As you know, one of the biggest challenges that companies in the construction industry face is cost overruns. These overruns can occur due to a variety of reasons, such as changes in design or scope, unexpected issues or delays, and poor management of resources and materials.
Cost overruns can have a significant impact on the profitability and success of a construction project. They can cause projects to go over budget, delay project completion, and damage the reputation of the company. However, by implementing proper Project Controls systems and processes, companies can better manage their resources and ensure that projects are delivered on time and within budget.
Project Controls is a set of procedures and tools used to manage cost, schedule, quality, and safety on construction projects. By implementing these systems and processes, companies can monitor project costs and progress, identify potential issues, and take corrective action to keep projects on track.
One key component of Project Controls is cost management. This involves tracking project costs and ensuring that they are within the approved budget. By monitoring project costs, companies can identify potential cost overruns and take steps to address them. For example, if it becomes clear that a project is going over budget due to unforeseen circumstances, the company may need to renegotiate contracts with suppliers or make changes to the project scope to bring costs back in line.
Another critical aspect of Project Controls is schedule management. This involves tracking project progress and ensuring that it is on track to meet the project’s timeline. By monitoring project progress, companies can identify potential delays and take corrective action to ensure that the project is completed on time. For example, if it becomes clear that a project is falling behind schedule, the company may need to increase the number of workers on the project or adjust the project schedule to ensure that it is completed on time.
In conclusion, you already know the pain points of cost overruns in the construction industry. By implementing proper Project Controls systems and processes, companies can better manage their resources and ensure that projects are delivered on time and within budget. By managing costs, schedules, and quality, companies can deliver successful projects and maintain profitability in a highly competitive industry.
Our Project Controls professionals are available for a free 30-minute consultation to discuss how project controls can benefit your business or projects, or to review and improve your existing processes. Don’t hesitate to book your call today.
MicAyla Inc. offers customized project controls services for construction companies and projects in various sectors. With over 150 years of combined experience, we use the latest in technology and best practices to provide highquality solutions that prioritize safety, sustainability, and accuracy.
With over 27 years of experience, including 15 years as a Project Controls Professional, Caroline has a proven track record of developing and implementing cost controls in capital programs and projects, with a focus on the oil and gas industry. Her expertise is particularly extensive in the Gulf of Mexico (GoM) and the downstream sector. She is the creator of the Estimate to Complete/Estimate at Completion workbook, which enables the accurate forecasting of project performance upon completion. Caroline has been recognized for her exceptional performance, receiving both the Core Innovative Award and Outstanding Employee Performance award. Additionally, she provides valuable mentorship to the Cost Control team.
Thomas has over 34 years of experience in project management, project service, and controls across a range of sectors, including oil and gas, infrastructure, buildings, power, petrochemical, and commercial construction industries. He possesses hands-on expertise in all phases of EPC work, from FEED through execution and closeout, and has extensive experience in contract administration, scope development, and execution. His work includes both onshore and offshore projects, as well as upstream and downstream operations. His technical proficiency is complemented by field construction experience.
SME in Planning and Scheduling, Project Controls, Risk Analysis and Claim Mitigation. Experience writing and auditing Project Execution Plans (PEPs) and Procedures. Expert use of industry software including Primavera P6 and MS Project. PMI Cost Management REP.
Project Services/Controls /Manager on the following Oil & Gas major projects:
Schedule Risk, Cost Risk, and Claims Management assignments include: