Setting the Project Control System (PCS) Cost Management Module: Change Management

There is a very slim chance that a construction project is completed without encountering changes. There are many events that could cause a change. For example, those include the intent of documents not “reasonably inferable” and corrections required, unknown conditions necessitating changes, the project owner’s requirements change, changes in code Read more…

Setting the Project Control System (PCS) Cost Management Module: Managing the Project Commitments

Commitments are the contract agreements for which the actual cost for delivering the project’s scope of work is per the awarded contracts for the outsourced scope of work. For a project owner, commitments are the contract agreements with consultants for design, site supervision, cost management, project management, and other types Read more…

Setting the Project Control System (PCS) Cost Management Module: Managing the Project Budget

By definition, a project budget is the total estimated cost of completing each project activity over each phase of a project. The project is important as it helps set expenditure expectations and is critical in getting project approval, ensuring funds are ready at the right time, and measuring performance. Nevertheless, Read more…