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The Art of Cost Management in Construction Projects

Cost control in building design and construction is requisite to successful completion. Yet one recent survey reported that less than one third of all construction projects in the last three years came within ten percent of their budget. 

Developing a budget to determine the project’s total costs, controlling those costs, and performing precise record keeping of all expenses are imperative parts of the process. Additionally, suggestions for opportunities for cost savings and identification of deviations from the plan are integral. In fact, throughout the life of the project, each of these areas must be closely monitored for either progress or problems.

Comprehending, managing and integrating all these areas is a balance that can help to prevent unnecessary cost increases and to preclude delays. For as nearly everyone understands, time is a most valuable resource. At each step as the project progresses, costs for both labor and materials must be reviewed, along with a contingency plan for any inflation of these expenses or for any technical difficulties that might occur.

Every effort must be made to prevent cost overruns or scheduling delays, which could occur for many reasons including work that must be redone due to quality issues, low productivity, unsafe practices, or even additional equipment or tools that could be required. Weather, natural disasters or other circumstances beyond immediate control must always be taken into consideration.

There exist a number of methods for projecting and tracking project costs and scheduling. However, regardless of the system used, it is ultimately the expertise and precision of the forecaster and the ability to adhere to the plan that leads to highly effective cost management. Of course, communication and planning are always key components along with effective labor utilization.

At Bluewater Builders, Inc., we are masters in the art of cost management in construction projects. In fact, our business is founded on the three guiding principles of trust, time, and teamwork, and we extend these principles to all levels of our work. We see every project as an opportunity to build and strengthen trust while building relationships and structures.

We are a privately owned national general contractor licensed in the states of Florida, Georgia, Louisiana, North Carolina and South Carolina. A collaborative leader in the construction industry since 1998 with corporate headquarters in South Florida, we are a provider of comprehensive construction services to projects vast in type and scale.

Bluewater Builders’ focus is on establishing trust – one building, one community and one person at a time. We offer pre-construction, general contracting, construction management, and design-build services. Find out more about our trusted expertise in the areas of commercial, residential, educational, and specialty use construction at www.bluewaterbuilders.cc.

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