Our surroundings are always evolving, changing and developing. Every structure, from skyscrapers to commercial buildings, cities to transportation networks, hospitals to residential zones, infrastructural facilities to other buildings – all start with a dream or a vision, which should then come true. However, for any project to come to fruition, more is needed besides engineering and design. Projects should not only be technically feasible, but financially viable as well.
That is when construction economics and quantity surveying become crucial.
An MBA in Construction Economics & Quantity Surveying teaches specialists how to see one of the major aspects of building development, that is, how to create projects which would be commercially feasible. The program unites knowledge about project costing, estimation, contracts and procurement, valuation, commercial management, and business strategies to provide professionals with tools to become useful to projects at each of its stages.
Those who are interested in combining construction and business may consider an MBA program as a starting point for future careers.
Understanding Construction Economics and Quantity Surveying
Construction is not just about creating the structure. There are always complex commercial decisions that need to be made during any construction project. Questions like the following require professional insight and expertise:
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How much will it cost?
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Is the project viable in terms of finance?
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How do we estimate the costs and control them?
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What is the most appropriate procurement method?
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What is contract and tender management?
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What about the change in the scope of work?
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How do we identify and deal with the commercial risks?
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How do we maximize the value without reducing the quality?
Economics of construction deals with financial and economic issues in construction projects. Economics of construction analyzes how resources are planned, allocated, and optimized throughout the entire project lifecycle.
Quantitative surveying, on the other hand, is related to cost and commercial management. The quantity surveyor is able to assist in different aspects of the project during its lifecycle, including estimation, budgeting, procurement, tendering, contracts, cost control, etc.
This combination of disciplines provides a good background for ambitious projects.
Why the Built Environment Needs Commercially Skilled Professionals
The complexity of the built environment industry is increasing. A project might involve many parties, complicated agreements, advanced technology, new rules and large investments.
Even with the best designs and construction teams, inadequate cost control and commercial management may pose major problems.
This has led to a greater need for individuals who can appreciate both the technical aspects of a project and its commercial aspects. These professionals may be involved in such activities as:
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Project cost estimating
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Budget preparation and control
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Cost planning
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Procurement and tendering
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Contract administration
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Commercial management
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Valuation
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Claims and change management
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Project controls
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Decision making taking into account risks
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Stakeholder management
As projects increase in their level of complexity, professionals that combine construction expertise with financial and business decision-making skills may become increasingly strategic.
What Makes an MBA in Construction Economics & Quantity Surveying Different?
An academic qualification in management provides wide-ranging business expertise. The specialization within an MBA program in Construction Economics & Quantity Surveying puts business knowledge into the context of particular issues of construction and the built environment.
It allows for a study process which unites technological, commercial and management approaches. Students could gain knowledge on the following issues:
Construction Economics - Acquire knowledge on how economics and finance affect construction projects, investments and their outcomes.
Quantity Surveying - Learn the principles of estimating, measuring, planning and management of the project costs.
Project Cost Estimating and Budgeting - Study the ways of forecasting and budgeting project costs.
Procurement, Tendering and Contracting - Gain knowledge on how construction works are procured and what influence contractual relations have on projects.
Commercial Management - Acquire knowledge about commercial aspects of construction projects, finance control, contractual relations and project performance.
Data Analysis and Decision Making - Learn how data could help in more efficient planning, analysis and making business decisions in the built environment.
Valuation and Financial Management - Acquire knowledge on financial principles which are relevant for construction assets, projects and commercial decisions.
Claims, Disputes and Change Management - Learn about commercial aspects of project changes, claims and disputes.
Business Strategy and Leadership - Gain a management perspective which would allow moving from a specialized position towards a management position.
Such an educational program allows for developing a professional perspective that goes beyond construction works and focuses on a broader commercial context. Thus, an MBA in Construction Economics & Quantity Surveying allows for developing a wider professional perspective.
Not only "What is the cost of this project?" but also:
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Is this the most commercially efficient approach?
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What are the financial consequences of changing the design?
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How do project risks affect costs?
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Which procurement method is appropriate?
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How can I improve the value?
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How do I manage my contractual obligations?
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What information do I need to make important commercial decisions?
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It might be useful in the built environment industry.
Skills You Can Develop Through the Programme
A specialized MBA would assist students in developing the skills of technical competence and managerial skills.
