Construction Cost Management

Construction Cost Management

Construction Cost Estimating Management and Scheduling Planning

Why estimating construction project costs is an important step in project management?
Construction Cost Management is one of the main criteria to manage projects according to schedule, resource allocation, and design. Our goal is to ensure that our schedulers complete your project and accurately estimate all within an approved budget.

At Pearls Construction LLC,

We understand all aspects of managing construction project costs. From the first step of doing a feasibility study up to the final stage of post-construction. We understand that staying within budget cuts down additional costs that may arise. Construction Cost Management is also correlated with the overall monitoring and decision-making processes throughout the project’s timeline.
From our experience in Project Management, we believe that 5D BIM is always the optimal choice.

construction cost management

When it comes to managing from all aspects, the 5th dimension gives us a better analytical view of cost management. Therefore, making it more accurate and precise than 4D-BIM which only stops at scheduling, without taking the costs into consideration.

Cost management includes more than one process and each cost management process is dependent on one another. They are all of equal importance. Because they are adding up to ensure adequate financial control and leading to its successful completion. These processes include:

Cost Estimation:

It includes assessing the scheduled activities with the resources they need, and any possible risks that encounter during the timeline. Then we translate an estimation of resources and possible risks into a monetary estimated cost for each activity in the project.

Cost Budgeting:

This process involves the cost estimated per activity or work package in order to help the cost management consultants to set an expected cost baseline by which we measure the performance of the project, throughout its timeline.

Cost Control:

This process is responsible for dealing with any inevitable changes that arise throughout a project’s timeline. Cost Control ensures that the right people are making the right decisions, with the consent of those concerned. It ensures that any encountered cost overruns are within the acceptable limit of funding. It correctly monitors changes to ensure that the project goes back on track, in the least possible time.

Construction Cost Management Consultants at Pearls Construction LLC is constantly updating with the new techniques and software available. Furthermore, we aimed to offer a high standard Construction Cost Management Service. In conclusion, we ensure appropriate consultation to all decision-making processes related to budgeting and cost control.