Best Practices in Pre-Construction Budgeting and Estimating
1 hour 5 minutes
Learn best practices in the development of a pre-construction cost estimate and budgeting of projected costs.
Pre-construction cost estimating and budgeting is arguably one of the most important issues for successfully managing construction projects. The subject deals with cost issues at the planning stage, which is detrimental to the project’s success, as financial mismanagement is considered the top reason for the failure of construction companies. This course takes a quick look at cost and budgeting issues during the pre-construction phase for both the owner and the general contractor. As we all know, cost estimating is a predictive process, and there are steps to be taken to make it as accurate as possible. Aligning actual expenses with the project budget is a key to success, and this has two elements: Starting with a good estimate and accurate budget and controlling the cost while in the execution phase.
• You will be able to discuss financial management for construction projects and planning for it in the pre-construction phase.
• You will be able to explain construction planning, its definition, importance, and activities it includes.
• You will be able to identify actions that must be thought of and planned before project execution.
• You will be able to recognize how to better prepare for a construction project.