ABSTRACT
The hospitality industry is cost and value driven and most capital projects need to be delivered within tight financial constraints. This chapter explains how cost and value are managed on construction projects and outlines the key processes and players involved. This chapter contains:
Introduction
Cost and value: achieving healthy development returns from hospitality projects
The cost, time and quality equation
Cost management: key processes in securing project value
Cost drivers: why hotel costs vary
Refurbishment: considerations for works in existing buildings
Adding value in construction: value and risk management
Procurement strategy: buying the building
Conclusion
Review questions
Case study
