COST MANAGEMENT

Providing cost management solutions in accordance with the approved budget.

Cost solutions for effective planning and control of project budgets.

Proper project cost management ensures that funding is properly managed and monitored, in accordance with the approved budget. Our cost management systems provide clear visibility of project costs, revenues, variances and progress measurements. Permitting for timely corrective action to keep costs within acceptable limits.

Cost management is integrated with estimating, scheduling, and reporting for better project control and shortened decision cycles. Actual costs are tracked and analyzed for productivity, cost escalation, real-time cash flow analysis, and earned value.

Our integrated cost management service:

Efficiency

Fast and efficient cost reporting

Reliability

Increased cost accuracy

Integrations

Streamline workflow and increased response times to information

Reconciliation

Ongoing reconciliation throughout the project lifecycle, improve profit margins

Our Integrated cost management system allows for greater control and assurance that budgets will be managed in accordance with the project cost plan.

During project planning SPS compiles a project cost plan using the construction schedule and scope to establish when, and what project funds will be spent on. As construction advances the actual costs integrated with schedule and actual progress are compiled and evaluated against the project cost plan. Where applicable corrective actions are identified and assess to recover the project cost plan.

SPS manages the project budget within a master database in accordance with the project cost breakdown structure. The software is synchronizes the budget with all the applicable project information to provide integrated access for reporting and analysis.

As construction proceeds expenses are recorded, monitored and reviewed against the cost management plan. Actual and forecast costs are reported to the stakeholders at pre-defined intervals. The information In SPS-insight software tracks actual materials and labour usage and compares it against the project plan. When projects are completed the estimated and actual costs are analyzed and this data is made available for future cost management budgets going forward. Tracking cost linked to actual work completed allows for automated cost- effective invoice reconciliation in real-time during the course of the project.

Based on project construction contract requirements, SPS provides invoice generation and reporting as part of cost controlling.

Having integrated cost data allows for the analysis of contractor unit rate invoice submissions, applicable construction contracts, and construction progress as a unit. Unit rate invoices are evaluated and processed in an automated system.

The automated validation software performs the tedious task of checking costs based on contract values and construction progress; and identifies where adjustments are necessary to correct expense errors. Rapid turnover of cost validation improves contractor cash flow and project cost health. Owners and contractors are ensured that costs are applied equitably and accurately, reducing the need for claims and extensive post construction audits.

The validation process is fast, auditable, and cost effective. Invoice validation provides full visibility and transparency for the supply chain, saving administration time and reducing project costs.

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