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 likely behind schedule. This adds up to a range of problems for the project stakeholders, taxpayers, construction contractors, and citizens relying on the completion of […]
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 implications. In some cases, a change order can force a complete work stoppage while designers, architects, and construction experts determine how to manage a […]
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 project stakeholder. No construction project is just a project. Each project has emotion attached to it, this makes it very challenging to recognize where a project needs to […]
“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. Nicknamed the Big O or the Big Owe, the Montreal Olympic Stadium did not live up to expectations – aesthetically, […]
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, materials, time of year, staff, budget, schedule, and safety – there is risk everywhere. However, this risk should not be a deterrent – rather we […]
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 be allocated to your construction contingency. This construction contingency is a key aspect of your risk management protocol to ensure that your construction project can remain […]
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, construction delays, and cost overruns. The rail project was envisioned as a way to alleviate the traffic congestion plaguing the community. The goal was to […]
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. However, we understand how this confusion over cost overruns and construction happens. Take a quick look at your local newspaper or your favorite local news website and […]
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, budget, human resources, environmental assessments, and the ability to realistically assess how long the project will take – are all common reasons for a construction change order. […]
The budget, construction cost estimate, and schedule for your construction project are all based on well-thought out and researched decisions. Decisions about materials, design, contractors, leadership, permits, and funding all impact the success of your construction project. So, what happens when there is a change in design, a line item or two added to a […]
PCS Participates in Inaugural Capital One CATAPULT Program
PCS Participates in Inaugural Capital One CATAPULT Program Jan. 24, 2018 FOR IMMEDIATE RELEA...
Proper Planning to Prevent Cost Overruns
The construction industry is plagued by misunderstanding surrounding cost overruns. Too many people...
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