How to Keep Construction Projects on Track
Any construction project manager will tell you that the management of construction projects is no easy task. Project teams can run into more than their share of obstacles. Fortunately, with a high degree of planning and strategizing, project managers can effectively manage their budgets and schedules to overcome those obstacles. DocuWrx has come up with a list of ways you can better keep your construction projects on track and on schedule!
Monitor Your Expenses
It is absolutely essential that construction managers keep a close eye on the project financials. This means closely monitoring what was bid as well as what you actually do and the costs you incur. Tracking this will allow you to determine the accuracy of your forecast and use the information to build better estimates in the future.
A Key Performance Indicator (KPI) is a measurable value that demonstrates how effectively a company is achieving key business objectives. Organizations use KPIs to evaluate their success at reaching targets. After you have established your project goals, you can define your KPI’s! Selecting the right KPIs depends on your industry and which part of the business you are looking to track. Construction project managers must be diligent about KPI tracking and analyzing performance because it can help improve your overall decision-making and efficiency!
Have Back Up Plans
Unfortunately, construction projects are subject to a number of external forces that can put even the best planned project schedules in jeopardy. Because of this, it is absolutely vital for project managers to fully analyze their project plan before construction begins to identify potential risk and have a contingency plan in place should something happen. When contractors are not fully prepared to deal with the potential risks of a project, it can end up being quite costly.
In construction, project teams can involve large groups of people. One of the best way to stay on top of managing your construction team is to keep an open line of communication. Although it might seem unnecessary, it will save you time and effort in resolving issues later on!
Don’t Stray from Your Schedule
It is key for subcontractors to have a constant pulse on their projects. This allows for them to reach quick decisions and adjust the plan to avoid any unnecessary, costly delays. Schedule delays are one of the most common reasons for lost revenue in construction. You can avoid these issues by constantly keeping track of day-to-day progress on the project!
Constantly monitoring and accurately allocating your resources can be another way to help your team stay on schedule. If you see you are falling behind on labor, shuffle your resources and add more people the day. This will prevent falling behind schedule and will save you from incurring any monetary losses.
You and your team must be diligent about documenting all project related activities and paperwork. If expenses are over budget, you must have records that reflect the overage to defend it and get paid for the additional expenses.
Project management is a challenging task, but implementing these tips and adopting construction management software can help you stay on top of it all! By utilizing a construction software, such as TRUE, contractors can better assess risk, track KPIs, monitor progress, and stay on schedule. TRUE Construction software provides the tool to track project activities, monitor costs and ultimately deliver a successful and profitable project!