The professional practice task group for the Construction Leadership Council (CLC) Covid-19 task force has published a methodology for assessing and reporting the cost implications of disruption due to the pandemic
Construction clients and contractors rely on accurate cost prediction as to the basis of business plans, financial contracts, and commercial control.
The unprecedented nature of the pandemic is affecting the progress and productivity of existing and future contracts, meaning that the information upon which estimates are usually prepared no longer applies.
The cost assessment toolkit acts as a guide to enable better cost forecasting to assist the industry in making informed investment decisions on viability, improving the robustness of pipeline and driving long term economic growth.
Providing clarity through nationwide data
Commenting on the launch, Simon Rawlinson, chair of the professional practice task group, said: “The Cost Assessment Toolkit will help the construction industry manage the impact of Covid-19 on existing and future contracts.
“It establishes a standard methodology to incorporate the cost impacts of the virus into estimates, provides clarity on exclusions and through the collection of industry-wide data allows clients and supply chains to compare their project costs against an aggregated data set.
“By providing the tools to measure and therefore improve productivity, the toolkit acts as a guide to ascertain and assess project risks and establish viability for the long term.”