Big projects like construction projects are known to involve huge finances and work. This is because it requires highly skilled workforce, expensive equipment, costly materials, time and high involvement. For a project to be completed successfully, it requires good management in terms of planning, budgeting, coordinating and supervising by the project manager. Although, as a project manager, you will want things to run smoothly from the beginning to the end of the project, it is hard for this to come true without any challenges. For instance, the main reasons behind unsuccessful projects today have to do with time and budget. This simply means that the costs increase quickly while the work is still far from completion.

Why do these scenarios usually happen with many construction projects? The thing is that construction manager usually deals with different specialists like architects, engineers and tradesmen that are usually contracted. As usual, too many cooks spoil the broth making things to go out of hand. As a manager, you will need to overcome this to not only finish on budget but also to save money and finish the project at a cost that is below the budget. The following are ways that you can cut on your project finances:

Use the latest technology

Technological advancements in every field and industry have been tremendous and have made work to be more efficient and to run effectively. Deciding to use older technologies has only proven to be much more expensive in the end. The use of latest technologies like building information modeling (BIM), building automation system (BAS) and pilot tubes microtunneling (PTMT) helps in design, planning and carrying out any construction work effectively.

In the construction industry, those who have integrated technology in their business have been able to withstand competition because of efficiency and money saving benefits that come with it. This is by creating more efficient day-to-day operations while coming up with smarter and sound structures as well.

Ensure high labour productivity

Any project will surely lack behind when the workforce is not doing enough. There are many factors that affect productivity in worksite. They include fatigue as a result of overworking, lack of tools and equipment, low morale, bad weather, too many or lack of worker for a particular job and hazardous workplace among other issues.

When the workforce is not producing as expected, the project will delay while at the same time using more finances than budgeted for. If you are not paying attention to such issues, matters can easily get out of hand. Otherwise, they are issues that can be solved if they are recognized much early.

Use materials that save time and money

Different products have their own associated costs in terms of labor, installation and fabrication and choosing them wisely for your project can save time and finances in the long run. You should be able to choose those that your crew will work with efficiently so that they can complete the job in time.

This is not about choosing low quality products that are cheap but those that are designed in a way that they are easy to work with without compromising on quality of work. For instance, you can use cordless tools, LED fixtures, push-to-connect products on plumbing and electrical among many more products.

Be involved in all planning stages

As a project manager, it is nearly impossible to take charge of a project that you were never involved in its planning. Otherwise, how will you know about the design details, alternative materials and every other detail that can help you look for ways to bring the costs down? Will you need items like dock levelers and yard ramps?  You do not need to be an engineer or architect to run smooth projects, all you need is to be present in all the stages of planning and you are at home.

Another effective way is to work with a specialist in the designing process so that you can work together in coming up with cost effective and time saving ways for the entire project.

It is a sad reality that many projects especially in the construction industry fail to meet its time and budget guidelines. Project managers should follow good practices that save time and money.

Categories: Real Estate