Cost Management
In the Engineering & Construction industry, cost overruns are a common challenge for many major projects. These overruns often stem from factors like scope changes, underestimating planning assumptions without adequate risk allowance, unforeseen cost escalations, and inefficient project execution. Attempting to manage this considerable uncertainty without robust project controls and managing through traditional methods has proven ineffective in improving project outcomes.
Cost management is a critical factor that contributes to project success. At PIOTICON, we are committed to improving industry productivity and performance issues and supporting businesses to sustain and thrive. With our team, you will experience the value of expert cost management as we partner with you to achieve the project's objectives efficiently and economically.Ā
Our Cost Management service is dedicated to optimizing a project's financial performance throughout the projectā€“from inception to completion, and ensuring that the budget and changes are managed in a robust manner
Estimating and Budgeting: Our team of experts meticulously assesses your project estimation considering potential risks and cost drivers. We collaborate closely with your team to develop realistic budgets with appropriate risk allowance, that fit project objectives. Establish an integrated WBS to set the budget and trigger changes with its thresholds.
Cost Control: System, Tools, and techniques are structured so that accurate information is gathered for detailed analysis and trends. With our robust cost control measures, we keep a watchful eye on project expenditures. Our proactive approach allows us to identify cost variances early on and implement corrective actions to maintain budget adherence.
Forecasting and Reporting: With comprehensive cost forecasting, we help you estimate project forecast cost at completion, including Earned Value Management and empower you to make informed decisions with confidence. We implement transparent and insightful cost performance reporting throughout the project lifecycle, helping you stay on track and budget.
Budget Management | Commitment | Earned Value Management | Cost Forecasting | Cost Control | Cost Performance Reporting