Cost management in construction pdf

  • What is cost management explanation?

    Cost management is the process of planning and controlling the costs associated with running a business.
    It includes collecting, analyzing and reporting cost information to more effectively budget, forecast and monitor costs..

  • What is the definition of cost in construction management?

    The term 'cost' in the construction industry generally refers to the amount that has to (or will have to) be paid to receive goods or services..

  • Here is a step-by-step cost control process tailored for them:

    1. Step 1: Preliminary budgeting and estimation
    2. Step 2: Detailed cost breakdown
    3. Step 3: Cost tracking tools and systems
    4. Step 4: Regular expense monitoring
    5. Step 5: Document and communication
    6. Step 6: Variance analysis
    7. Step 7: Change order management
Construction cost management is a continuous process of cost planning, cost estimation, cost budgeting, management and control of costs in order to complete the scheduled project within the agreed budget.

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