Having a reliable, accurate and current cost database is a must requirement for having an accurate project cost estimate which is the basis for setting the project budget, preparing the project feasibility study, securing needed project funding, and assessing procured commitment contracts. Unlike the detailed cost database used by contractors, Read more…
For project-centric organizations, there is always an ongoing demand for new project ideas, known as initiatives, to achieve the organization’s strategic objectives. Different business units request those initiatives to identify what investments they need to achieve the strategic initiatives to be undertaken by the organization. Those requested initiatives, if approved, Read more…
The third Project Control System (PCS) module needed for construction projects is the cost management module. In doing so, it is very important to understand the difference between cost management and revenue management. Cost management addresses the different processes needed to ensure that the cost of the construction project does Read more…
