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5 Tips for Construction Cost Control - eSUB

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Construction cost control helps project managers avoid cost overruns by providing guidelines for estimates and forecasts of labor, material, and ... Facebook0Tweet0LinkedIn0Constructioncostcontrolhelpsprojectmanagersavoidcostoverrunsbyprovidingguidelinesforestimatesandforecastsoflabor,material,andoverheadcosts.Thepurposeofacostcontrolplanistohelpensuretheprojectisdeliveredontime,withinscope,andonbudget.Costreportingistypicallybasedonfactorssuchasfuturecashflows,anticipatedfinalcosts,andcurrentprojectcosts.PhotoByMakistockonShutterstockPreliminaryCostEstimationBeforedevelopingconcreteplans,costestimatesaretheprimarysourceofdeterminingthefundingintentofaproject.However,noteveryoneinconstructioncanestimatecostsaccurately.‌‌Inaccuratecostestimationscanhavesevereconsequencesontheoutcomeofaprojectandcanevencauseprofitmarginstodisappearentirely.Becauseofthis,it’saworthwhileinvestmenttopayapremiumtohireaconstructionmanagerwithexpertiseandagoodtrackrecordwithcostestimation. CostControlAftersubmittingfinalplansforaproject,youcanmakemoredetailedestimatesofcost,whichaccountforlabor,materials,andtime.It’scrucialtoaccountfortimeincostestimationbecausedelayedprojectsthatendupgoingoverbudgetwithlaborandotherunexpectedcosts.Itisessentialtoconsidermorethanjustpastfinancialrecordstocomeupwithanaccurateanddetailedcostcontrolplan.Youshouldalsoestimatefuturecosts,revenue,andtechnicalproblemsaswellastoaccountforinflation.PhotoBystockcreationsonShutterstockHereare5TipsforConstructionCostControl: 1.UseconstructionmanagementsoftwareUsingconstructionmanagementsoftwarewithdatamanagementcapabilitieshelpswithupdatingeveryoneonthejobsiteonanychangestothescopeoftheproject.Andthesehappenfrequently. Italsohelpsconnectback-officestaffwithworkersonthejobsitetoensureanactivelineofcommunicationacrosseveryoneinvolvedintheproject. Usingmobileconstructionmanagementsoftwareistheperfectsolutionforthehighlymobileworkforceofvariedskilledexpertsvigorouslyworkingonaconstuctionbuild.Fromsubcontractorstoarchitects,eachpersoncanaccessonecentralsystemtoseeprojectplansanddetermineifitisnecessarytomakeadjustmentstothecostplan.Forexample,ifadrywallsubcontractorneedstopushbackawallanddeterminesitwillrequireextratimeormaterials,theycaninstantlyuploadthatrequestonthesoftware.Inputtingthisinformationwouldmakeallworkersonthejobsiteimmediatelyawareofthechangestothescopeandensuretherearenomiscommunicationsthatleadtodelaysorbudgetoverruns. 2.RegularlyupdatecostplanConsistentlyanalyzeandreevaluatecostplanstodetermineifitisnecessarytomakeanyalterations.Ifcostsarehigherthanexpectedinoneaspectoftheprocess,makesuretobalanceitoutbyreducingcostsinanotherarea.Additionally,rememberthatcostscanbealteredbecauseofoutsideforcesaswell.Externalfactorssuchasinflationorashortageofmaterialscancausepricestochange,andtherefore,aprojectthatmayhavebeenwithinbudgetbeforecouldnowbeoverbudget.Anotherbenefitofhavingconstructionmanagementsoftwarethatisintegratedwiththeaccountingprogramprovidesstakeholderswithreal-timelaborproductivityandcostsdatatomakesmartdecisions.  PhotoBynmediaonShutterstock3.ConsistentlysubmitcostreportsEnsureyouareconsistentlyprovidingcostreportstotheclienttohelpkeeptheminformedandsatisfiedwiththeprogressontheproject.Doingthisalsoenablesyoutocheckthecostreportagainstthecostcontrolplantodeterminethefinancialhealthoftheproject. Costreportsareessentialtohelpstreamlinecommunicationbetweenowners,generalcontractors,andsubcontractors.Byupdatingmanagementwithreal-timeprogressreports(e.g.,DailyReports)onaconstructionproject,costreportshelpidentifyearlyonifanydelaysorunplannedbudgetoverrunsmayoccur. 4.PrepareandreviewcontingencyplansByhavingsetriskmanagementprocedures,projectmanagerscanplanfordelaysandbudgetoverrunsandhaveasetplanofactiononhowtoremedytheissuesaheadoftime.Contingencyplanshelppreventhavingtopaypremiumstogettheprojectdoneontimewhensomethinggoeswrongatthelastminute. Forexample,constructionmanagementsoftwarecanprovidestatusesofimportantsubmittals,RFIs,ChangeOrders,etc.,whichcansignaltheprojecthasabottleneckandunexpectedmajordelayabouttooccure.  It’simportanttonotethancontingencyplansarebasedonanevaluationofpossiblerisks.Theyarenotintendedtocoverchangestothescopeofaprojectbasedonchangingopinionsorspecifications.Anintendedchangetothescopeofaprojectshouldbebalancedoutbyreducingthebudgetinanotherarea,notrelyingonacontingencybudget.PhotoByMinervaStudioonShutterstock5.EncourageprojectteamtodesignwithinthecostplanatallstagesMakesureyouarefollowingdesigndevelopmentcontrolprocedures.Forexample,thereisageneralrulethat80%ofthecostisdeterminedbydesignand20%byconstruction.Additionally,makeallteammembersawarethatnoteammemberhasauthoritytoincreasecostsinelementsoftheworkwithoutbalancingitoutinanotherarea.Lastly,ensureeachworkerunderstandsthatconstructionplansarecreatedperthetotalbudget,andmakingchangescouldresultinunplannedcoststhatexceedtheprojectedbudget. ConclusionCostcontrolplansareanessentialpartofplanning aconstructionproject.Theycanbethedeterminingfactorofwhetheracontractorcanmakeaprofitontheproject.Havinganaccuratecostcontrolplananddevelopmentbudgetisnecessarytoensureaprojectisasuccess.Essentially,usingcostcontrolproceduresisvitaltoensureaprojectisdeliveredontime,withinscope,andonbudget.Facebook0Tweet0LinkedIn0PostedinBestPractices,ConstructionSoftwareandtaggedconstructionmanagementsoftware,constructionsoftware,costcontrol.

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