Target Cost Contracts

The book "Target Cost Contracting Strategy in Construction: Principles, Practices and Case Studies" by Daniel W.M. Chan is a comprehensive guide to the principles and practices of target cost contracting in the construction industry. Here is a detailed overview of the book:

Key Themes

1. Principles of Target Cost Contracting:

   • The book begins with the fundamentals of target cost contracting, including its definitions, perceived benefits, and potential difficulties in implementation.
   • It covers the development of target cost contracting in major countries and cities, providing a global perspective on its application.

2. Practicalities of Target Cost Contracting:

   • The book delves into the target cost contracting approach and process, including key risk factors, risk assessment models, risk allocation, and risk mitigation measures.
   • It provides a conceptual framework for the performance measurement of target cost contracts, which is crucial for evaluating the success of these contracts.

3. Case Studies:

   • The book includes several short real-life case studies from the United Kingdom, Hong Kong, Australia, and New Zealand. These case studies serve to illustrate the practical application of target cost contracting strategies in different contexts.

Plot Summary

The book is structured to provide a clear understanding of the principles and practices of target cost contracting. It starts with an introduction to the concept, followed by an examination of its benefits and challenges. The practical aspects are then detailed, including the process and key considerations for implementing target cost contracts. The case studies offer real-world examples that help readers understand how these strategies are applied in various settings.

Critical Reception

While specific reviews from critics are not provided in the search results, the book's appeal to a wide spectrum of readers, including industrial practitioners, undergraduate students, researchers, and academics, suggests a positive reception. The book's comprehensive coverage of the subject matter and its inclusion of practical case studies likely make it a valuable resource for those interested in construction contracts and procurement methods.

Author's Background

Daniel W.M. Chan is an Associate Professor, which adds credibility to the book's academic rigor and practical insights. His expertise in the field ensures that the information presented is both theoretically sound and practically applicable.

Edition and Publication Details

The book was published on October 19, 2016, by Taylor & Francis. It is available in hardcover format with the ISBN-13: 9781138651906.