Cost Planning and Management

Project success or failure depends on Effective cost planning and management!!!!!!!

A Financial Plan is created to identify the quantity of money required for each stage in the project. Budget for the project is freezed on the total cost, worked out, on the basis of the cost of material, manpower, equipment etc.  The cost plan will provide the basis for establishing whether the Client’s requirements can realistically be satisfied within the budget.

At Site Tiger, Realistic cost plan is prepared on the basis of the knowledge and understanding of construction and engineering professionals. The cost plans then form the basis for cost control throughout the life of the project.

Site Tiger process for Cost planning and Management includes:

• Comprehensive cost estimate
• Review and comment on tender documents prior to issue by the employer in accordance with the employer’s requirements relating to cost.
• Assist the quantity surveyor as requested in the preparation of budgets, estimates, cost plans.
• Revise and monitor the cost control services provided by the quantity surveyor which are related to the project budgets, estimates, cost plans, cost comparisons, cash flow forecasts and cost reports prepared by the quantity surveyor.
• Manage value engineering exercises on behalf of the employer, in conjunction with the design consultant and quantity surveyor.
• Strict negotiation with bidder for contract package
• To control the contingencies to minimize the project cost.
• Strict monitoring of High value items.
• Review of status of project estimate fortnightly
• Evaluation of cost trend to forecast final cost
• Status of project estimate to know the cost variance
• Any change involving financial implications through Change order Performa only.
• Review all invoices submitted by consultants, contractors, suppliers and make recommendations to the employer for payment purposes.
• Determine the value of the works at the date of termination, in the event of contract termination.