Cost overrun is a common problem in construction projects. Many project managers accept this as a reality and look for any practical strategy to avoid overspending. Indeed, you can turn over every stone and find ways to save money here and there. But regardless of how hard you look, it’s still possible to neglect some obvious areas where you can cut costs and still achieve the same quality results. Here are five of the simplest ways to ensure that your construction project doesn’t bleed funds unnecessarily.
Be present in every stage of planning
Construction project managers often assume that it’s only the engineer’s job to monitor the planning stages. But it’s the manager’s responsibility to oversee several aspects of the process, but leave the technicalities to the engineer. Your involvement and input will help ensure that you can save as much money as possible.
Monitor progress and keep track of key data
The good thing about construction projects today is the availability of technology and information at your disposal. You can monitor metrics and records related to every aspect of the project. For instance, you’ll have access to worker statistics that will allow you to make critical decisions on staffing.
Another common practice in construction today is to partner with a Lancashire plant hire company for equipment rental. As the project manager, it’s essential to make sure that the equipment rented is being used as intended. If you have good visibility of all the data, you can determine when it’s necessary to rent more or rent less depending on the project requirements.
There is plenty of software available today, which you can use to track assets, workers, and, project progress. With the right tool, you’ll become more organised, and have greater control over what goes on even if you aren’t on the site for monitoring.
Consider the benefits of using prefabricated materials
Although using prefabricated material isn’t suitable for all types of projects, it could be the right option for a simple structure. Modular buildings are quite popular these days because you can complete the project in less time, and it’s also more cost-effective. The concept of prefabricating construction materials is now applicable even to fixtures and other aspects of construction. During the planning stage, the engineer should be able to determine if using these materials is ideal for the project so that you can save money.
Do as much of the work yourself
Your skills may be limited, but as the project manager, there are tasks you can perform without hiring a separate contractor or employee. For example, you can be in charge of purchasing materials for the project so that you can better monitor the expenses. Nevertheless, if you want to oversee purchasing, always make sure that you’re coordinating with the engineer and contractor so that you don’t make any mistakes.
Take time in choosing a contractor
The last thing you shouldn’t overlook is the contractor selection process. Although you may be concerned about meeting a deadline, you still need to take your time checking candidates so that you can select the one with the right experience and expertise for the project.