General Information
This subject deals with several areas relating to financial evaluation and tendering for construction work. It includes a range of topics relevant to aspects of the financial management of development and construction projects including, estimating procedures for intricate work, tendering procedures and tender preparation, determination of margins for profit and overheads, bidding strategies, and finance issues relevant to the construction industry.
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Details
Academic unit: Faculty of Society & Design Subject code: SSUD13-316 Subject title: Construction Tendering and Finance Subject level: Undergraduate Semester/Year: May 2024 Credit points: 10.000 -
Delivery & attendance
Timetable: https://bond.edu.au/timetable Delivery mode: Standard Workload items: - Seminar: x12 (Total hours: 36) - Weekly Seminar
- Personal Study Hours: x12 (Total hours: 84) - Recommended Study Hours
Attendance and learning activities: As successful completion of this subject is heavily dependent on participation during all scheduled sessions, attendance will be monitored. Most sessions build on the content of the previous one. It is difficult for a student to recover if a session is missed. It is the responsibility of the student to catch up on any content missed and to complete set work outside class. It is also necessary for students to engage proactively and contribute positively in discussions, analyses and case studies. The assessments are an important part of developing the knowledge and understanding required to fulfil the minimum requirements of this subject. In addition to face-to-face contact time, students should plan to spend a minimum of 84 hours undertaking preparation/out of class work/personal study for this subject. This is intended as a general guide only for workload planning. More time may be required depending on the student's comprehension of the content delivered in class and aptitude for the subject. Please note that subsequent subjects assume the student has a full understanding of this subject - this content will not be repeated. -
Resources
Prescribed resources: Books
- Roger Flanagan, Carol Jewell (2018). New Code of Estimating Practice: The Chartered Institute of Building. n/a, John Wiley & Sons 286
- Joseph Sierra (2002). Estimating Practice: Techniques and Procedures. n/a, Australian Institute of Quantity Surveyors
- Joseph E. E. Sierra (2005). Preliminary and General Matters Relating to Building Construction Estimates. n/a, Australian Institute of Quantity Surveyors
iLearn@Bond & Email: iLearn@Bond is the Learning Management System at Bond University and is used to provide access to subject materials, class recordings and detailed subject information regarding the subject curriculum, assessment, and timing. Both iLearn and the Student Email facility are used to provide important subject notifications.
Additionally, official correspondence from the University will be forwarded to students’ Bond email account and must be monitored by the student.
To access these services, log on to the Student Portal from the Bond University website as www.bond.edu.au
| Academic unit: | Faculty of Society & Design |
|---|---|
| Subject code: | SSUD13-316 |
| Subject title: | Construction Tendering and Finance |
| Subject level: | Undergraduate |
| Semester/Year: | May 2024 |
| Credit points: | 10.000 |
| Timetable: | https://bond.edu.au/timetable |
|---|---|
| Delivery mode: | Standard |
| Workload items: |
|
| Attendance and learning activities: | As successful completion of this subject is heavily dependent on participation during all scheduled sessions, attendance will be monitored. Most sessions build on the content of the previous one. It is difficult for a student to recover if a session is missed. It is the responsibility of the student to catch up on any content missed and to complete set work outside class. It is also necessary for students to engage proactively and contribute positively in discussions, analyses and case studies. The assessments are an important part of developing the knowledge and understanding required to fulfil the minimum requirements of this subject. In addition to face-to-face contact time, students should plan to spend a minimum of 84 hours undertaking preparation/out of class work/personal study for this subject. This is intended as a general guide only for workload planning. More time may be required depending on the student's comprehension of the content delivered in class and aptitude for the subject. Please note that subsequent subjects assume the student has a full understanding of this subject - this content will not be repeated. |
| Prescribed resources: | Books
|
|---|---|
| iLearn@Bond & Email: | iLearn@Bond is the Learning Management System at Bond University and is used to provide access to subject materials, class recordings and detailed subject information regarding the subject curriculum, assessment, and timing. Both iLearn and the Student Email facility are used to provide important subject notifications. Additionally, official correspondence from the University will be forwarded to students’ Bond email account and must be monitored by the student. To access these services, log on to the Student Portal from the Bond University website as www.bond.edu.au |
Enrolment requirements
| Requisites: |
Pre-requisites:Co-requisites:There are no co-requisites |
|---|---|
| Assumed knowledge: |
Assumed knowledge is the minimum level of knowledge of a subject area that students are assumed to have acquired through previous study. It is the responsibility of students to ensure they meet the assumed knowledge expectations of the subject. Students who do not possess this prior knowledge are strongly recommended against enrolling and do so at their own risk. No concessions will be made for students’ lack of prior knowledge.
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| Restrictions: |
Nil |
Assurance of learning
Assurance of Learning means that universities take responsibility for creating, monitoring and updating curriculum, teaching and assessment so that students graduate with the knowledge, skills and attributes they need for employability and/or further study.
