At Pearls Construction LLC, we value every single aspect when it comes to managing your project. We’re aware of how extremely crucial managing a budget is to it, from the first step of doing a feasibility study up until the stage of post-construction. Not only that staying within budget cuts down additional costs that may arise, but it is also correlated with the overall monitoring and decision-making processes throughout the project’s timeline.
Project cost management has always been coming in favor of satisfying our needs of having enough criteria that we need to manage our projects according to, like scheduling, resource allocation, design, etc. Therefore, our main goal is to be able to ensure that your project gets completed within a correctly estimated and approved budget.
From the vast experience that our team has in project management, we believe that 5D BIM is always the optimal choice when we are looking at a project that we need to manage from all aspects, including the 5th dimension that gives us a better analytical view, 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 that is dependent on one another and is of equal importance, adding up to ensure adequate financial control of the project, eventually leading to its successful completion. These processes include:
– Cost Estimation: This process includes assessing the scheduled activities with the resources they need, and any possibility of risks that could be encountered during the project’s timeline. An estimation of the resources and possible risks are then translated into a monetary estimated cost for each activity in the project.
– Cost Budgeting: This process involves using the cost estimated per activity or work package in order to set an expected cost baseline by which the level of performance of the project throughout its timeline is measured.
– Cost Control: This process is responsible for dealing with any inevitable changes that arise throughout a project’s timeline. It ensures that the right decisions are being taken by the right people, with the consent of those concerned. Moreover, it assures that any encountered cost overruns are within the acceptable limit of funding and it correctly monitors changes to ensure that the project goes back on track in the least possible time.
At Pearls Construction, LLC we are constantly updated with new techniques and software available to offer a high standard cost management service. We will offer you an appropriate consultation to all decision-making processes related to budgeting and cost control.
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