What is the best budget control strategy for construction projects?
Mazen AlRefaaiSr Engineer| Saudi Bin Ladin GroupMecca, Saudi Arabia
Budget control some times control by time, items, cash flow, work progress, contract, material delivery or compined factors of the above mentioned.
The earned value look for the value the owner will accept in the next payment, while the material delivery some times ahead for many monthes in case of overseas delivery.
The most of construction contracts give value for the completed works, How could we save the cost figure of material delivery from affecting the earned value Saving Changes...
Earned Value can be a substantially useful tool for establishing the trend and predicting the future outcome. Though these are forecasts but they serve to apply correction to project budget and time throughout the project lifecycle. In construction projects, reliance on Bills of Material and Quantities are not enough but they MUST be tied to some earned value calculations. Saving Changes...
Sergio Luis ConteHelping to create solutions for everyone| Worldwide based OrganizationsBuenos Aires, Argentina
In my case, I use earned value management and its variations like earned schedule management if I need it. Sometime I use it no matter it is for project team internal use only. I mean is not included inside project communication. The best thing I obtain for earned value management is the prediction indicators the method have. Obviously the hard work is to define the progress percentage because is not the same for some intangible artifacts (like software) than in other tangible artifacts (like construct a building). And it is more interesting when you have a mix of tangible and intagible artifact in the same project which is the usual in my case. Saving Changes...
