Tool designed to enable better cost forecasting

The Construction Leadership Council has come up with a way of helping firms asses the cost impact of coronavirus.

The professional practice task group for the CLC covid-19 task force has published a methodology for assessing and reporting the cost implications of disruption due to the pandemic.

Coronavirus - social distancing - Bellway (1)

The tool can be used to forecast for future projects

The CLC said the unprecedented nature of the pandemic was affecting the progress and productivity of existing and future contracts, meaning that the information estimates are usually prepared no longer applies.

The toolkit has been designed to enable better cost forecasting to assist the industry in making informed investment decisions on viability, improving robustness of pipeline and driving long term economic growth.

Simon Rawlinson, chair of the professional practice task group, said the cost assessment toolkit will help the construction industry manage the impact of covid-19 on existing and future contracts.

He said: “It establishes a standard methodology to incorporate the cost impacts of the virus into estimates, provides clarity on exclusions and through the collection of industry wide data allows clients and supply chains to compare their project costs against an aggregated data set.”

The toolkit can be downloaded below.