The key principles and components of our budget & cost management services include the following:
- Resource planning: This is the initial stage of a project where the resources required to complete the project are determined. These may be physical materials, information assets or human resources.
- Cost assessment: Involves analyzing the costs associated with a project, including labor, materials, and other expenses. This is an important part of planning, since the further the project progresses, the more difficult it is to adjust the estimate.
- Cost budgeting: This is the process of allocating estimated costs to various components of a project.
- Cost control: Involves monitoring actual project costs and comparing them with budgeted costs. Any deviations are identified and corrected to ensure the project remains within budget.
- Cash flow forecasting: This involves forecasting the cash flow requirements of a project to ensure that sufficient funds are available to complete the project.
- Cost reporting: This involves providing regular project cost reports to stakeholders including Clients, Management, Investors and other Stakeholders.
- Final account agreement: This involves agreement on the final account for the project, including any changes or variations that may have occurred during the course of the project.
- Cost auditing and peer review: This involves reviewing project costs to ensure they are accurate and reasonable and that the project is being managed effectively.
These components are aimed at effectively managing and controlling costs associated with running a business or specific projects. EK Innovative Engineering offers a wide range of services for cost management and forecasting, negotiations, tenders, contract management, value optimization, change management and much more, covering the full range of public and private sector projects.
Our consultants focus on accurately forecasting the capital costs of asset investment programs and projects, as well as all the financial impacts that real estate or infrastructure assets have on the Client’s business model – at the beginning of the project, during implementation, upon completion and throughout the life of the asset. Our Cost Managers and Quantity Surveyors provide Clients with the benefit of confidence in cost management, including construction and infrastructure projects, energy, education, and healthcare. All our cost management services are provided in accordance with standards such as ISO 90001 and etc.
To find out more, please contact us at info@ek-innovative.com to receive information from experts competent in the respective field.