Managing Time and Budget in Construction Projects

May 10, 2022

When it comes to construction, the phrase “time is money” can be applied quite literally.

Between the costs in time and budget, missing scheduled milestones can rapidly add thousands of dollars to a project. Having the right resources at your disposal can be crucial to the efficiency, sustainability, and success of your project.

Pre-Construction Due Diligence to Start Your Project Right

Before even breaking ground on a project, due diligence is required to ensure the land you are breaking ground on is safe. Pre-construction due diligence can save time and money, provides a comprehensive view of your site, your project plans, and more. At EBI, we help our clients with an array of needs during the pre-construction project phase, including:

Pre-Construction Needs

  • Facility decommissioning
  • Demolition oversight
  • Soil pre-characterization for pre-construction strategies
  • Construction-related remediation specifications and contingency plans
  • Soil and Dewatering Management Plans

Construction and Redevelopment Needs

  • Underground storage tank (UST) and aboveground storage tank (AST) decommissioning and closure
  • Contaminated soil characterization, management and disposal
  • Construction dewatering permitting, management, and disposal
  • Remediation system design, installation, operation and maintenance
  • Design and installation of sub-slab depressurization systems (SSDS)
  • Air, dust and noise monitoring
  • Design and installation of contaminant vapor barrier systems
  • Environmental health and safety
  • Brownfield redevelopment and tax credit services

Prioritizing Communication and Decreasing Rework

Prioritizing effective communication is paramount in construction projects to mitigate errors and minimize rework, which can significantly inflate costs and cause delays. Studies have shown that construction workers spend a considerable amount of time each week on counterproductive activities such as resolving conflicts, searching for information, and redoing work. These inefficiencies collectively cost the industry billions of dollars annually.

To address these challenges, it’s crucial to invest in the right project manager. Research indicates that nearly half of all rework stems from inadequate communication among project stakeholders and poor project management. By ensuring clear and open communication channels and appointing experienced project managers, construction firms can proactively tackle issues, streamline processes, and ultimately enhance project outcomes.

Construction Loan Monitoring: Monitoring Costs from the Start

Understanding where most rework issues arise allows all parties involved in a project to proactively avoid rework costs, even during the preconstruction process. To minimize errors and additional costs, work with a Construction Loan Monitoring (CLM) project manager  from the start of the project. With an experienced CLM professional to conduct an up-front cost and plan review, provide ongoing monitoring during the construction phase, and closeout the project, you have a greater chance of minimizing additional costs.

Hiring an experienced construction professional prior to the start of a project to identify any potential red flags decreases the chances of costly mid-project changes. Upfront assessment of project plans by an experienced construction professional can minimize costs in the long term. Having this expert centralize progress monitoring and quality assurance can greatly assist in keeping project budgets and timelines on track. For more on EBI’s Construction Loan Monitoring services, contact our experts today.

Construction Plan & Cost Reports: Minimize Waste with Upfront

EBI’s CLM team has provided Construction Plan and Cost Reports (CPCRs) to diverse clients, providing helpful insight prior to project kickoff and ensuring the practicality of construction documents, milestones, and schedules. Our construction professionals regularly conduct monthly Construction Monitoring Reports (CMRs) to track construction materials, monitor code compliance, and provide detail on project status, including draw reports, if applicable. Our knowledgeable professionals collaborate with all parties involved to find the most mutually beneficial solutions to any issues that arise.

Experts for Every Step of a Project

Whether you need site investigation and remediation before a project begins, a project manager for the course of a project, a CPCR, or construction loan monitoring, EBI has the experts to guide you through every stage of a construction project. Connect with our experts

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