consist of financial information systems and capital investment.

Objectives

  

The student's objectives are actually achieved by me as at the end they came to know the principle and practices and information system of financial management used in the construction industry. Students also learn the way to appraise capital investment proposals appeared in the construction industry. Furthermore, they know more about the management in construction organization such as there were actually various ways of managing the business environment, the firm and the staff.

Learning Outcome   

  

At the end, the student actually succeed in learning the methods to determine the suitability of financial management system for distinct projects and also the students learned the way to use appropriate accounting principles and practices to analyse a construction's firm finance and accounts. In addition, the student also learned the importance of using suitable cost control structure and technique to make sure that the construction's firm performance was according to quality management and total quality management theory.


Apart from that, the students also get to learn capital investment techniques which is important to determine the cost and benefits of a project. The students too learn the way of applying financial management knowledge to control the financial site of a project related to construction work. Following by that, the student also felt gratitude that he had the chances to learn strategic management theory and techniques that can help in planning the business of construction task. Last but not least, the student also learned the way to organize staff's task and organization and leadership to boost up the staff's motivation and performance for career improvement.

Course work 1

Course work 1 was a mid-term test module which was hold on week 8 and it contributed a total of 20% for the overall assessment. This test enable the students to know how far they had progress. Furthermore, they will master the topics that the lecturer has taught. After they have mastered financial management, they will be able to advice future client in terms of financial issues. Apart from that the students would not forget the topics that they have studied.

Assignment

Assignment  or course work 2 was a group assignment which required the student to submit on week 14 and it contributes a total mark of 30% for the overall assessment. This group assignment enable the students to apply what they had studied to solve the problems given in the assignment. In other words, transfer theory into practical way. Besides, it also induce the students to think out of the box and induce the students to do more research on related topics. Last but not least, students understand more on financial management and the correct method to forecast a company's future income besides learning the correct way to study the annual report of a company.

                        

Figure 1- Took income statements from annual reports and make forecast for further 3 years

Figure 2- After forecast, we need to prepared bar-chart for revenue, gross profit and net profit

BUILDING ECONOMIC

Building Economics (QSB3214) by Mr Ho June Khai and Miss Dianne Kok Hui Wei

Purpose of study building economics

Building Economics enables the student to understand the Quantity Surveyor’s role during the pre-tender stage of the entire supply chain which will help the student in their career in the future. Besides, student will be exposed to practical situations of the various methods of controlling the cost of buildings at the design stage and thus student will came to know the ways to control the cost of a building or structure in the future. Moreover, came to know the relationship between building morphology, design variables and life cycle costing of a building which make them a succeed consultant to advice their client in the future. The author was also came to learn and apply information technology in the cost planning.

 Objectives

The objectives was besides study will also be aware of the nature, content, and significance of cost control, cost planning and learned the roles of project teams to fulfill client's requirement. Also need to learned the impact of design variables to obtain an economical design and to know the actual duties of the quantity surveyor in the overall supply chain.

 Learning Outcomes

Have learned to identify the role and obligations of Quantity Surveyors in the overall development process and to relate connection between cost and design to a value outcome. In addition,  also learned various methods of pre-tender estimating. Apart from that, also learned the way to outline the significance of cost studies so that know the way to enhance the role of Quantity Surveyor in the development process. Besides, also learned to generate an estimate at pre-tender stage, cost plan according to historical data and S-curve for financial planning to a proposed project.

Mid Term Test
Course work 1 consist of a mid term test which contributed a total mark of 20% to the overall assessment which was conducted at week 11. This test enable the students to know how far they had progress. Besides, they will master the topics that the lecturer has taught. After they have Building Economics subject, they will be able to advice future client in terms of economic issues. They would not forget the topics that they have studied.

         Assignments

        Assignments comprises of a group assignment and individual assignment which contributed a total mark of 30% of the overall assessment and students need to submit it on the week 12. This group assignment was designed for 6 students per group and the students was required to update and revise the required cost plan based on the information given in the assignment brief. This group assignment expose the students to the actual field and student will gain some basic knowledge on the role and duties of a quantity surveyor in the actual field. While for the individual part students will be able to understand the relevant topics more than before they did the project. Analysis and research skills can then be instill in the students. Students will learn the proper way to give advice to their client in the future. Students will come to know that being a quantity surveyor does not only do measurement but also advice client on other issues.

