How can you track and report construction costs in real-time?

First, establish a real-time construction cost control system, get buy-in from all relevant stakeholders, define project scope, develop a comprehensive budget, and decide on regular reporting intervals. Invest in construction management software to create a foolproof cost tracker. This will put you ahead of 99% of contractors who still use decade-old spreadsheets. On the other hand, good software can help manage not only costs but also change orders effectively, and maintain open communication with vendors. You also have to identify and manage risks, continuously monitor progress, and ensure stakeholders are trained. Receive feedback conduct periodic audits for accuracy and make necessary improvements to enhance overall efficiency.

It is of utmost importance to establish a well defined cost management plan. The use of software tools helps to streamline the process and allows for constant cost accounting updates as they occur. The fastest way to a “runaway freight train” of cost is to not have a system that continuously updates current costs.

Use visual management as often as you can. A lot of contractors are scared to put their financial statistics on the wall but I have had tremendous success with aligning the team around the budget by visualizing it on the field office walls. We can do this in several ways using bar charts, pie charts, or burndown charts. Always good for folks to align on a visual!

Todas la opiniones que he leído son muy interesantes, pero giran entorno al control, pero es fundamental el inicio y hay que hacer énfasis en el proyecto. Un presupuesto bien hecho requiere de un proyecto bien hecho. Mientras más detallado es un proyecto menos incertidumbre tendremos y más acertado podrá ser el presupuesto. Pero la realidad no siempre sigue nuestros deseos. También, hay que tomar en cuenta los riesgos que puedan hacernos incurrir en desviaciones en tiempo y costos. Por ejemplo; partidas de excavación, problemas de logística, clima, etc. Todos estos factores pueden influir gravemente en tus resultados. Sin estas dos aspectos bien cubiertos no hay software que nos salve.

Hoy en día las decisiones estratégicas se deben tomar en tiempo real y por tanto el reporte de los proyectos debe ser dinámico y muy muy ágil. Veo clave el desarrollar correctamente un método que determine el resultado y la evolución de los proyectos independientemente de su facturación. El desarrollo de métodos como el grado de avance, o dar el resultado por producción o cualquier método basado en el principio del devengo y el resultado real del proyecto. La eterna distinción entre cobro/pago vs ingreso/gasto es clave a la hora de evaluar proyectos.

Implement cloud-based software to facilitate real-time tracking and reporting. Such software enables access to cost data from any location and device, streamlining tasks like estimating costs, budgeting, invoicing, and forecasting future expenses. Popular options include Vergo, Procore, Buildertrend, CoConstruct, and PlanGrid.

Could based construction management platforms such as Autodesk Build, Procore and PlanGrid enables real time updates of cost related information. Any changes or additions to the project, such as expenses, change orders or material costs can be entered quickly, providing an accurate up to date view of projects financial status. All project related data can be stored CDE which ensures everyone in the project is working with the same information. Enhanced collaboration and communication, reducing time spent resolving issued, discussions on cost implications and insights on potential cost saving. Integration with financial systems, security and backup which reduces risk of data loss. Cloud based platforms are often scalable.

Utilizar software basado en la nube. La razón principal es que el software en la nube ofrece una plataforma centralizada y accesible que facilita la actualización y el análisis de datos en tiempo real desde cualquier lugar y en cualquier momento. Esta tecnología permite la integración de diversas fuentes de datos, lo que resulta en una visión holística y actualizada de los costos. En mi experiencia el uso de un software basado en la nube me ha facilitado la colaboración entre los equipos, ya que los miembros del proyecto pueden ingresar y acceder a los datos de costos simultáneamente, lo que garantiza que todos los involucrados estén informados y puedan tomar decisiones basadas en la información más reciente disponible.

While cloud-based software is widely acknowledged for its convenience, explore open-source software alternatives for tracking and reporting construction costs. Open-source solutions can provide a customizable and cost-effective option, allowing organizations to tailor the software to their specific needs. This approach not only offers more control over the tools used but also fosters collaboration within the construction management community, encouraging shared development and improvement of cost management systems.

To track and report construction costs in real-time, you can utilize construction management software that offers features like budget tracking, expense management, and real-time reporting. This software should allow you to input and update cost data as the project progresses. Additionally, integrating tools like project management software, financial software, and mobile apps for on-site data entry can enhance real-time tracking capabilities. Regularly reviewing and analyzing these reports will help you identify potential issues and make informed decisions to keep the project within budget.

Ensure accuracy and consistency in cost information through data integration. Link your cost management software with other project management tools and financial systems. Utilize APIs or webhooks for seamless data transfer between platforms, providing a comprehensive view of your project's financial status.

We are able to access various benefits by integration of data sources into construction cost management, including but not limited to: 1- Proactive Decision-Making: by monitoring expenses as they arise, enabling us to proactively tackle obstacles and grasp chances. 2- ?Predictive Analytics: through data analysis, we may anticipate possible hazards and allocate resources optimally to get superior project results. ? 3- ?Optimization of Resources: Our capacity to examine data in real-time allows us to maximize resources, cutting down on waste and improving the overall sustainability. 4- ?Adaptability of Dynamic Projects: Integration converts our projects from static structures to dynamic entities that can adjust to changing circumstances. ?

This step is crucial to make the project of tracking costs in real time successful. It is extremely important to have an interface for field employees so that the information is as predictable as possible, both on entry and exit, as well as on the day's productivity and use of resources which, for better monitoring, must be daily and "just in time".

If your tool that you’re using to report construction costs is integrated with your accounting software, you should be able to get real-time cost data to report on.

Como se puede realizar un control de costos de construcción en un país con una inflación de más de 100% y si además no se publican los índices de aumentos, y si además hay escasez o limitaciones de productos, es imposible cualquier control.

