Cost Control
Construction project controls consultants are important to the effective execution and delivery of complicated projects. As project controls experts, our responsibilities begin with the early design stage and continue through the project’s successful completion—from establishing the project budget and timeline to accurately monitoring and forecasting progress for both in order to manage risks from the beginning to the end.
MCS has a one-of-a-kind and proactive-forensic business approach. Our project controls approach is founded on considerable claims and dispute resolution expertise, which provides us with a unique and in-depth insight of what might go wrong on a project. This information is applied to detect possible difficulty spots on a project before they become problems, and to.
Value Engineering
Value engineering (VE) is a technique that your project team may use to increase the value of your project by assessing the purpose of each item or part and its related cost. By analyzing the cost/benefit ratio, your team can offer recommendations for alternative building processes, designs, or materials that increase the project’s value.
Value engineering is a systematic process aimed at increasing the value of a product. Value engineering involves a team of designers and engineers coming together to analyze every step of a project. The value engineering process is broken up into three stages: planning, design and methodology and approach. There are six stages of value engineering, which begin with gathering all the information needed to understand the scope of the project. Each step involves critical analysis and elimination to come to a solid understanding of what alternatives are going to be best. The creative brainstorming phase involves coming up with creative ideas for the project’s function. Process of elimination is key to narrowing down and determining what alternatives are going to be brought into the next phases. Cost estimate databases like Candy data’s construction cost estimator are helpful when projecting exact costs.
Cost Analysis
Cost analysis is perhaps more crucial in construction than in many other sectors.
Understanding costs and margins is crucial to a viable business due to the nature of building projects and bidding for work.
A construction cost analysis is an analysis performed by a construction company or its workers to accurately identify where the company or project is using or ‘spending’ its money and resources – and whether or not this money is being well spent.
Cost analysis is the same as any other type of analysis in that you can cut and slice the analysis in a number of ways.
There’s a couple of ways to approach cost analysis; one is to look forward (more so estimating), and the other is back. Many construction companies will use historic data and cost analysis to inform their estimates.
In order to perform a building construction cost analysis, the company will likely break down the costs into major categories like labour, materials, supplies. Once a company has been able to segment or sort its costs, it can then begin to do an analysis on these expenditures. This usually entails some quantitative work, as well as some qualitative inputs.