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Importance Of Finance In Project Management - Key Terms & Processes
Construction Management Finances

Importance Of Finance In Project Management: Key Terms & Processes

We’ve said it before and we’ll say it again: money makes the world go ’round! Project management is certainly not an exception. Projects are initiated because an individual or an organization wants a certain type of work done. In turn, they’re willing to pay people to perform the work. Simple, right? At it’s core, that is the essence of finance in project management – one party wants the work done and pays for it; other parties want to do the work and get paid for it. While this is project finance in a nutshell, there are many fine details to be aware of. In this article, we’re discussing the importance of finance in project management, along with some key terms and processes to know!

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Pat Finnegan November 20, 2019
Cost To Complete Template - FREE Excel Download
Construction Management

Cost To Complete Template: FREE Excel Download (ETC, EAC, BAC)

While a project is underway, it can be difficult to know exactly how the project is going financially. Workers and staff members are paid. Purchases are made. Revenue comes in, payments flow out. How is the project REALLY doing, though? The depletion of a project’s budget can be like quicksand – no one really notices until they’re already in a bit of trouble. Projects that are in full-swing require so much attention that the budget takes the backseat. In some ways this is logical – time spent monitoring the project is time not spent pushing it forward. Unfortunately though, project monitoring and control is an essential ingredient of a successful project. This article will be focused on performing a Cost-To-Complete (CTC) forecast. In this article, we’ll include a FREE Excel download of our cost to complete template!

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Pat Finnegan October 11, 2019
How To Estimate Construction Costs - A Step-By-Step Guide
Construction Management

How To Estimate Construction Costs: Our Comprehensive Guide

When discussing a construction project, one of the first things everyone wonders is how much money the project will ultimately cost. Whether it be a residential home project, a large office building or a bridge, the dollar-value of a project is important for obvious reasons. When we hear about an office building costing $50,000,000 to construct, it’s easy to be in awe of that much money. Not all of this is profit of course. In fact, the total profit kept by the companies involved may be as little as 10-15% of that, and that’s if all goes well! So how do contacting companies calculate the cost of the project? In this article, we’ll be discussing how to estimate construction costs – step by step.

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Pat Finnegan October 9, 2019

About This Topic

The cost-to-complete (CTC, ETC, BAC) is an essential process for projecting estimated costs on a project and in turn, profitability. Learn more about it here!

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