Construction companies’ requirements are almost nothing similar to other kinds of businesses, which distinguishes them in their initial stages of generating cost estimates and other project expenses like labour and materials cost evaluation. Further which, it is converted into a quote or contract document, providing complete visibility in terms of cost estimating. Once the project expenses and approval cycles are complete, the materials are purchased, and the labour is sourced.
Apart from this, project managers are also accountable for real-time collaboration with corporate executives, or with the ones on the project sites depending on the organization’s size. Other job responsibilities include tracking accurate Job Cost estimates, communicating the financial metrics to clients, problem resolution, change order creation and making decisions about absorbing additional costs.
Performing Quality Control checks, AIA Invoicing and a schedule of values to send to clients are part of their needs as well. Finally, all of this is sent to the Accounting department, and at this stage, it can be defined as the job done as per the construction industry. The path throughout this journey is laid with complex task levels and regular updates.