Conceptual Budgeting
Estimating costs and potential expenses are essential before detailed plans are developed. This will help in making informed decisions and setting realistic financial expectations at the early stages of a project.
Competitive Bidding
A procurement method to streamline multiple bids where contractors will compete for a project. Project managers then review these bids and select the contractor offering the best combination of price, qualifications, and other relevant factors. This process aims at ensuring fairness, transparency, time and cost-effectiveness in selecting contractors.
Value Engineering
This process involves a systematic approach to optimize the cost, functionality, and performance of a construction project. It seeks to maximize value by identifying and eliminating unnecessary expenses while maintaining or improving the project’s objectives. This process often involves collaboration among project stakeholders to find innovative solutions that enhance efficiency and reduce overall costs without compromising quality or functionality.
