Cost Management

How to Convert a Capital Construction Project Cost Estimate into a Budget that can be Monitored, Evaluated, and Reported at the Required CBS Levels

One of the top great challenges that face project owners as well as contractors is how to convert their approved cost estimates into budgets that can be monitored, evaluated, and reported at the required cost breakdown structure (CBS) levels. For a project owner, there are different budget versions that derive Read more…

By Tony, ago

Having a Report Worth Thousands of Words for Communicating Schedule and Cost Performance Status of Capital Construction Projects

For many capital construction projects’ stakeholders and in particular executive stakeholders, they always need to know whether a project is facing cost overruns and/or delays in completion date in order to have an accurate cost performance. The earned value method (EVM) provides a proven solution to answer those two critical Read more…

By Tony, ago

Managing, Monitoring, Evaluating, and Reporting on the Funding Limit Reconciliation for Capital Construction Projects

Funding Limit Reconciliation for capital construction projects is the process of comparing the planned expenditure of project funds against any limits on the commitment of funds for the project to identify any variances between the funding limits and the planned expenditures (Project Management Institute, A Guide to the Project Management Read more…

By Tony, ago