5 Indicators of Successful Construction Projects Part 2
Taking on a construction project and planning it properly is a tremendous undertaking. It can be a challenge to set proper expectations and keep everything on track especially with today’s ever-changing industry. Although there’s no full-proof way to avoid the unexpected 100 percent of the time, construction teams can band together to fail-proof a project. This second article will continue our list of the elements that make a project a success. Please read part one, and feel free to reach out to a West Palm construction lawyer for all of your legal and contracting needs to ensure your projects are fruitful.
A Sound Budget and Accurate Estimates
Construction projects involve a variety of costs. A comprehensive budget and accurate estimates will keep your project within budget. Budgeting also helps you prepare for the unexpected, such as hidden cost, owner modifications, and delays. Detailed expenses, projected costs, and a payment plan are key to keeping construction costs from getting out of control. Whether the project you undertake is small or large, consider the following items in your budget estimations:
- Bid development
- Site preparation
- Legal and management fees
- Contingency allowances
When estimating, it is important to think about hard and soft costs. Miscalculations, errors, and omissions as well as overpricing or underpricing a project will lead to financial headaches.
The construction industry is embracing technology more than ever. The industry is ripe for innovation. Still, there are many professionals who are committed to traditional methods that entails keeping track of mounds of paperwork and endless spreadsheets. However, those who fail to modernize their current processes will continue to see a decline or lackluster performance in efficiency and productivity, both of which come at a great cost. The following technologies are helping to change the course of the industry for the better:
Mobile technology: Apps allow for greater communication and real-time updates whenever and wherever.
BIM: Building information modeling is a digital representation and shared source of information for a facility. It manages the physical and functional information of a project.
Drones: Drones collect information in hard to reach places and monitor workforce and logistics more quickly and accurately.
If you would like to speak with a West Palm construction lawyer, please contact us today.
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.