4 Key Factors Control Costs By Budget In Construction Projects
As per the need of the situation and with the help of statistical analysis budget in construction is planned and carried out by keeping in mind the current market trend and cost of the project. The project's cost is known to be one of the major deciding factors for the budget for construction. Suppose it is more costly than it is meant for a bigger budget. There are specific steps to be followed to ensure that the budget construction is executed smoothly. There are specific software programs available in the market designed to keep track of all the information regarding the budget for construction project.
- The budget construction analysis is done by keeping in mind the past market trend and the cost of the same. The statistical data are analyzed by using specific statistical tools. This analysis includes identifying different characteristics influencing project budget in construction, which are classified into medium, high and medium risk category for which there is a risk matrix prepared. This gives an idea of the expected costs and profit that are likely to be realized from the project.
Factor affecting the budget in construction is the project managers' administrative factor. The project manager's administrative task consists of preparing the budget, controlling the resources required for the execution phase and monitoring the progress made in the execution phase. Hence, the project management process itself involves four stages. Each of these four stages has its impact on the budget.
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