What’s one simple cost-tracking practice your team follows that helps avoid surprises?@Tomas @Tim.Mowery @samehtalat @KevinPeters anything you are particularly keen on?
I completely agree that ensuring purchases don’t exceed estimated costs is crucial. This is a common pitfall in our business. To mitigate this, I always include strategic purchases and especially planned purchase gains in my risk assessment sheet and add it to project schedule and make sure it’s assigned an owner and followed up on.
When managing a typical mass haul project to avoid cost increases, simplicity is often the best approach. Therefore, I ensure all mass handling cost items have clearly defined production capacities, which are confirmed before starting and closely monitored during production. If the estimated production capacity isn’t maintained, I risk losing money.
hi @Caleen Frisbie
In most construction projects, materials and subcontractor costs typically account for no less than 70% of the total budget. To avoid unexpected overruns, it's prudent to begin with materials.
The materials cost cycle starts with the placement of a purchase request—terminology may vary across organizations. It is essential that the cost team reviews and signs off on this request to ensure alignment with the approved budget. Even if the request exceeds or falls outside the budget, early awareness provides a strategic advantage. The remainder of the materials cost cycle should follow the same WBS referenced in the initial purchase request.
Subcontractor costs are generally more straightforward to manage. Tender packages are issued with clearly defined scopes and pre-established budgets, allowing for more accurate forecasting and control
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