Costs

Using Technology to Improve the Cost Estimating, Revenue Capturing and Actual Cost Incurred of Engineering and Design Deliverables on Capital Projects

For engineering and design consultants, using traditional cost estimating tools that are usually configured for estimating the cost of a construction project will not be the right solution when it comes to estimating the cost of engineering and design projects. Unlike construction projects where the cost is driven by equipment, Read more…

By PMWeb, ago

Managing, Monitoring, Evaluating, and Tracking Joint Measurement Records on Construction Projects

Whether the construction contract agreement is a lump sum contract or remeasured contract, one of the processes that will be needed on those projects is the Joint Measurement Record, also known as Joint Measurement Sheet (JMS). TheJoint Measurement Record is used to capture the details of extra work recorded at Read more…

By PMWeb, ago

Can Forensic Audits Help Recovering Funds Associated with Fraudulent Activities on Capital Construction Projects?

Financial losses during the implementation of capital construction projects arising from fraudulent activities can reach up to 45% of the project budget (Source: Association of Fraud Examiners, Russian Branch). In general, funds spent on capital construction projects are considered a sunk cost. A sunk cost refers to money that has Read more…

By PMWeb, ago