The required services may include, but are not limited to the following:
Part A
- Preparing a cost and cash flow estimate (for example, identifying the resources, levels of effort and related costs) required for the project
- Forecasting costs for specific activities such as: direct project costs, project support overhead, corporate or administrative overhead, costs of products and services, leasing costs
- Assisting with cost control using problem solving techniques such as life-cycle analysis, value engineering, risk analysis or early estimation (elemental cost analysis)
- Analyzing trends in the real estate or construction markets and forecasting the impact of such trends on project costs
- Monitoring actual or expected costs against previously budgeted costs and preparing variance analysis (for example analyzing and reporting on costs to complete projects and actions to be taken to stay on budget including the state of risk allowances, reserves or contingencies)
- Preparing discounted cash-flow analysis including sensitivity analysis
- Preparing value-for-money calculations using Monte Carlo Simulation
- Preparing historic or pro forma financial statement or ratio analysis (based on financial, employment, spatial or other data)
- Providing a review of a financial analysis prepared by a different party
Part B
- Evaluating financial management procedures
- Reviewing submissions prepared by consultants or contractors relevant to financial activities
- Developing business plans or financial plans
- Providing input to update the Master (baseline) Cost Plan through:
- Site inspections
- Assessing the project design and budgets
- Ensuring a common understanding of all contingencies or allowances
- Comparing and reconciling previous project budgets with the current budget
- Providing approved budget, forecast, variances, actuals, billings, payments
- Assisting with cost planning including:
- Participating in cost planning of project options and “what if” scenarios
- Providing advice on cost planning in order to coordinate ongoing project procurement activities with information within the organization’s financial system
- Identifying and quantifying potential risks and making contingency recommendations in order to minimize negative cost impacts
- Identifying, forecasting and analyzing project related risks focusing on the presentation, documentation and use of risk allowances or risk reserves or general contingencies
- Developing a detailed worksheet of sub-project annual funding, forecasts, value of work done over the life of the project
- Reviewing and monitoring overall project budget on a regular basis using information provided from the project team
- Highlighting variances and possible mitigation strategies to bring project costs back into budget
- Providing regular reports of project cash flow, including forecasted requirements on an as-required basis
- Evaluating or applying governmental or industry (that is Generally Accepted Accounting Principles) methods in financial decision making as they relate to real property
