Quantity Surveying is the international term for cost management and is mainly regulated by the Royal Institute of Chartered Surveyors (RICS). Since 1868, RICS has played a pivotal role in ensuring that the discipline adheres to the highest educational and professional standards and that clients are protected through a strict code of ethics.
The role of Quantity Surveying has evolved over the years to become more multifaceted. The core function of Quantity Surveying is to manage the costs on a construction project and to ensure that it is completed within its projected budget. This role is adapted to the type of project, project phase and needs of the clients. Therefore the main tasks of Quantity Surveying include:
- Cost estimation and cost planning
- Preparation of Tender Documents, budgets, bills of quantities etc
- Tracking changes to design and/or construction works and adjusting the budgets accordingly
- Tender analysis and procurement advice
- Valuation advice
- Valuation Engineering
- Risk Management
- Contract administration and contractual advice
- Dispute resolution and mediation
- Report compilation and project documentation
