At TrustedLand’s latest Networking event. David Willson of Quoinstone Property talked about 4 key things
- The Importance of Balancing Time and Cost
- The relationship between Time, Cost and Quality
- What it used to Cost is not what it is going to Cost
- His 20 Years Experience
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Breakfast – 29th October
Boardroom – 6th November
Balancing Time & Cost
Taking your time to make decisions about costs can lead to cost reduction. If initial cost estimates are wrong, they will likely increase, but thorough review and detailed analysis can lead to a more robust cost plan and greater assurance that the costs are accurate. The speaker notes that balancing time and cost is a significant challenge and refers to the government as an example.
Cost, Time, & Quality Paradox
David Willson discusses the significant mistakes in construction, noting that time is a common theme underlying many challenges. The video focuses on the impact of time on development, decisions, and outcomes. It introduces the “cost, quality, and time paradox,” explaining that these three elements are interconnected in a triangle. If one is prioritized, the other two will be affected. While quality can be managed, David emphasises that developers often focus on time and cost. As an example, accelerating a project might involve spending more money but could compromise quality due to the rapid pace.
What it Used to Cost not what it is going to cost
David highlights the importance of accurate cost information in construction projects. He explains that “pounds per square foot” or “pounds per square meter” costs are only rough estimates of past costs, not accurate predictions of future expenses. This information, provided by QSs and project managers, is sent to BCIS for computation and compilation. The speaker stresses that better information from the supply chain leads to more accurate cost assessments.
David Willson QuoInstone Property
David Willson owns Quoinstone Property, discusses his background as a chartered building surveyor and his 20-plus years of experience in project management. His company provides development management, project management, and cost consultancy services. Before starting his own consultancy, they managed the design, procurement, and construction aspects for a commercial property development company. Now, they offer their skills and experience to external clients.
Find out more http://www.quoinstoneproperty.co.uk
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