Move beyond traditional KPI monitoring and embrace predictive analytics to foresee potential cost issues. By leveraging historical data and employing predictive modeling, construction managers can anticipate cost trends and identify areas that may pose challenges in the future. This proactive approach empowers project teams to address issues before they escalate, enhancing the overall efficiency of construction cost management.

Regularly track KPIs like cost variance, cost performance index, budget at completion, estimate at completion, and estimate to complete. Monitoring these indicators helps identify trends and issues, aiding in effective communication with stakeholders.

El seguimiento semanal con KPI's críticos de la obra es fundamental, te permite interactuar con la contratista y salvar a tiempo y oportunamente los desvíos que se generan en el día a día. El feedback y la definición de las variables a seguir son imprescindibles. El buen desempe?o de la obra da el éxito a la operación.

To track and report construction costs in real time, you can utilize project management software with cost tracking features. Tools like Procore or Buildertrend that allow you to input and update cost data as the project progresses. Integrating financial software like QuickBooks can further streamline the process, ensuring accurate and up-to-date cost reporting. Additionally, regular communication and real-time trak of the materials, budgets, labour costs with the project team and stakeholders is crucial for transparency and addressing any potential cost issues promptly.

Estamos a lo largo de un proyecto en constante medicion de los rendimientos KPI que ahora aunado al cambio climatico ha repercutido en los tiempos de ejecucion de los proyectos... por lo que es importante medir los cambios climaticos para poder desglosar en lluvia o calor los rendimientos del personal de los equipos y el cumplimiento de los tiempos de procura

Instead of relying solely on static reports, consider implementing interactive and multimedia reporting methods. Utilize virtual reality (VR) or augmented reality (AR) technologies to create immersive experiences that allow stakeholders to explore construction cost data in a three-dimensional space. This innovative approach not only enhances engagement but also provides a more intuitive understanding of complex cost information, facilitating better-informed decision-making among project stakeholders.

I fully endorse the importance of timely and consistent cost reporting in construction projects. Regular reporting not only keeps stakeholders informed about financial status and project progress but also serves as a crucial tool for justifying cost performance and addressing deviations. The emphasis on clear, concise, and visual formats aligns with effective communication, making it easier for stakeholders to grasp key points. The approach to seeking feedback, approval, or support reflects a proactive strategy, essential for adapting to changes and ensuring project success. Overall, this post accurately captures the essentials of robust cost management in construction projects.

Reportar costos de manera regular y coherente es esencial en la gestión de proyectos. Esta práctica mantiene a las partes interesadas informadas y actualizadas sobre el estado financiero del proyecto, identificando problemas o riesgos que puedan afectar los costos. Permite justificar el rendimiento y la eficiencia de los costos, y documentar desviaciones o variaciones respecto a la línea base. La retroalimentación y aprobación de las partes interesadas se facilita a través de estos informes, que también sirven para futuras referencias, análisis o auditorías. Es crucial elegir formatos claros y visuales para los informes y mantener una frecuencia adecuada, usualmente mensual, para garantizar una gestión de costos efectiva y transparente.

A piece of advice: handle cost reporting with tact, as the corporate environment encompasses various types of professionals, some of whom go to great lengths to avoid hearing bad news or take it personally, leading to retaliatory behavior. In Brazil, contract addendums are quite common due to the majority of projects being tendered in an early phase, resulting in numerous unforeseen modifications. There is a risk of endemic corruption facilitation, as it becomes easier to justify claims when there is a significant deviation from the initial scope. It's not surprising that managers, estimators, and controllers among others, exhibit a noticeable level of stress and burnout in the Construction Industry (Tijani et al., 2020).

I find it useful to generate a costing sheet pertaining to preliminary project costs, then update throughtout the project applying the increased/decreased changes. This helps visualize the profit margins.

An often-overlooked aspect in real-time cost tracking is on-site data collection. In my civil engineering and project controls experience, using handheld devices or mobile apps for immediate data capture greatly enhances cost reporting accuracy. Integrating this data with systems like Primavera P6 enables a more dynamic cost management process. Equally important is cultivating a team culture that values precise, timely data input. The effectiveness of our tools hinges on how well we use the data they generate and the collaborative effort of our teams in maintaining this data.

Having access to real time costs helps leaders understand the profitability metrics. I often say, if your metrics are consistently green, you are not tracking the right one! So track your costs across all departments. I highly recommend using a financial platform for doing this vs resorting to excel( its manual and prone to human errors)

Todos os pontos s?o importantes e relevantes, garantem uma boa gest?o. Mas nada como no dia a dia estar próximo com o que está acontecendo. Gerenciar de perto, acompanhar as equipes, buscar reports e dar feedbacks garantem o controle do custo

Para empezar, hay que llevar un registro diario de las actividades en la obra y sus gastos, para esto el personal involucrado en la gestión del proyecto debe estar capacitado en el uso de las herramientas y procesos para el seguimiento de costos. Hay software en el mercado como Microsoft Project que resulta sencillo aprender a manejar y permite la generación automática de informes financieros, ello sin tener que recurrir a emplear tecnología BIM para seguimiento de costes, sobre todo con obras peque?as, aunque sin duda BIM es el futuro si se pretende la digitalización.

1. The project's cost performance relies on the type of estimation employed. Bottom-up estimation yields optimal cost performance, while analogous estimation results in the least favorable outcomes. Parametric estimation, based on historical data, is more thoughtful than analogous estimation. 2. Determining the contingency % is a crucial aspect requiring extensive industry experience. It depends on the precision of estimations, available drawing details, and market conditions. Contingency is applied at three levels: (a) Activity cost estimates, (b) work package cost estimates, and (c) management reserve. Project cost management professionals typically focus on the initial two levels of contingencies when establishing the cost baseline.