Add caption

Figure 1- This diagram is the procurement method applied  and used in my individual assignment.

Figure 2- This is the table we need to prepare for the group assignment which to show the overall calculation and reason for changes.

PROFESSIONAL PRACTICE 2

Professional Practice 2 [QSB 3614] by Sr. Ng Khai Seng

Purpose of study professional practice 2
This subject provides an overview of professional and contractual responsibilities of a quantity surveyor in the consultant group from the design stage to the final account stage. It will emphasize on the importance of a clear understanding of the organization and administration of quantity surveyor practices and the legal and contractual procedures related to building procurement.Thus, the students will understand the content of PAM Contract with Quantities 2006 and will be able to apply when they are out in the field next time.

Objectives
To be able to understand the role and duties of quantity surveying profession in public and private sectors. Besides, will also understand the appointment and the roles of quantity surveyor in the pre-contract and post-contract stage, tendering methods and procedures, evaluation and reporting of tenders and contract choices. Furthermore, will also be able to had a clear picture of the provisions of the Standard Contract forms related to construction period, insurances, Liquidated and Ascertained Damages, performance bonds, retention sums and other clauses forming basis of contract. After understanding all of the clauses in the PAM Contract With Quantities 2006, the student will be able to apply the provision and clauses in their career next time especially come to contract issue which need the quantity surveyor to give advice to their client.


Learning Outcomes

After completing this subject, the author will be able to determine the qualifications (academic and professional) required of a Quantity Surveyor, its professional Institution and Board. Besides, he will also recognized the duties of a Quantity Surveyor. Moreover, will had the ability to identify the roles of  different parties involved in the building team and their construction contracts and contractual obligations during the construction process. In addition, will had the ability to evaluate wide array of construction contracts between the client and the main contractor which expose her to the actual field of quantity surveyor. Will also be able to understand the wide array of construction contracts between the main-contractor with the sub- contractor. Last but not least, will also came to know the impact of the clauses if any of the stakeholders go against it provided it is stated in the clause.


Mid Term Test
Mid term test which contributed a total mark of 20% to the overall assessment which was conducted at week 8. This test enable the students to know how far they had progress. Besides, they will master the topics that the lecturer has taught.After we have mastered professional practice 2, we be able to advice future client in terms of contract issues. They would not forget the topics that they have studied and will understand more on the particular topics they had been tested.

Assignment 1
Assignment 1 was an individual assignment which contributed a total mark of 15% of the overall assessment which was submitted on week 8. This individual assignment help the students to know more technical terms in the construction industry. Next, the author also learned the way to combine what he learned in construction technology, principles of structure and properties of materials together. Besides, this assignment also build up the author technical knowledge and hence increase her confident level when he graduate. Last but not least, it also help the student to speak intelligently with technical people in the industry.

Assignment 2
Assignment 2 also an individual assignment which contributed a total mark of 15% too. This assignment is to assist students to keep in mind that the main seven certificates can issue by architect. In this assignment, we need to know the purpose, timing issue, contractual implications, consequences of failure issue and specimen of certificate.

Figure 1- Interim certificate

Figure 2- Extension of time certificate

Figure 3- Certificate of non-completion

Figure 4- Certificate of practical completion

Figure 5- Certificate of making good defects

Figure 6- Penultimate certificate

Figure 7- Final certificate

MEASUREMENT 5

MEASUREMENT 5 (QSB 3115) by Mr Chee Wai Meng  and Mr Ramar Subramaniam

Purpose of measurement 5

We actually learned the measurement of Cold Water, Sanitary Plumbing, Electrical Installation works, Mechanical and Electrical Engineering works and various civil engineering works. All these actually had not been taught by other university so the students will at the head and shoulders of other university student as they gained the principal basic knowledge of measuring these works which light up their future. When the employer came to know that Taylor's graduates know more measurement than others they will tend to hire Taylor's graduates as they already had the knowledge and employer would not have to keep on guide them on their work.

