Advanced project management system along with construction planning software simplifies and streamlines operations both onsite and offsite. Oversee the planning, design, and construction project from start to finish while focusing on time, costs, and quality of the delivered results.
Construction was and still is a business that is document-heavy. The problem is that the things like documents of shift order that nobody seems to recall are normal to miss.
Everybody understands that construction can be hazardous work, but it will be much better with modern technologies. Wearable sensors can recognize harmful situations and warn a site management to take necessary actions.
As we all know, it’s not easy to run a construction business, so the project costs are managed. If the financial planning of the project is not really managed appropriately, then the contractor could undergo a financial meltdown.
Bringing the right staff, supplies, and tools to the construction site on time is among the most problems many construction companies and businesses face every day.
After all, whenever a construction company completes their project swiftly and under budget, clients will walk out the door pleased and fulfilled.
Of necessity, for every organization to achieve long-term success, it’s necessary to track the status of the project. Thankfully, dedicated construction management software plays a vital role in tracking staged projects.
A cost-benefit analysis (CBA) is a tool to evaluate the costs vs. benefits in an important business proposal. A formal CBA lists all project expenses and tangible benefits, then calculates the return on investment (ROI), internal rate of return (IRR), net present value (NPV), and payback period. Then, the difference between the costs and the benefits from taking action is calculated. A general rule of thumb is the costs should be less than 50% of the benefits, and the payback period shouldn't exceed a year. Some people also refer to cost-benefit analysis as benefit-cost analysis (BCA).
Cost control is the task of overseeing and managing project expenses and preparing for potential financial risks. This is typically the project manager's responsibility. Cost control involves managing the budget, as well as planning, and preparing for potential risks. Risks can set projects back and sometimes even require unexpected expenses. Preparation for these setbacks can save your team time and potentially, money.
Earned value refers to a value assigned to work, which can be stated in hours and/or dollars (or your local currency). Earned value management (EVM), on the other hand, is a tool used to measure and predict project performance by comparing planned versus actual earned value. Because EVM can track costs and schedules, it is quite useful for forecasting future projects. Earned value management provides stakeholders with additional insight into a project's status, as it compares actual time and money spent versus the planned hours and budget. Earned value and EVM were first developed and used in the 1960s by the US Department of Defense to track its various programs including NASA.
Residual risk is the amount of risk left over after actions have already been taken to address threats. In project management, it is important to identify any risks that could potentially derail a project. Efforts should be taken to mitigate these risks, including the introduction of security controls to either eliminate a threat completely or reduce its negative impacts. Residual risk is what remains after these controls have been implemented.