Cost management

Cost Management in a Construction process is a critical and fundamental function that needs to be carried out from the inception of the project until project completion. The primary objective of Cost Control on a project is to manage, monitor and control spending, in particular managing deviations of scope items.  Therefore, it is not unusual that one of their main tasks involved in Cost Management is forecasting. By forecasting regularly being carried out on a monthly periodic basis, this provides an element of safeguarding by continuous monitoring and scrutiny of costs associated with the project.  Correct cost Management on a project will help minimize risk and prevent escalation of costs as progress is continuously monitored and allows performance and productivity analysis to be compared. 

Our services include but is not limited to:

  • Preparation and Production of cost plans/estimates to provide client detailed budgets
  • Develop project execution baseline cost report
  • Generate and manage a cost control system to support Project Managers’ decision making
  • Process the updated cost information from cost estimates, invoices, and variations
  • Develop forecast trend analysis for all phases of the project through productivity data
  • Develop detailed Projects Cost Structures and coding under the Standard Work Breakdown Structures
  • Monitor activity progress and relevant earned value
  • Provide measurement analysis forecasting and reporting of project cost, cash and revenues
  • Ensure any deviations from the budget are promptly identified/analysed with corrective action taken from the wider Project Team
  • Analyse change order values against the current budget and prepare reconciliations to include in the forecast at completion reports
  • Attend project meetings to provide Project Management with current financial information and trend log regarding potential impacts to project budget or forecast

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+44 20 3290 9495

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