Any construction project is complex. The more complex a project becomes the more opportunities arise for the cost of the project to go beyond budget.Even if a project is ultimately completed, if it cannot provide a profit or at least recoup the amount spent it cannot be considered a total success. This makes construction cost management a critical component in guaranteeing project success.
It only takes one small aspect of a build running out of control to put a significant dent in the potential profitability of a project. With so many disparate elements comprising such a project it requires an enormous level of experience in costing construction projects to be able to single out areas that are likely to be a source of overrun. It also takes a quantity surveyor with experience to know what solutions will work for a perceived problem and which will not.
While it is always preferable to resolve issues before they arise it is not always possible. An important part of construction cost management is being able to enact the most appropriate solution to a problem when it arises. Resolving issues expediently and with minimal expenditure means that projects can be kept within budget and remain as profitable as possible. This requires that swift and decisive action be taken with confidence. Knowledgeable and experienced quantity surveyors can take immediate action when problems arise and be certain about the outcome.
The issue of distressed projects can often be resolved with comprehensive construction cost management. There are many reasons why a particular project might fall into serious difficulty. These could be internal to the project or external. Expert quantity surveyors will be able to look at a distressed project and rapidly determine the potential benefits of continuing with the project or if it is better to immediately liquidate the project and minimise losses.
Mulcahy McDonagh and Partners are a firm of expert and experienced chartered quantity surveyors who specialise in managing construction project costs. As well as cost management MMP also provide a range of services to the construction sector that include project management, health & safety consultation and risk management.