At Bond University, we carefully develop subject and program outcomes to ensure that student learning in each subject contributes to the whole student experience. Students are encouraged to carefully read and consider subject and program outcomes as combined elements.
Program Learning Outcomes (PLOs)
Program Learning Outcomes provide a broad and measurable set of standards that incorporate a range of knowledge and skills that will be achieved on completion of the program. If you are undertaking this subject as part of a degree program, you should refer to the relevant degree program outcomes and graduate attributes as they relate to this subject.
Subject Learning Outcomes (SLOs)
On successful completion of this subject the learner will be able to:
- Identify the components of construction and development costs, both direct and indirect
- Analyse and synthesise the composite rates for typical building work
- Analyse and derive mark-ups that cover general and job-specific overheads and profit
- Perform an in-depth appraisal of typical tendering processes and procedures and have a general awareness of various statistical methods and bidding theories that may be used in tendering
- Understand typical financing arrangements for large construction projects.
- Understand the financial issues relevant to construction, tendering and project delivery.
Generative Artificial Intelligence in Assessment
The University acknowledges that Generative Artificial Intelligence (Gen-AI) tools are an important facet of contemporary life. Their use in assessment is considered in line with students’ development of the skills and knowledge which demonstrate learning outcomes and underpin study and career success. Instructions on the use of Gen-AI are given for each assessment task; it is your responsibility to adhere to these instructions.
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Assessment details
Type Task % Timing* Outcomes assessed Paper-based Examination (Closed) End of semester examination 50.00% Final Examination Period 1,2,3,4,5,6 Technical Document Assignment 1 20.00% Week 6 1,2,5 Written Report Assignment 2 30.00% Week 10 1,2,3,4,6 - * Assessment timing is indicative of the week that the assessment is due or begins (where conducted over multiple weeks), and is based on the standard University academic calendar
- C = Students must reach a level of competency to successfully complete this assessment.
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Assessment criteria
Assessment criteria
High Distinction 85-100 Outstanding or exemplary performance in the following areas: interpretative ability; intellectual initiative in response to questions; mastery of the skills required by the subject, general levels of knowledge and analytic ability or clear thinking. Distinction 75-84 Usually awarded to students whose performance goes well beyond the minimum requirements set for tasks required in assessment, and who perform well in most of the above areas. Credit 65-74 Usually awarded to students whose performance is considered to go beyond the minimum requirements for work set for assessment. Assessable work is typically characterised by a strong performance in some of the capacities listed above. Pass 50-64 Usually awarded to students whose performance meets the requirements set for work provided for assessment. Fail 0-49 Usually awarded to students whose performance is not considered to meet the minimum requirements set for particular tasks. The fail grade may be a result of insufficient preparation, of inattention to assignment guidelines or lack of academic ability. A frequent cause of failure is lack of attention to subject or assignment guidelines. Quality assurance
For the purposes of quality assurance, Bond University conducts an evaluation process to measure and document student assessment as evidence of the extent to which program and subject learning outcomes are achieved. Some examples of student work will be retained for potential research and quality auditing purposes only. Any student work used will be treated confidentially and no student grades will be affected.
| Type | Task | % | Timing* | Outcomes assessed |
|---|---|---|---|---|
| Paper-based Examination (Closed) | End of semester examination | 50.00% | Final Examination Period | 1,2,3,4,5,6 |
| Technical Document | Assignment 1 | 20.00% | Week 6 | 1,2,5 |
| Written Report | Assignment 2 | 30.00% | Week 10 | 1,2,3,4,6 |
- * Assessment timing is indicative of the week that the assessment is due or begins (where conducted over multiple weeks), and is based on the standard University academic calendar
- C = Students must reach a level of competency to successfully complete this assessment.
Assessment criteria
| High Distinction | 85-100 | Outstanding or exemplary performance in the following areas: interpretative ability; intellectual initiative in response to questions; mastery of the skills required by the subject, general levels of knowledge and analytic ability or clear thinking. |
|---|---|---|
| Distinction | 75-84 | Usually awarded to students whose performance goes well beyond the minimum requirements set for tasks required in assessment, and who perform well in most of the above areas. |
| Credit | 65-74 | Usually awarded to students whose performance is considered to go beyond the minimum requirements for work set for assessment. Assessable work is typically characterised by a strong performance in some of the capacities listed above. |
| Pass | 50-64 | Usually awarded to students whose performance meets the requirements set for work provided for assessment. |
| Fail | 0-49 | Usually awarded to students whose performance is not considered to meet the minimum requirements set for particular tasks. The fail grade may be a result of insufficient preparation, of inattention to assignment guidelines or lack of academic ability. A frequent cause of failure is lack of attention to subject or assignment guidelines. |
Quality assurance
For the purposes of quality assurance, Bond University conducts an evaluation process to measure and document student assessment as evidence of the extent to which program and subject learning outcomes are achieved. Some examples of student work will be retained for potential research and quality auditing purposes only. Any student work used will be treated confidentially and no student grades will be affected.
