The ability to successfully execute a project while staying within its prescribed budget requires the expertise, knowledge and resources that TruEst delivers. Because of their extensive experience and understanding of all aspects of construction, TruEst developed a comprehensive suite of construction management services that are designed to establish sound budgeting practices, allow for contingencies and both identify and address any cost risks.
Cost Management & Control Services
As dedicated and experienced quantity surveyors, the team at TruEst delivers clients professional cost management services at all stages of construction projects; from early phase planning through to project completion. TruEst’s cost management services include:
Feasibility studies are important elements of a construction project that provide clients with the budgetary information they need to realistically approach each project. As part of our comprehensive cost management services, TruEst evaluates both soft and hard construction costs can be included if desired. Components of this feasibility study could include site options or conditions, owner requirements, local market conditions and pertinent governmental regulations.
Budget and Cost Planning
Collaboration with the designer to ensure that the design can be reasonably fulfilled by the budget is a key factor in construction consulting services. This process begins early in the design phase and facilitates the development of a design that stays within budget and guidelines.
Design Phase Costing
Throughout the project, control over its cost is ensured with estimates of costs at different phases of the design. This documentation provides a snapshot of the design at a particular phase and can provide a realistic assumption that the project is within budget while also identifying any potential areas of concern. At this stage, any design changes can likely be made with only a minimal impact on the overall budget.
Value Analysis/Value Engineering
Developing the value analysis/value engineering segment of a project requires taking an objective look with an eye toward design optimization from numerous aspects including cost efficiency, design, sustainability perspectives, functionality, planning, life-cycle costs and more.
Tender Addendum Management
Once a tender package is drawn up and delivered to the market for bidding, it’s understood that this document is often not final. While it’s normal for the designer to issue tender addenda during the project, skilled tender addendum management is required to minimize costs and ensure that the impact of any change is known prior to a decision being made.
Change Order Review
A change order review is necessary when a change order is submitted. It provides reassurance that the progress, budget and contracts are within the parameters established. Ensuring the all change orders are reasonable is necessary before allows the change to stand.
Project Monitor/Independent Adviser
The role of TruEst as a project monitor/independent adviser is to protect the interests of the lender and owner. We do so by delivering status reports on a periodic basis that highlight any concerns regarding construction plans, permits, budgets, contracts and other elements of the project.
Professional Cost Management & Consulting
Proper evaluation and planning of construction costs are vital to the success of a construction project. Improper understanding of the processes and costs associated with each phase of the project can lead to unplanned and unforeseen expenditures and can lead to delays, hold ups in project timelines as well as unfavourable relationships between owners, partners and all parties involved.
At TruEst, we understand just how important proper cost analysis and planning can have on each stage of a construction project. We work to provide our clients with thoughtfully developed costing and budget plans, so that each phase of a project can roll seamlessness to the next.
Get in touch with the team at TruEst to discuss your cost management needs today.