![Page 1: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/1.jpg)
Construction EconomicsConstruction Economics
Introduction to this DisciplineIntroduction to this Discipline
Richard O’Carroll
![Page 2: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/2.jpg)
What do the following Buildings What do the following Buildings have in common ?have in common ?
Construction EconomicsConstruction Economics
have in common ?have in common ?
Richard O’Carroll
![Page 3: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/3.jpg)
Construction EconomicsConstruction Economics
Richard O’Carroll
‘Hydropolis Underwater’ Resort Hotel - Dubai UAE
Estimated price -$440M
200 Guest Suites
22M underwater
US$5,500 per night
A
![Page 4: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/4.jpg)
‘Burj Dubai’ UAE – World’s tallest building
Estimated price -$1.5B
828M high
160Nr Levels
B
Construction EconomicsConstruction Economics
Richard O’Carroll
![Page 5: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/5.jpg)
‘Ski Dubai’ UAE – World’s largest indoor snow park
Estimated price -$275M
32,290 Sq foot
2 foot of snow
Has own ‘black slope’
C
Construction EconomicsConstruction Economics
Richard O’Carroll
Has own ‘black slope’
![Page 6: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/6.jpg)
Yes….. you spotted it …
Construction EconomicsConstruction Economics
Richard O’Carroll
![Page 7: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/7.jpg)
Yes….. you spotted it … ‘DUBAI’
Construction EconomicsConstruction Economics
Richard O’Carroll
![Page 8: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/8.jpg)
Yes….. you spotted it … ‘DUBAI’
Construction EconomicsConstruction Economics
Richard O’Carroll
Well not quite what we wanted you to notice
![Page 9: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/9.jpg)
Yes….. you spotted it … ‘DUBAI’
Construction EconomicsConstruction Economics
Richard O’Carroll
Well not quite what we wanted you to notice
LOOK AGAIN !!!
![Page 10: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/10.jpg)
$440 Million
Construction EconomicsConstruction Economics
Richard O’Carroll
$440 Million
![Page 11: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/11.jpg)
Construction EconomicsConstruction Economics
Richard O’Carroll
$1.5 Billion
![Page 12: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/12.jpg)
Construction EconomicsConstruction Economics
Richard O’Carroll
$275 Million
![Page 13: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/13.jpg)
They all needed ‘Budget Estimates’ to be
established
Construction EconomicsConstruction Economics
Richard O’Carroll
(to ‘Confirm feasibility or otherwise the Client’s Objective’).
“you’re fired !!”
![Page 14: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/14.jpg)
They all needed to be Measured and Evaluated
(to confirm the
Client’s Budget).
Construction EconomicsConstruction Economics
Richard O’Carroll
Client’s Budget).
Cost per Hospital Bed Cost per Theatre Seat Cost per Car Park Space
Comparative Cost Planning based on Analysis on previous completed Contracts
![Page 15: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/15.jpg)
They all needed the most, time and cost efficient methods to be procured
Construction EconomicsConstruction Economics
Richard O’Carroll
(to comply with the
Client’s requirements)
Fishing for the Best Price and Best Contractor
![Page 16: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/16.jpg)
They all needed the most, time and cost efficient methods to be constructed
Construction EconomicsConstruction Economics
Richard O’Carroll
(to ensure it is coming
In on Budget)
Bringing in the Contract Cost on Budgetary Target
![Page 17: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/17.jpg)
They all needed ‘Finance’
(to support the Objective)
Construction EconomicsConstruction Economics
Richard O’Carroll
(to support the Objective)
Based on soundly established and balanced Cost Plans and Projected Cash Flow forecasts
![Page 18: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/18.jpg)
They all needed Financial Control
Construction EconomicsConstruction Economics
Richard O’Carroll
(to satisfy the financiers)
Based on a proper financial monitoring system as well as a pool of change control facilities to incorporate changes whilst still maintaining Budget and Programme
![Page 19: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/19.jpg)
They all need to be administered to a pre-
agreed contract
(to bring the dream to fruition)
Construction EconomicsConstruction Economics
Richard O’Carroll
(to bring the dream to fruition)
Via suites of Construction &/or Design Contracts
![Page 20: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/20.jpg)
All contracts need to be negotiated basedon a sound cost based knowledge
Construction EconomicsConstruction Economics
Richard O’Carroll
(to maximise the chances
of being within Budget)
From Main Contractor to Nominated/Specialist Contractors
From Pre-Award to Final Account
![Page 21: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/21.jpg)
All Contractors need to be paid a fair assessment of the value of Work done on an interim basis
Construction EconomicsConstruction Economics
Richard O’Carroll
(to ensure the continued liquidity
of the Contractor and completion
of the Objective).
