One of the indirect costs that contractors need to estimate when submitting a bid for a construction project is the cost associated with project finance and overdraft facilities. To be able to have a realistic assessment, the contractor must determine the fund’s inflow from the monthly progress invoices for approved Read more…
Risk buffering (or risk hedging) is the creation of some reserve or buffer that can absorb the effects of the many accepted risks without jeopardizing the project successful delivery. Project contingency or buffering also includes the allocation of additional time for the project’s completion. Nevertheless, the risk that those organizations Read more…
The Quality Management module is another critical project control system (PCS) module. The module addresses the quality assurance and quality control requirements. Those include technical submittals, calibration tests for quality inspection equipment, work inspection requests, material inspection requestions, concrete pouring inspection, rotary and static equipment inspections, and non-conformance reports. That Read more…
