Volume III: Structures for Science » Handbook on Facilities » Part 4: Ways and Means » Part 4.1 Project Budget »
Handbook on Facilities
Part 4.1.2 Cost Management
- Cost planning
- Today there is great competition for dollars within a framework of shrinking budgets. The scrutiny of trustees, alumni and public officials demands greater accountability on all projects. Securing public or donor support for spending on higher education facilities requires consistently applied, efficient and appropriate cost control and schedule management.
How do you get more control of your project, budgets and schedule? What are the components of effective cost planning and management at various stages of a building project’s development? Why do some projects come in well over budget while others satisfy program demands without exceeding budget constraints? How do you establish a capital improvement budget early enough in the process for fundraising and be assured it has a realistic relationship to the final designed and constructed cost? The slides following are part of a presentation addressing these questions. The full presentation provides case studies illustrating key concepts, defines terms and strives to achieve a common language for discussing budgeting and cost management. It also contains various cost reporting methods and tools available for retrieving cost data.