Cash flow is the Life Blood of the Contractor
![Page 22: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/22.jpg)
Once complete, over time, buildings will need
maintenance, repair, renovation, rectification.
Construction EconomicsConstruction Economics
Richard O’Carroll
(To ensure the maximum life of
the original Capital Investment
but with the most economic meansof design and construction).
![Page 23: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/23.jpg)
Construction EconomicsConstruction Economics
So where does it all So where does it all
start ?start ?
Richard O’Carroll
![Page 24: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/24.jpg)
Construction EconomicsConstruction Economics
Clients (Clients (Entrepreneurs, Developers, Entrepreneurs, Developers,
ContractorsContractors) start with an idea) start with an idea
Richard O’Carroll
![Page 25: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/25.jpg)
Construction EconomicsConstruction Economics
Clients ideaClients idea
Wish to procure / attain ideaWish to procure / attain idea
Richard O’Carroll
![Page 26: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/26.jpg)
Construction EconomicsConstruction Economics
Clients ideaClients idea
Wishes to procureWishes to procure
Little or no CapitalLittle or no Capital
Richard O’Carroll
![Page 27: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/27.jpg)
Construction EconomicsConstruction Economics
Clients ideaClients idea
Wishes to procureWishes to procure
Little or no CapitalLittle or no Capital
Seeks financeSeeks finance
Richard O’Carroll
![Page 28: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/28.jpg)
Construction EconomicsConstruction Economics
Clients ideaClients idea
Wishes to procureWishes to procure
Little or no CapitalLittle or no Capital
Seek financeSeek finance
Richard O’Carroll
![Page 29: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/29.jpg)
Construction EconomicsConstruction Economics
Clients ideaClients idea
Wishes to procureWishes to procure
Little or no CapitalLittle or no Capital
Lets try that one again !!!Lets try that one again !!!
Richard O’Carroll
Lets try that one again !!!Lets try that one again !!!
![Page 30: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/30.jpg)
Construction EconomicsConstruction Economics
Clients ideaClients idea
Wishes to procureWishes to procure
Little or no CapitalLittle or no Capital
Provide a Game PlanProvide a Game Plan
Richard O’Carroll
![Page 31: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/31.jpg)
Construction EconomicsConstruction Economics
Clients ideaClients idea
Wishes to procureWishes to procure
Little or no CapitalLittle or no Capital
Provide a Game PlanProvide a Game Plan
Market Analysis / review of economic indicators
Richard O’Carroll
Likely Cost
Likely Revenue
Cash Flow Forecast (long & short term)
RoI / Profitability – Balance of payments
Risk strategy & Stress TestingSound Procurement strategy
![Page 32: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/32.jpg)
Construction EconomicsConstruction Economics
Clients ideaClients idea
Wishes to procureWishes to procure
Little or no CapitalLittle or no Capital
Provide a Game PlanProvide a Game Plan
Seek FinanceSeek Finance
Richard O’Carroll
Now.....They are listening !!!
