Tuesday, March 19, 2013
Naturally, cost is one of the primary measures of a project’s success. From the outset, project and construction cost estimating is critical to ensure that the anticipated project and construction costs meet budget expectations. Cost management throughout the design phase helps to avoid cost overruns and maximize potential returns on investment. The cost estimate should provide the construction team with the information necessary to accomplish the following:
- Ensure budgets match scope and quality expectations
- Provide accurate and timely reporting
- Monitor and analyze cost throughout the development of the design
- Avoid unnecessary redesign or cost overruns
- Anticipate changing market conditions and escalation
- Provide risk analysis
- Optimize return on investments
