Cost management of construction projects donald towey

How do you estimate the cost of a construction project?

8 steps in construction estimating

1. Review bid package
2. Conduct a site visit
3. Perform a material takeoff
4. Solicit pricing from suppliers and vendors
5. Evaluate labor requirements
6. Determine insurance and bonding costs
7. Calculate overhead and indirect costs
8. Account for profit and contingency

How do you track construction costs?

8 Methods to track construction project costs and increase profitability

1. Start with an Accurate Budget
2. Break the Project into Parts
3. Manage, Track & Document Project Changes
4. Track Staff Time
5. Understand what things cost
6. Committed Costs
7. Be a Negotiator
8. Use Project Accounting Practices

What is cost estimating in construction management?

Construction cost estimating is a comprehensive calculation to determine the total budget needed to complete a project.
As important as any other phase, your preconstruction estimate directly affects the goal to make money at the end..

8 Methods to track construction project costs and increase profitability

1. Start with an Accurate Budget
2. Break the Project into Parts
3. Manage, Track & Document Project Changes
4. Track Staff Time
5. Understand what things cost
6. Committed Costs
7. Be a Negotiator
8. Use Project Accounting Practices

Creating a More Cost Effective Construction Project

1. Plan Well
2. Get Your Contractor Involved Right Away
3. Use Construction Takeoff Software
4. Keep Track of Metrics
5. Choose Cost-Effective Materials
6. Adopt Lean Construction Principles