A construction project can only be successful with the right budget in place. You need to be able to pay for the cost and expenses a construction brings about. Not only that you need to also consider emergencies and unexpected costs. Even with a set budget in place, you need to ensure that every expense is carefully monitored. And to do so, a construction project budget tracking is a great tool that can help you keep an eye on the financial activity of the project. Being able to manage and track expenses is what keeps the project within a budget. To learn more about this, let us discuss this further below. And if you need templates, we’ve got a list of construction project budget tracking samples that are downloadable for free on this page.
10+ Construction Project Budget Tracking Samples
1. Construction Project Budget Tracking Template
2. Beach Construction Project Budget Tracking
3. Construction Project On Budget Tracking
4. Construction Project Budget Tracking Worksheet
5. Sample Construction Project Budget Tracking
6. Construction Project Budget Management Tracking
7. Pre Construction Project Budget Tracking
8. Construction Project Accounting Budget Tracking
9. Construction Project Budget Tracking Analyst
10. Construction Project Budget Progress Tracking
11. Construction Contract Project Budget Tracking
What Is a Construction Project Budget Tracking?
Before any project could begin, one of the most important elements that is needed is the budget. Is there enough budget to ensure that the project will be completed on time? For construction projects, it is essential that during the project planning stage the project manager and other decision-makers are able to come up with a method that could help track and monitor every construction-related expenses. Without one could risk delays or worst case scenario an indefinite postponement of the project. So, what is needed here is a reliable construction project budget tracking method that will help the project manager monitor and control the expenses during the course of the entire project.
How To Track a Construction Project Budget?
Basically to make sure you are within the budget would mean monitoring each and every expense. And for complex projects such as constructions, it is quite important to do so. Manually tracking can be difficult, although not impossible but nowadays, there are several ways to control your budget and stay on track. So, here are different tips to help you track and control the budget for a construction project.
1. Narrow down the Expenses
Narrow down all the possible expenses and estimated costs, which are pretty much being discussed initially during the early stages of the project planning. Make sure to consider other variables that may add to each expense. To create a budget, you’ll need to estimate the cost of all the tasks that make up your project, including all the resources needed to execute them.
2. Resource Usage
To keep your budget on track, you need to also monitor the resource usage–which would basically consist of the labor, utilities, equipment and etc. Consistently revisiting your resource usage helps give you an accurate status of your schedule and budget.
3. Checking on the Schedule
A project’s schedule is important and this must be constantly monitored and checked. This will provide project managers data regarding any activity-coordination problems, resource conflicts, and cost overruns.
4. Assign Someone to Help Monitor the Budget and Expenses
It would be so much better if there is a dedicated member of the team who will be in charge of ensuring that each expense is properly monitored and accounted for. And that everything is still within the targeted budget.
5. Establish a Tracking System
A tracking system can help efficiently monitor and keep track of every construction activity. You may check on different software that is applicable for the project. Or by using our templates here on this page.
What is a Cost Estimate?
A cost estimate is a process of forecasting the cost and other resources to be used in a project.
Why Is a Budget Important in Project Management?
It is important because proper budgeting will help get approval from decision-makers and ensure funds are ready at the time when it is needed. Also, it helps set expenditure expectations.
What Does a Project Manager Do?
A project manager is in charge of the daily management of a project, which includes planning, executing, monitoring, controlling, and closing out projects.
Failure to properly track and monitor every expense and budget can only result in a number of issues that may compromise the whole project. This is why a project manager and the team must take their time and focus their efforts on this task.
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