![Page 33: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/33.jpg)
Reasons to be a - ‘DOCTOR’
Construction EconomicsConstruction Economics
Richard O’Carroll
![Page 34: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/34.jpg)
Reasons to be a - ‘DOCTOR’
Construction EconomicsConstruction Economics
Richard O’Carroll
![Page 35: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/35.jpg)
Reasons to be a - ‘Lawyer’
Construction EconomicsConstruction Economics
Richard O’Carroll
![Page 36: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/36.jpg)
Reasons to be a - ‘Lawyer’
Construction EconomicsConstruction Economics
Richard O’Carroll
![Page 37: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/37.jpg)
Reasons to be a - ‘Construction Economist’
Construction EconomicsConstruction Economics
Richard O’Carroll
![Page 38: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/38.jpg)
Reasons to be a - ‘Construction Economist’
“He reads between
Construction EconomicsConstruction Economics
Richard O’Carroll
“He reads between the lies”
“Of Course I can do it for that
price…..”
“Oh that extra will cost a fortune…”
“I never intended to do that work…”
![Page 39: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/39.jpg)
The Construction Industries Best Kept Secret
Construction EconomicsConstruction Economics
Richard O’Carroll
![Page 40: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/40.jpg)
The Construction Industries Best Kept Secret
The
‘Construction Economist’
and the
Construction EconomicsConstruction Economics
Richard O’Carroll
and the
‘Quantity Surveyor’
![Page 41: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/41.jpg)
Essential Equipment
Construction EconomicsConstruction Economics
Richard O’Carroll
![Page 42: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/42.jpg)
Essential Equipment
The ‘All seeing’ & ‘Cool’ glasses
Construction EconomicsConstruction Economics
Richard O’Carroll
![Page 43: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/43.jpg)
Essential Equipment
The ‘All-seeing’ & ‘Cool’ glasses
Construction EconomicsConstruction Economics
Richard O’Carroll
The DIT C.E. Tee Shirt that says….
Construction Economics
‘Not only Builds Relations…..
‘but also Costs and Values them’
![Page 44: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/44.jpg)
What happened before
Construction EconomicsConstruction Economics
Richard O’Carroll
What happened before Construction Economics ??
![Page 45: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/45.jpg)
BEFOREBEFORE
CONSTRUCTION ECONOMISTSCONSTRUCTION ECONOMISTS
![Page 46: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/46.jpg)
This is how they This is how they Forecasted Costs Forecasted Costs
before before Construction EconomistsConstruction Economists
![Page 47: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/47.jpg)
These were their These were their
Negotiation Negotiation
Experts Experts
before before
Construction Construction
EconomistsEconomistsEconomistsEconomists
![Page 48: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/48.jpg)
This is how they This is how they Controlled Costs on Site Controlled Costs on Site
before before Construction EconomistsConstruction Economists
![Page 49: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/49.jpg)
What did Construction Economists bring to Civilisation ?
Construction EconomicsConstruction Economics
Richard O’Carroll
![Page 50: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/50.jpg)
What did Construction Economists bring to Civilisation ?
