Construction Industry News

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Outline of Construction Financing Sources

While most contractors are generally not directly involved with the financing of a construction project, understanding the process of financing and how it relates to a construction business is extremely important.

Construction Cost Estimating: Common Sources of Errors

Few cost estimates for bidding on construction projects are made that do not contain errors of one kind or another. Too many errors on the plus side can be a major reason for a bid not being competitive. Too may errors on the minus side can cause the contractor to lose money if awarded the contract.

Equipment Maintenance Management on Construction Projects

While cost information for specific equipment operations generally varies depending on region, there are certain factors that affect cost regardless of location or ownership. Equipment management takes into account the combination of these factors. Good equipment management must incorporate a carefully planned and well-executed program, where all personnel, both understand and acknowledge their responsibilities.

Construction Progress Estimates

It is seldom that the original bid estimate to perform a particular construction activity is the same as the actual cost to do the work. It will always be higher or lower because of any number of unforeseeable factors. It is essential, therefore, if a contractor is to make a profit, to keep current on a project’s cost by maintaining a reliable cost control system.

When to Bid or not Bid a Project

The decision to bid or not bid a project is often times one of the greatest dilemmas a contractor faces following an inquiry to bid. Often times, the immediate temptation is to bid on most projects that become available in order to keep work coming in and avoid idle production.