What are the benefits of Forecasting and Reporting?
The main benefit of Forecasting and Reporting is that the Cost of the Building Project is monitored through-out the Building Project.
This means that as long as there are no major changes to the Scope of Works and/or Variations then the costs should be in accordance with the Estimates.
Another benefit of Forecasting and Reporting is to make sure that key Milestone stages of the Building Project are being met.
In a Residential Building Project, these Stages can typically be: when the Floor Slab is poured, when the Framing is up, when the Roof is on, lock up and Final Completion. It doesn’t have to be exactly at these Stages but having some key Milestone Stages agreed to before Construction begins allows the appropriate value payments to be made through-out the Building Project.
Delays on the Building Project can sometimes occur for many reasons including problems with the supply of building materials and adverse weather conditions, but these can be adequately accommodated by adjustments to the Building Project Program.
To maximise the benefits of Forecasting and Reporting, it is important that experienced and qualified Building Cost Consultants are used, such as Quantity Surveyors and Estimators to ensure that your Building Project is a success.
If you require a Cost Consultant for Forecasting and Reporting on your Building Project, tell us what type of Building it is and we will find appropriate Quantity Surveyors or Estimators for you.
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It can save you lots of money, time and effort.