At Pearls Construction LLC, we value every single aspect involved in managing your project and fully understand how crucial it is to manage a budget, 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, and is also correlated with the overall monitoring and decision-making processes throughout the project’s timeline.
Project Cost Management has always satisfied the need of having enough criteria to manage our projects according to like scheduling, resource allocation, design and more. Therefore, our main goal is to be able to ensure that your project gets completed and accurately estimated all within an approved budget.
From the vast experience that our team has in Project Management, we believe that 5D BIM is always the optimal choice. When looking at a project that we need to manage from all aspects, the 5th dimension gives us a better analytical view for 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 is dependent on one another; they are all of equal importance, adding up to ensure adequate financial control of the project and 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 possible 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 is measured, throughout its timeline.
– 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 made by the right people, with the consent of those concerned. Moreover, it ensures 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.
Our team at Pearls Construction LLC is constantly updating with the new techniques and software available. We are aimed to offer a high standard Cost Management Service and appropriate consultation to all decision-making processes related to budgeting and cost control.
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