Why is project cost management important in the construction industry?

Project cost management has proven beneficial to all parties involved in the construction project, be it developers, construction managers, contracting corporations, engineering, and design firms.

It effectively starts with accurate cost estimates to set the initial budget and later measurements to be taken throughout to ensure that the project remains within the budget limits.

By achieving effective project cost management practices, you can:

• Set clear objectives for all the stakeholders involved in the project.
• Track project progress to aid in taking the corrective measures instantly.
• Attain good markup, increase return on investment, and mitigate the risk of losing money.
• Develop data to benchmark for future projects.
• Empowers the extensive features of the project planning including pre-plan, feasibility, operating cost, commissioning, risk analysis, contingency, design, development, maintenance, etc.

Why choose us?

Our construction cost management plan comprises all the details on how project costs will be managed throughout the entire lifecycle of the project. It clearly states the criteria by which the costs are evaluated, reported, updated, and identifies all the stakeholders involved in the particular phase of the project. The process starts with estimating all the costs including costs for acquiring land, planning, design, labor, material, contingency, maintenance, etc. Then leading to budget scheduling, managing costs, and analyzing progress at various project milestones.

At BOQ, we offer the most effective management of funds and resources in order to achieve the project’s milestones within budget and time.

• Cost-effective rates and fastest turnaround times.
• We have a track record of creating highly precise and comprehensive cost estimates while considering our client’s expectations and design requirements. This ensures that estimated figures meet the final actual cost to the maximum.
• If at any stage, project cost exceeds the budget limit, we employ value engineering to set the project back on track. While working closely with the designers, our cost managers make sure that all their requirements and considerations are fully met before the next stage starts.
• Our quantity surveyors perform accurate estimates for labor and material at regular intervals during the construction to develop the cost performance report. If the estimate shows price fluctuations from the initial estimate then cost updates are applied after approval from the owner.
• We properly organize all the costs involved in the project like direct, indirect, fixed, variable costs, etc. so that at any time our client can easily visualize and foresee the project costs.

Our Construction Cost Management Services

Cost planning and control – Initially defines the cost plan and then monitors, reports, updates, and controls the cost variations to ensure on-budget project delivery.

Contract analysis – Advice on contract procedures to assure it adds value and meets the requirements to avoid risks.

Construction Cost Estimating – Preliminary estimates, design estimates, budget estimates, quantity take-offs, bid estimates.

Feasibility study – Gives the initial idea to decide if it is profitable to invest time and resources in the project.

Bid management – Assistance with the bidding process including bid filling and management of bidding network profile.

Risk analysis and management – Evaluating risks and providing advice to alleviate their effect on project cost and schedule.

Life-cycle costing – Providing cost estimates, budgeting, and cost control services throughout the entire lifecycle of the project from preconstruction to closeout.

Cost benchmarking – Better cost control by improving efficiency and mitigating risk using benchmarking data.

Value engineering – Employing a well-planned approach to reduce costs while adding value and maintaining the quality of the project.

Our Service Areas

BOQ is US-based construction estimating consultancy working on projects throughout the North American region as well as the Caribbean and Australian regions. In the US, we provide services in the following markets: New York, Florida, Texas, New Jersey, California, Pennsylvania, Illinois, Arizona, Georgia, North Carolina, South Carolina, Michigan, Virginia, Washington, Massachusetts, Missouri, Maryland, Colorado, Indiana, Teeneese, Minnesota, Alabama, Kentucky, Connecticut, Oklahoma, Oregon, Louisiana.