Commercial Awareness- Learn the commercial nature of construction projects and the impact of financial decisions on their success.
Analytical Skills- Analyze the information related to the projects, costs, and data.
Cost Control- Acquire knowledge about project estimation, budgeting, cost planning, and cost control.
Contractual Awareness- Get familiar with procurement, tendering, and contract processes.
Strategic Orientation- Acquire the ability to relate project-level decisions to the strategic objectives of the business.
Communication and Stakeholder Management- Construction projects have various stakeholders including clients, consultants, contractors, suppliers, investors and government agencies. Thus, effective communication becomes an essential professional skill.
Leadership Skills- Professional career growth often involves moving from specialization to managerial and then to a leadership role.
Technical Awareness- Information technology is impacting the way projects are planned, designed and controlled.
All these skills are likely to help professionals adjust to new demands of the industry.
What Can You Do After an MBA in Construction Economics & Quantity Surveying?
Graduates can look at opportunities within companies specialising in construction, property, infrastructure, consulting and project management. Some of the career options are:
These career opportunities can be found on various projects such as residential, commercial, hospitality, health, industrial, and infrastructure projects.
The expertise gained through an MBA in Construction Economics & Quantity Surveying is also transferable to both local and international project environments.
MBA in Construction Economics & Quantity Surveying at RICS School of Built Environment
For those seeking to have a specialisation within the field of the built environment, the MBA in Construction Economics & Quantity Surveying offered by RICS School of Built Environment (RICS SBE), Amity University, Noida provides an industry-led way of gaining knowledge in the area of cost and commercial considerations in construction.
From the description of the programme provided by RICS SBE, quantity surveyors have a wide range of opportunities in helping to develop and manage projects starting from project conception and ending with facility management and redevelopment, aiming at cost optimisation while ensuring prompt completion and necessary quality of construction works. The programme includes areas such as quantity surveying and project management, data analysis and decision making, valuation, contracts, commercial management, business development and strategy.
The programme includes subjects such as Construction Economics for Project Management, Pre-project Planning and Feasibility Analysis, Project Planning and Monitoring, Procurement, Tendering and Contracts, BIM and Allied Technologies, Project Cost Estimation and Budgeting, Dispute, Claims and Change Management, Project Cost Controls and Commercial Management, and Design Economics and Cost Planning.
Some of the careers that are mentioned in RICS SBE include jobs such as estimator and quantity surveyor, consultant quantity surveyor, project manager and cost consultant, and contract administrator.
Who Should Consider This MBA?
For students who are passionate about the business side of the built environment, an MBA in Construction Economics & Quantity Surveying could be highly pertinent. This might be a good option for those who wish to:
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Establish a career in quantity surveying
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Specialize in construction cost management
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Gradually transition into commercial management roles
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Learn the combination of construction management and business
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Work in the field of construction consultancy
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Gain expertise in understanding contracts and the procurement process
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Investigate opportunities in infrastructure and real estate projects
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Develop leadership skills in the domain of the built environment
Prospective students who have a background in engineering and architecture may find it to be highly relevant; however, applicants must ensure to review the requirements of eligibility of the university/college.
Conclusion
All buildings, infrastructure, and urban developments start from an idea. However, ideas require careful planning, proper financial management and strategic thinking before turning them into reality.
By means of an MBA in Construction Economics & Quantity Surveying, the next generation of professionals is offered the opportunity to learn the essentials of these aspects of the lifecycle of a project. With such a combination of quantity surveying, construction economics, commercial management and business strategy, the degree can enable graduates to be prepared for the changing industry that needs decision-making.
For those who want to work on the interface of construction, commerce and management, this could be the opportunity to build more than a career.
FAQ
1. What is an MBA in Construction Economics & Quantity Surveying?
A specialisation related to construction economics, quantity surveying and commercial management.
2. What kind of jobs could I do after completing the programme?
Jobs could include Quantity Surveyor, Cost Consultant, Estimator and Commercial Manager.
3. Who can join this course?
The course may be ideal for graduates with an interest in construction, infrastructure and commercial management.
4. What skills will I acquire?
Costing, budgeting, contracts, procurement and cost management in projects.
5. Why should I opt for Construction Economics & Quantity Surveying?
You will be able to manage the business side of things in construction projects.