Study Information
Submission procedures
Students must check the iLearn@Bond subject site for detailed assessment information and submission procedures.
Policy on late submission and extensions
A student who has not established a basis for an extension in compliance with University and Faculty policy either by 1) not applying before the assessment due date or 2) by having an application rejected due to failure to show a justifiable cause for an extension, will receive a penalty on assessment submitted after its due date. The penalty will be 10% of marks awarded to that assessment for every day late, with the first day counted after the required submission time has passed. No assessment will be accepted for consideration seven calendar days after the due date. Where a student has been granted an extension, the late penalty starts from the new due date and time set out in the extension.
Academic Integrity
Bond University‘s Student Code of Conduct Policy , Student Charter, Academic Integrity Policy and our Graduate Attributes guide expectations regarding student behaviour, their rights and responsibilities. Information on these topics can be found on our Academic Integrity webpage recognising that academic integrity involves demonstrating the principles of integrity (honesty, fairness, trust, professionalism, courage, responsibility, and respect) in words and actions across all aspects of academic endeavour.
Staff are required to report suspected misconduct. This includes all types of plagiarism, cheating, collusion, fabrication or falsification of data/content or other misconduct relating to assessment such as the falsification of medical certificates for assessment extensions. The longer term personal, social and financial consequences of misconduct can be severe, so please ask for help if you are unsure.
If your work is subject to an inquiry, you will be given an opportunity to respond and appropriate support will be provided. Academic work under inquiry will not be marked until the process has concluded. Penalties for misconduct include a warning, reduced grade, a requirement to repeat the assessment, suspension or expulsion from the University.
Feedback on assessment
Feedback on assessment will be provided to students according to the requirements of the Assessment Procedure Schedule A - Assessment Communication Procedure.
Whilst in most cases feedback should be provided within two weeks of the assessment submission due date, the Procedure should be checked if the assessment is linked to others or if the subject is a non-standard (e.g., intensive) subject.
Accessibility and Inclusion Support
Support is available to students where a physical, mental or neurological condition exists that would impact the student’s capacity to complete studies, exams or assessment tasks. For effective support, special requirement needs should be arranged with the University in advance of or at the start of each semester, or, for acute conditions, as soon as practicable after the condition arises. Reasonable adjustments are not guaranteed where applications are submitted late in the semester (for example, when lodged just prior to critical assessment and examination dates).
As outlined in the Accessibility and Inclusion Policy, to qualify for support, students must meet certain criteria. Students are also required to meet with the Accessibility and Inclusion Advisor who will ensure that reasonable adjustments are afforded to qualifying students.
For more information and to apply online, visit BondAbility.
Additional subject information
Subject curriculum
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Introduction
Subject scope, building costs, analysing and deriving unit rates.
SLOs included
- Identify the components of construction and development costs, both direct and indirect
- Analyse and synthesise the composite rates for typical building work
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Deterministic cost estimating
Overview of tender price breakdown, direct costs (labour, materials, plant, sub-contractors), indirect costs.
SLOs included
- Identify the components of construction and development costs, both direct and indirect
- Analyse and synthesise the composite rates for typical building work
- Perform an in-depth appraisal of typical tendering processes and procedures and have a general awareness of various statistical methods and bidding theories that may be used in tendering
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Probabilistic cost estimating
Risk analysis.
SLOs included
- Identify the components of construction and development costs, both direct and indirect
- Analyse and synthesise the composite rates for typical building work
- Perform an in-depth appraisal of typical tendering processes and procedures and have a general awareness of various statistical methods and bidding theories that may be used in tendering
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Construction finance (1)
Sources of finance for construction projects, financial instruments.
SLOs included
- Understand typical financing arrangements for large construction projects.
- Understand the financial issues relevant to construction, tendering and project delivery.
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Construction finance (2)
Cashflows, forecasting and earned value analysis.
SLOs included
- Understand typical financing arrangements for large construction projects.
- Understand the financial issues relevant to construction, tendering and project delivery.
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Mark-up
Accounting for profit and overheads.
SLOs included
- Identify the components of construction and development costs, both direct and indirect
- Analyse and derive mark-ups that cover general and job-specific overheads and profit
- Perform an in-depth appraisal of typical tendering processes and procedures and have a general awareness of various statistical methods and bidding theories that may be used in tendering
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Bidding theory
Deciding the optimum mark-up.
SLOs included
- Identify the components of construction and development costs, both direct and indirect
- Analyse and derive mark-ups that cover general and job-specific overheads and profit
- Perform an in-depth appraisal of typical tendering processes and procedures and have a general awareness of various statistical methods and bidding theories that may be used in tendering
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Item pricing
Deciding the unit prices for each item.
SLOs included
- Identify the components of construction and development costs, both direct and indirect
- Analyse and synthesise the composite rates for typical building work
- Perform an in-depth appraisal of typical tendering processes and procedures and have a general awareness of various statistical methods and bidding theories that may be used in tendering