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Discover how project managers in construction can avoid cost overruns or slippages in schedules by implementing project controls.
Before carrying out a construction project, the project manager who leads these projects conducts a thorough assessment to determine the project delivery date, possible risks and total estimated cost.
This lets them detect potential issues that could arise and possibly slow down the progress of construction projects and even cause them to grind to a halt.
The result of project delays can lead to severe financial consequences, such as overrunning the planned value (PV) of overall project costs. Project delays increase costs and can cause friction between project stakeholders which can even lead to legal disputes.
To avoid this from happening, construction project managers should place emphasis on implementing effective project control measures, as it can bring about many financial benefits to a construction project team.
It is not uncommon for amendments to be made to a written contract when a construction project is underway. Project controls provide a systematic approach to managing change orders, ensuring that changes are documented, assessed for impact on cost and schedules, and approved in a controlled manner.
Project controls enable project managers to measure the progress of a construction project in comparison to their original review and set key performance indicators (KPIs). Regular reporting on project expenditure allows stakeholders to make informed decisions, which facilitates better financial control.
Project controls help project managers create accurate cost estimates by considering various factors such as manpower, materials, equipment, and overhead costs. Accurate cost estimates lead to more realistic project budgets. This facilitates fewer risks with cost overruns while keeping within budget.
Project control ensures that project managers can track spending on construction projects at any stage. It helps them gauge current spending against the planned budget to keep an eye on cost variances. It helps to identify any discrepancies early in the project, preventing financial surprises later on.
Handling a single or a portfolio of construction projects is no easy feat. There are many factors that a project manager has to consider before carrying out a construction project. After all, it is not uncommon for large-scale projects to experience project delays or cost overruns.
At Compass Consult, we are committed to helping project teams manage their portfolio of construction projects in order to optimise their project outcomes. Through proper planning, execution, and strategic management at every stage of a project and for every project, we will ensure that the entire project lifecycle is carried out seamlessly and that every stakeholder is satisfied with the final outcome.
With our sophisticated construction project management software, expert consultants, and your best interests at heart, we can help you manage your construction projects seamlessly, regardless of how complex your portfolio of construction projects is.
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“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."
This includes cost variance analysis, schedule variances, earned value metrics, return on investment (ROI), and overall project profitability.
Accurate cost estimation helps create realistic project budgets, reduces the risk of cost overruns, and provides a solid foundation in financial planning and management throughout the project lifecycle.
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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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