How construction audits can improve forecasting and cost recovery

I came across this really interesting article on benchmarking, and I have a few thoughts. I majorly agree with the points being made here. Indeed, benchmarking is a process for continuous improvements, and is not only useful but downright essential, to maintain estimate integrity. But in my limited experience, it is easy to fall into certain benchmarking traps. To avoid them, I try to keep a few practical things in mind: 1. "Similar" projects are not necessarily "comparable". Site specific conditions, like tie-in interfaces, access, temporary conditions, contracting philosophies, can vary a lot. 2. Using Indices carefully. Location and Time factors are useful but they don't always account for market capacity or vendor concentration. Wherever possible, I try to pair them with recent quotes. 3. Being wary of Selection Bias. We benchmark against the data we have, and not just the data we like! For me, good benchmarking is good project governance. It tests our assumptions, and keeps the costs and scope honest. #CostEstimation #Benchmarking #ProjectControls #CostManagement #Infrastructure #Construction #Governance https://lnkd.in/eDQP83V4

In the construction industry, precision and clarity are crucial. My latest blog post breaks down the tender process management into actionable steps, empowering you to secure the projects you want. Read it here: https://wix.to/ptx5uSI #ConstructionManagement #BusinessStrategy #TenderProcess

Total Cost Management (TCM) for the Built Environment Total Cost Management (TCM) for the Built Environment is a critical process that cannot be effectively implemented without access to objective, verifiable, granular, and well-structured LOCAL MARKET cost data. This foundational requirement is essential for accurate decision-making and successful project execution. https://lnkd.in/eDBAAc4G #TCM #totalcostmanagement #lifecyclecosting #sustainability #facilitiesmanagement #costdata #masterformat #lineitem

In this week’s blog, we explore the significance of site records in construction and the crucial role they play in ensuring project success. Understanding their importance can greatly enhance project management and compliance. https://lnkd.in/eZyegbXe #QuantitySurveying #Construction #CommercialManagement

🔍 Understanding Cost Management & Control in Construction Projects In construction, cost isn’t just a number — it’s a reflection of planning, precision, and performance. Effective cost management and control are what turn blueprints into reality without breaking budgets or timelines. From project initiation to handover, managing costs means more than tracking expenses — it involves forecasting, budgeting, risk assessment, and continuous monitoring to ensure that every dollar spent adds value to the project. In my latest article, I explore: 💡 The fundamentals of cost management in construction 📊 Techniques for effective cost control and forecasting ⚙️ The role of technology and data in improving cost accuracy 🏗️ Real-world strategies to prevent overruns and enhance profitability Whether you’re a project manager,Estimation Engineer,quantity surveyor, or construction executive, mastering cost control isn’t just a skill — it’s a competitive advantage. #ConstructionManagement #CostControl #ProjectManagement #QuantitySurveying #ConstructionIndustry #CostManagement

Timeliness is a Pillar of Success in the Construction Sector Strict adherence to project deadlines is a critical factor for business success and achieving the desired returns. Time is considered an irreplaceable resource.   Our Methodology to Ensure On-Time Delivery: To achieve the highest degree of commitment, we follow an integrated work system that ensures the project proceeds with high efficiency: 1. Comprehensive Procedural Planning: We develop Detailed Schedules that cover all stages of the project. We allocate the necessary human and material resources in advance to ensure there are no bottlenecks in the workflow. 2. Professional Daily Management and Monitoring: Accurate Progress Tracking systems are applied intensively and daily to monitor work progress. We take proactive measures to address any challenges or risks that may lead to delays, ensuring business continuity. 3. Project Delivery Without Delay: Our commitment to time is the core of our commitment to the client. We guarantee the delivery of your project exactly on the agreed-upon date.   #Contracting #Project_Management #Civil_Engineering #Timeline #Construction_Works #Infrastructure_Projects

Construction Cost Tracking: Complete Guide: Construction cost tracking is a critical process for managing expenses and staying within budget on any project. By monitoring costs in real time, teams can identify overruns, make adjustments and ensure projects remain financially viable. Accurate cost tracking helps owners,... Read More The post Construction Cost Tracking: Complete Guide appeared first on ProjectManager. #ProjectManagement #Innovation

Construction Industry vs. Manufacturing Industry: A Tale of Two Risk Landscapes In the world of project execution, not all risks are created equal. While both the construction and manufacturing industries face operational, legal, and supply chain challenges, the nature and complexity of these risks differ significantly. 🏗️ Construction is dynamic, site-specific, and often tailored to unique client needs. No two projects are ever truly the same. This variability introduces a wide spectrum of risks—from unforeseen ground conditions and evolving designs to complex stakeholder coordination and regulatory hurdles. 🏭 Manufacturing, on the other hand, thrives on standardization and repetition. Operating in controlled environments, it focuses on process efficiency, quality control, and inventory management. Risks here are more predictable but can still be disruptive—think automation failures or demand fluctuations. 🔄 Here's a quick comparison: 1. Environment: Construction: Dynamic, Outdoor Manufacturing: Controlled, Indoor 2. Work Nature: Construction: Custom-built Manufacturing: Standardized 3. Risk Focus: Construction: Design Changes, Diversity of Site Locations, Legal Manufacturing: Supply chain, Quality 4. Stakeholders: Construction: Multiple external Manufacturing: Internal teams 5. Time Sensitivity: Construction: Inclement Weather Conditions/ Site delays Manufacturing: Production schedules Moreover, due to the diversified site locations and the wide range of activities involved, mobilizing the requisite skilled workforce at respective project sites at this volatile market situation remains a Key challenge for Construction Industry. The varying local conditions further compound these difficulties, impacting not only the availability of manpower, particularly at remote locations, but also posing substantial risks to overall supply chain management. 🎯 Risk mitigation strategies also vary—construction relies on tools like Risk & Cost clauses, LDs, CAR policies, and BGs etc.; while manufacturing leans on process optimization and quality assurance systems. Understanding these differences is crucial for contract managers, project leaders, and risk professionals navigating today’s complex industrial landscape. #RiskManagement #ConstructionIndustry #Manufacturing #ContractsAndClaims #ProjectExecution #OperationalRisk #InfrastructureDevelopment

🔶 Cost Control – The Backbone of Metro Project Execution In metro construction, cost control is as important as quality and safety. Small inefficiencies at site can lead to big overruns — that’s why every rupee, resource, and cubic meter matters. Key focus: ✅ Plan and monitor budgets carefully ✅ Control material wastage and rework ✅ Optimize manpower and machinery ✅ Use digital tools for real-time tracking Cost control isn’t about cutting corners — it’s about smart, efficient execution that delivers projects on time and within budget. #MetroProject #CostControl #ProjectManagement #Construction #QualityExecution #Infrastructure #EngineeringExcellence