Analyze project risks and identify specific mitigation plans for any potential risks.Īfter all of these variables and project details have been established, hold a kickoff meeting to communicate the construction project plan to all involved team members and key stakeholders.Īt this time, the procurement phase can begin where the project team obtains all necessary equipment, materials, and resources needed to complete the project. Create a schedule for the project and identify cost baselines that should be hit at each part of the project timeline. Define roles and responsibilities for each phase of the project, and assign specific tasks.ĭevelop a clear project scope and baselines to assess your project plan for success. What Are the Key Steps in Managing a Construction Project?įirst, create a comprehensive project plan. Make sure to track your estimates to ensure that your construction project is hitting under or on budget during every phase of the project. This will ensure that the project is profitable and comes in under budget. This will give you a baseline understanding of what it will cost you to complete the project.įrom there, apply a markup to your costs that will yield profits after any expenses. To accurately estimate your construction costs, you must first determine specific aspects of your construction project, like schedule based unit prices, assembly based unit prices, and labor costs. How Do You Calculate or Estimate Construction Costs?
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