Construction cost management capabilities are critical to the success of any repair, renovation, maintenance, or new build activity. That said 80%+ of all projects are late or overbudget largely due to an inadequately detailed and poorly communicated Scope of Work (SOW) and associated cost estimate.
Questions every real property should ask before procuring a repair, renovation, maintenance, or new build service.
#1 Can I objectively validate the cost estimate?
#2 Is the cost estimate objective?
#3 Does the cost estimating include all granular construction tasks and quantities, including labor, material, equipment, and productivity representing current local market conditions.
#4 Is the cost estimate organized using a standard data architecture (i.e. expanded CSI MasterFormat) and industry standard terms and definitions understandable to all participants and stakeholders?
#5 Do all planning, procurement, and project delivery teams understand and agree with the construction cost estimate?
#6 Can I dynamically review, edit, and track the construction cost estimate as needed? Are all changes logged as well as notes includes as to why changes were made?
#7 Can I track the performance of the cost estimate through the project lifecycle?
#8 Is my cost estimate part of a robust, integrated planning, procurement, and project delivery process?
If you can not answer “Yes” to all the above…. let’s talk.
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