Knowing where your project costs stand at any time in a construction project is essential for understanding where you will finish. Without accurate cost data, capital owners are left guessing whether they will finish within budget or not. Accurate tracking and reporting of construction costs guarantee that you have the information you need to make critical decisions for your project.
The key to successful project cost controls begins with clearly defined systems and processes. It allows teams to handle changes swiftly, results in fewer disputes, and increases the likelihood of completing the project on time and under budget.
This guide will walk you through some of the best practices capital owners follow for estimating project costs, managing budgets, tracking commitment spending, and reporting on project health. You will be led through the process of developing a project budget and entering into a contract. We will cover how to track costs, report them, and keep spending under control to avoid cost overruns.