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Construction cost overruns happen when a project incurs unexpected and unanticipated costs. These costs are in excess of the planned budget. Along with being over budget, the construction project is l...
A construction change order is a change in the scope of the original work agreed upon by the construction team and stakeholders. Construction change orders can range in severity and overall implicatio...
A feasibility study helps you prevent construction cost overruns by maintaining and enforcing objectivity. Remaining objective when making decisions about construction projects is a challenge for each...
“The Olympics can no more lose money than a man can have a baby,” Jean Drapeau, the former mayor of Montreal, Quebec. The lasting legacy of the 1976 Montreal Olympics is the Montreal Olympic Stadium....
To manage risk in construction companies must have processes in place that allow for smart and thorough decision-making. Every aspect of your construction project comes with risk. From the site, mater...
A construction contingency is the amount of money allocated to pay for additional or unexpected costs during the construction project. Typically, a 5-10% calculation of the construction budget should...
The Honolulu rail project offers a long list of lessons including how a lack of proper planning, independent review, and project oversight contributes to the damaging impacts of change orders, constru...
The construction industry is plagued by misunderstanding surrounding cost overruns. Too many people assume that cost overruns are simply a part of construction. This is an incorrect assumption. Howeve...
The new Berlin Brandenburg airport was supposed to open in 2011. Today, March 2019, the Brandenburg still has not opened. The optimistic plan is that this much-needed airport will open in 2020 or mayb...
The common reasons for construction change orders can all be traced back to the decisions made during the construction planning phase. Decisions around the design, drawings, materials, timeline, budge...
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