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Keep your projects on track to meet deadlines and within the allotted budget with these useful tips.
The construction industry is rife with challenges, and managing these complexities are important to ensure on-time delivery of projects, and to keep them within budget.
A study by the University of Arizona found that, on average, 72% of construction projects are delayed, with a 38% increase in the original contracted duration. This also leads to 63% of construction projects experiencing cost overruns, with a 24% increase in overall project costs from the initial contracted estimation.
Project delays and cost overruns can have undesirable consequences for the overall project outcomes, which include incurring penalties, disruptions to labor schedules, and conflicts in client relationships. Conversely, effective cost and time control strategies ensure projects stay on budget and achieve timely completion.
Let’s explore four effective strategies for cost and time control in construction projects.
Implementing an effective change management order process is crucial to ensuring that you can stick with the original deadlines and budget requirements of a project. By establishing a structured approach to managing client requests, you can ensure that the impact and budget on schedule are meticulously evaluated and approved before implementation. This helps prevent project delays, scope creep, and conflicts, enabling better project management.
Creating a comprehensive project plan and schedule enables you to look at the entire project pipeline. This enables you to plan the estimated time of completion more wisely and implement cost control measures more effectively. By developing a detailed schedule that encompasses all tasks, dependencies, and resource requirements, you can optimize workflow, identify critical milestones, and allocate resources efficiently. These steps boost the project’s outcomes.
To ensure that your project team is able to stay within budget, estimating costs for all tasks needs to be done collectively and with precision. By conducting thorough and detailed cost estimations during the project planning phase, you can establish a realistic budget and financial baseline. Your team should factor in prices for materials, labor costs, and potential risks. This helps to keep the project within budget and avoid sudden cost surprises.
Investing in advanced project management software, such as Oracle Primavera P6, can significantly enhance cost and time control efforts in construction projects. By leveraging technology to centralize project data, track progress, and monitor costs in real time, you can gain valuable insights into project performance, identify potential issues early, and make data-driven decisions to optimize resources and schedules, as well as boost project efficiency.
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 optimize 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.
“I got trained for Primavera P6 PPM through Compass Consult. Honestly, the things that got me in were their competitive pricing and payment plans in offer. The thing that I highly admire about the training is that it is a very practical, hands-on training wherein you can learn while working on your own project. The trainers are highly experienced and fundamentally strong. I would strongly recommend the training to someone who needs hands-on experience in P6.”
“We got our Primavera P6 EPPM software and Installation done through Compass Consult. The solution that was given was a good fit for our company size and compliant for the types of projects that we do. One thing that I admire a lot is the customer service team who were very quick in resolving any queries we had and gave us full clarity of the process. I recommend Compass Consult to any company looking for a genuine solution to their Project Management needs.”
“We found Compass Consult through an online search and got competitive pricing from them on Primavera P6 implementation and consultancy. We found their delivery team easy to deal with and it was a smooth process overall with a great hassle-free experience. I would highly recommend working with Compass Consult for setting up your project controls systems and processes.”
"Compass has bent over backwards to meet the needs of SRG Global. They have been patient as we went through the process of reviewing and approving the equipment. Equipment was then delivered promptly to the location we requested. The project does not start until the new year, but given the excellent service thus far, I am highly confident it will not have any issues with the network connectivity setup."
Advanced software like Oracle Primavera P6 centralizes project data, tracks progress, and monitors costs in real time, enabling proactive decision-making and resource optimization.
Delays and overruns lead to penalties, labor disruptions, and conflicts, impacting project outcomes negatively.
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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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