Construction EconomicsConstruction Economics
Richard O’Carroll
Be careful ……
Serious Learning Section
Now
![Page 51: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/51.jpg)
Serious Learning Section
Cost
•Labour
•Plant
•Materials
•Preliminaries
•Overheads
•Inflation
Time
Programme
•Methodology
•Resources
•Outputs
•Holidays
•Acceleration
•Weather
Construction EconomicsConstruction Economics
Richard O’Carroll
•Inflation•Weather
Quality
Standards
•Finishes
•Mech & Elec Services
•Useful Life / Maintenance
![Page 52: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/52.jpg)
Cost
•Labour
•Plant
•Materials
•Preliminaries
•Overheads
•Inflation
Construction EconomicsConstruction Economics
Richard O’Carroll
![Page 53: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/53.jpg)
Time
Programme
•Methodology
•Resources
•Outputs
•Holidays
•Acceleration
•WeatherMaster Programme
Jan Feb Mar Apr Jun Jul Aug Sept Oct Nov
Construction EconomicsConstruction Economics
Richard O’Carroll
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
![Page 54: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/54.jpg)
Quality
Standards
•Finishes
•Mech & Elec Services
•Useful Life / Maintenance
Construction EconomicsConstruction Economics
Richard O’Carroll
![Page 55: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/55.jpg)
Typical Client’s view of
Construction EconomicsConstruction Economics
Richard O’Carroll
Typical Client’s view of himself, the Design Team
& Construction Team
![Page 56: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/56.jpg)
The Client’s
Construction EconomicsConstruction Economics
Richard O’Carroll
The Client’s view of
themselves
![Page 57: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/57.jpg)
Construction EconomicsConstruction Economics
Richard O’Carroll
The Client
![Page 58: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/58.jpg)
The Architect
Construction EconomicsConstruction Economics
Richard O’Carroll
The Architect
![Page 59: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/59.jpg)
Construction EconomicsConstruction Economics
Richard O’Carroll
The Architect
![Page 60: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/60.jpg)
The Engineer
Construction EconomicsConstruction Economics
Richard O’Carroll
The Engineer
![Page 61: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/61.jpg)
Construction EconomicsConstruction Economics
Richard O’Carroll
The Engineer
![Page 62: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/62.jpg)
The Health &
Construction EconomicsConstruction Economics
Richard O’Carroll
The Health & Safety Officer
![Page 63: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/63.jpg)
Construction EconomicsConstruction Economics
Richard O’Carroll
The Health & Safety Officer
![Page 64: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/64.jpg)
The Contractor
Construction EconomicsConstruction Economics
Richard O’Carroll
The Contractor & Site Team
![Page 65: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/65.jpg)
Construction EconomicsConstruction Economics
Richard O’Carroll
The Contractor & Site Team
![Page 66: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/66.jpg)
The
Construction EconomicsConstruction Economics
Richard O’Carroll
The Construction Economist
![Page 67: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/67.jpg)
Construction EconomicsConstruction Economics
Richard O’Carroll
The Construction Economist
![Page 68: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/68.jpg)
Construction EconomicsConstruction Economics
Richard O’Carroll
We navigate away from foreseeable dangers
![Page 69: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/69.jpg)
Construction EconomicsConstruction Economics
Richard O’Carroll
We identify alternative action should conditions change
![Page 70: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/70.jpg)
Construction EconomicsConstruction Economics
Richard O’Carroll
We determine the underline features of any venture project
![Page 71: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/71.jpg)
Construction EconomicsConstruction Economics
Richard O’Carroll
We protect our Clients Interests
![Page 72: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/72.jpg)
Construction EconomicsConstruction Economics
Richard O’Carroll
Thankyou ..... any Questions ?
![Page 73: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/73.jpg)
International Acclaim &
Recognition of students
Construction EconomicsConstruction Economics
Richard O’Carroll
Recognition of studentsCouncil of European Construction Economists
Royal Institution of Chartered Surveyors
Union Nationale des Economists de la Construction et Coordonnateurs (UNTEC)
Society of Chartered Surveyors (SCSI)
![Page 74: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/74.jpg)
Richard O’Carroll
CEGA Award ceremony CEEC – Cyprus 2009Thomas Stronge of DIT - Third place runner up
![Page 75: Introduction to this Discipline - dit.ie · ‘Burj Dubai’ UAE – World’s tallest building Estimated price -$1.5B 828M high 160Nr Levels B Construction Economics Richard O’Carroll](https://reader030.vdocuments.mx/reader030/viewer/2022040312/5e050becc1dc5a661f47b91e/html5/thumbnails/75.jpg)
Richard O’Carroll
CEGA Award ceremony CEEC – Malta 2010
Richard O’Carroll CEEC -Educational Officer; Nick Murphy of DIT -CEGA Winner; Peter van der Pijl -President