In planning, designing and constructing a project, cost is of key importance. This is factual today more than ever due to rapid growth and due to increase in population around the world. Construction cost consultants can be hired for constructions like home, offices, buildings etc. So what does Construction Cost Management really cover? They have an experience in giving you the wanted results as per your budget. They will also let you know how to cut your project cost in terms of material, work force involved and the most important one is dedicating time line to each and every process which will give a clear idea regarding the project scope and work involved. Below are some of the services in which cost consultants can help you.
Preparing Cost Plans:
Cost plans is one of the core competencies of cost consultants, it is a system which is designed to control the costs during the process of designing and construction of a certain project. Cost plan progresses through the project life it becomes more accurate and cost consultants can develop it in more detail when they get brief about the nature of the design after that prices should be given to them from various suppliers, contractors & specialist contractors. This service could be availed by both commercial and residential users.
Conducting Feasibility Studies:
The main reason behind it is to make a company realize about their strengths, weaknesses, resources and capabilities. These studies are being done in early stage before starting the project to check the viability of the project and identifying feasible options in project completion. It is mainly conducted for large and complex projects. They should be prepared in a structured way with some options so that client can select best possible option as per his requirement and strength.
A successful construction project relies on how well project managers have evaluated future and current risks before starting the project. It requires a lot of efforts and a wide experience in doing risk management. It is defined as allocating, monitoring & calculating the risks and hazards which a construction project management could face in the future. It is the very important aspect in construction project planning it could only be done with the help of professional cost consultants. Few major risks which a construction project could face are:
• Poor record of completion to cost and time.
• Poor documentation.
• Disputes and litigation.
• Low return on investment (ROI) and profit risk.
• Poor safety and health record.
• Pressure to produce a high return on funds invested.
• Pressure to save time and money.
• Ignoring health and safety provision.
A budget should be set by client and it should be distinct from the and it has to be set as early as possible, it gives a clear road map to the project and project goes according to the need of the client. There are different aspects on which a client’s budget may depend like construction cost, approval fees, financing cost etc. A budget could be made by comparing similar projects, assessment of funds available, analyzing project income and the expenses involved in the total project life. This feature is very important for both residential and commercial users they can construct their constructions more accurately by setting a dedicated budget to their project and work accordingly.