Module Schedule

Week 1          Introduction to the principles of MYCESMM

                       Measurement for cold and hot water plumbing using SMM2

Week 2          Measurement for sanitary plumbing and appliances using SMM 2

Week 3          Measurement for electrical installation works using SMM2

Week 4          Measurement for HVAC works using SMM2

Week 5          Measurement of telephone trunking and cabling works using SMM2

Week 6          Measurement for Fire protection works using SMM2

Week 7          Measurement for Soil Investigation using MYCESM 

                       Measurement for Slope Stabilization works using MYCESMM

Week 8          Measurement for general earthworks , bulk excavation using 

                       MYCESMM

Week 9          Measurement for deep basement excavation using MYCESMM 

Week 10        Measurement for environmental protection, traffic management, 

                       miscellaneous  works using MYCESMM

Week 11        Measurement for tunnels  using MYCESMM

Week 1          Measurement for railway tracks using MYCESMM

Week 13        Measurement of precast concrete works using MYCESMM

Week 14        Preparation of specification clauses for the various trades 

Objectives

The objectives of the author to learned measurement 5 was to understand the importance to prepare  tender document and the importance of the ability to work effectively and efficiently with other within a team. Besides, the author also will be able to generate a depth of subject knowledge on the principles of measurement of various elements such as cold water system, sanitary plumbing, electrical installation, mechanical and electrical works and various civil engineering works. Furthermore, the author also will be able to make decisions and learned management skills related to the quantity surveying profession in the preparation of the Bills of Quantities so that he will have a bright future next in the industry.

Learning Outcomes

To be able to understand the items measurable for cold water and sanitary plumbing , electrical installation and mechanical and electrical works and civil engineering works. Besides, also learned the way to distinguish and illustrate differences in writing up descriptions according to variables of designs of cold water and sanitary plumbing , electrical installation and  mechanical and electrical works and civil engineering works. Next, also knew the method to evaluate the relationship between specifications, drawings and bill of quantities in tender documents for cold water and sanitary plumbing , electrical installation and  mechanical and electrical works and civil engineering works. Furthermore, also learned the way to measure various element such as cold water and sanitary plumbing , electrical installation and  mechanical and electrical works and civil engineering works based on Standard Method of Measurement (SMM2) and Malaysian Civil Engineering Standard Method of Measurement  ( MYCESMM ). Thus, the students learned a new thing which the way to read MYCESMM which is a engineering standard of measurement. Last but not least, will also develop a conceptual understanding of and the ability to competently undergo the preparation of the bills of quantities for cold water and sanitary plumbing , electrical installation and  mechanical and electrical works and civil engineering works .

Course work 1


Course work 1 consist of a mid term test which contributed a total mark of 25% to the overall assessment which was conducted at week 7. This test enable the students to know how far they had progress. Besides, they will master the topics that the lecturer has taught. After they have measurement subject test, they will be able to do taking off more efficiently and effectively. They would not forget the topics that they have studied and will understand more on the particular topics they had been tested. 

Figure 1.0- example of tutorial to ready for test 

Figure 1.1- example of tutorial to ready for test 

Course work 2

Course work 2 comprises of a group assignment which contributed a total mark of 25% of the overall assessment and students need to submit it on the week 8. This group assignment was designed for 5 students per group and the students was required to measure electrical works based on the information given in the assignment brief. This group assignment expose the students to the actual field and student will gain some basic knowledge on the measurement of electrical works. Besides, the students will also came to know the items that can be measured for electrical installation works. Upon completion of the group assignment, author will be able to understand and uses the clauses in SMM2 for the various trades related to electrical works. Furthermore, the students will learned to plan systematically in order to start off their assignments and they will be able to visualize the drawing and details given in the brief. This will make them have a clearer figure of what electrical work is when they are out in the field next time. Apart from that, they will be able to relate the specifications, drawing and bills of quantities. They will also know the correct method to measure electrical works and produce bills of quantities for electrical works according to SMM2. Last but not least, they will also be able to understand and carry out the preparation of bills of quantities for electrical installation works.

Figure 2.0- shows the electrical plan of a bungalow

Figure 2.1- shows the electrical plan of a bungalow and notes