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Discover what criteria project managers should consider when choosing construction project cost control software.
Construction projects, ranging from small-scale to megaprojects, operate within a set budget. Project teams must stay within this budget to optimise project outcomes. However, cost overruns are not uncommon, particularly in large-scale projects.
Research by McKinsey indicates that large-scale projects across various asset classes exceed their budgets by 80%. So, how can construction companies and project teams prevent this from happening? Cost overruns can lead to dissatisfied stakeholders and, in the worst-case scenario, result in legal disputes.
Successfully navigating the challenges of construction projects, particularly in terms of budget adherence, requires more than just an effective project plan. Project managers should utilise construction project software to implement robust cost control measures. With this in mind, the selection of the best software to manage project costs comes down to several different criteria, which we will explore below.
It’s common for the actual cost of a construction project to exceed the planned value. To minimise the discrepancy between these two values and stay within budget, the ideal cost control software should utilise algorithms and historical data from past projects to provide accurate cost estimates. This ensures that budgets are realistic and can be relied upon for project planning.
Project managers should look for project software that allows for real-time monitoring of project costs and the generation of comprehensive reports. With these capabilities, project managers can compare current project costs against their planned value. This ability to access up-to-date information is crucial for implementing decisions to keep project costs under control.
Project managers should consider optimised resource allocation features when selecting project control software. This provides insights into where resources are needed most, preventing unnecessary expenses and ensuring that resources are allocated efficiently. Mismanagement or shortage of resources could lead to cost overruns, which are not ideal for construction project outcomes.
Project risks are inevitable in large-scale construction projects. By investing in project control software, project managers can leverage its features to detect issues early on and take appropriate measures to mitigate or eliminate them completely. This helps prevent exceeding the original budget set for executing the necessary project requirements and ensures budget adherence.
Construction projects often face the risk of delays, which can result in project teams exceeding their allocated budget.
At Compass Consult, we’re dedicated to assisting project teams in managing their costs to optimise project outcomes. Through meticulous planning, execution, and strategic management at every stage of a project, we ensure a seamless project lifecycle and stakeholder satisfaction with the final outcome.
Our sophisticated construction project management software, coupled with our team of expert consultants, is designed with your best interests in mind. We’re here to help you manage your construction projects seamlessly.
If you’re in search of a reputable project controls consultancy, contact Compass Consult today for ongoing support to enhance your project outcomes.
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Cost control software automates and streamlines many aspects of cost control. It offers real-time monitoring, integration with project planning tools, and data-driven insights, providing a more efficient approach to cost control compared to traditional methods.
The ROI for cost control software can vary, but it’s generally measured in terms of reduced errors, improved efficiency, better decision-making, and the successful completion of a project. The ROI is significantly enhanced by avoiding cost overruns and adhering to the budget.
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Compass Consult is a globally recognized project portfolio management service provider. Our team comprises experienced civil engineers, risk management experts, and project controllers with outstanding track records for delivering exceptional project planning, earned value management, cost control, and schedule control services.
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