Controlling Construction Costs and Activities Term Paper

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Controlling Construction Cost:

It is seldom that the initial bid estimate to carry out a specific construction activity is the same as the actual cost of doing the work. Generally, the estimate cost tends to be higher or lower due to the various unforeseeable factors that contribute to the differences. Therefore, it is increasingly essential for the project manager and contractor to keep current on the costs of a project through maintaining an accurate and reliable cost control system, especially if a contractor is to make a profit. However, the project manager has an overriding role of providing the project management team with necessary strong and proactive leadership during the construction period. This overriding role and task includes ensuring that the most effective approach to control construction has been adopted and tracking construction activities and costs.

Since the construction phase of a project is usually affected by various external factors that hinder the efficient accomplishment of project objectives, the most effective approach to control construction cost is developing mitigating measures for inhibiting factors.

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This is primarily because these inhibiting factors hinder time and cost control during construction projects (Olawale & Sun, 2010, p.509). The development of mitigating measures is based on the understanding of the distinctive challenges associated with controlling construction project costs and schedules. In addition, these measures enable construction managers to be adequately and better prepared and equipped to face and overcome time and control challenges.

The most common inhibiting factors that contribute to challenges in controlling construction project costs include changes in design, risks and uncertainties, complexities in execution, inaccurate evaluation of the time or duration of the project, and non-performance of subcontractors. Mitigating measures deal with these inhibiting factors since they are classified into preventive, predictive, corrective, and organizational initiatives. Preventive measures act as defense against inhibiting factors since they are precautionary measures established to ensure the effective and efficient execution of the project. In contrast, predictive measures are established….....

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