Cost reporting is the technique used to inform a client of a construction project’s predicted outturn cost. The outturn cost of a project is its actual construction cost. This forecast can be expressed either in absolute terms or as a variance against an amount in the budget.
Cost reports are prepared by a quantity surveyor and updated, typically on a monthly basis, to inform the client and the project team and enable them to control the outturn cost. Different frequencies of reporting, such as quarterly or annually, may be required as per the client’s request.
- Can be accurately valued as per the contract conditions.
- Can be estimated as per the contract conditions.
In the absence of a single type of cost report format, most professional practices adopt their own standard format to be used where the client has no specific requirements. Clients can have their own specific formats and systems that they require quantity surveyors to use for their cost reporting.
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