The economy is liable to take a turn without notice. The business community is therefore, not shielded from this, which brings up the question; are we prepared for a disruptor of significant magnitude? By delving deep into the quantitative data and predicting future strategies, we can re-evaluate and retrace the steps in order to prepare for substantial recovery for a disruptor of any level in the market to come by.
WHAT IS COST ASSURANCE? WHY IS IT NEEDED IN TIMES OF RAPID CHANGE MORE THAN EVER BEFORE?
Disruptors that have a global impact affect business entities of all capacities and how they make their decision regarding their financial stance. Cost assurance is the thorough analysis of all current and potential risks factor that will or could impact the overall project cost in view of minimizing any disruption to revenue generating activities and maintain tight control on all project costs. It is a structured process of reviewing all costs that have been validated and approved, prior to payment being issued, and converse all costs in dispute responding to and tracked until mutual resolution is archived.
This is especially crucial in the current economy as businesses with real estate assets must be two steps ahead and prepared for what adverse changes might be evident and affect them. Along with these factors, the positive implementations that result in success can be adhered to and strategized further.
We are in a world where commodity and resource costs fluctuate, it is imperative that costs and contracts are as accurate as possible.
TRANSITION THROUGH THE FINANCIAL PRESSURE ON THE BUSINESS GOALS: GENERAL QUESTIONS AND CONSIDERATIONS.
This would be the time that one can examine the cost and expenditure analysis, its current standing and how to plan for upcoming changes. Some of the review questions are as follows:
- What projects are cost-effective and what projects can be completed on a longer basis? Examine the complete portfolios that can aid our next steps and implementations.
- Evaluating the data infrastructure of a project for efficient and rapid sharing of information, discarding outdated policies and updating policies in regard to the current situation a project may be heading towards.
- Re-examining the audits to understand what else can be monetarily saved.
- Fact checking the business case and project objectives to meet new current and future objectives.
HOW ABBOTT CAN HELP?
As a project and program management consultancy working across all sectors of the built environment, Abbott focuses on minimizing risk and creating opportunities to maximize the value of our clients’ development and property assets. We can provide valuable insight and services to our clientele in the construction industry with:
- PROJECT MANAGEMENT. We have executed complex projects through effective planning, the right team, and rigorous controls. Our project management approach reduces risk and helps clients deliver projects in a consistent and improved manner while managing a process that is demanding and complex, especially when under acute time pressure.
- PROGRAM MANAGEMENT. Abbott works with its clients to organize the creation of the world’s largest, most sophisticated and fast-paced programs of work within the built environment. We provide independent advice, detailed support, and an unrivaled dedication to successful delivery.
- COST MANAGEMENT. We optimize cost performance at every stage throughout the program from day one. With our breadth of market intelligence, we establish project viability with a clear, robust baseline. From inception to post-completion, Abbott’s network of experts provides cost management advice that ensures value for the client, when projects come in on budget.
- LIFE CYCLE COSTING. Our team reviews the total costs implications of projects as it combines the capital costs of constructing the facility with maintenance, operational and occupational costs. This allows our clients to manage their CapEx and OpEx expenditures effectively throughout the life of the investment.
- RISK MANAGEMENT. By identifying risks at the earliest possible stage, effective mitigation strategies can be implemented to control and proactively manage risk. Abbott’s expertise in Risk Management is the key to successfully closing out of projects on time and on budget. With our systematic approach to Risk Management, we undertake a concurrent cost and schedule risk analysis that allows us to run multiple scenarios on the budget and the program.
We are 100% assured we can cater to your requirements pertaining to development, assessment, aid, troubled project recovery, along with evaluation and management of your project.
Contact us today to get the opinion of our experts and develop a strategy for your project and program. Whether the disruption is due to any factor in the industry or economy, Abbott is your trusted partner in all aspects and domains pertaining to construction project and program management.
For Further Information Contact:
Managing Principal, Project & Program Manager