Project management typically includes planning, monitoring, coordination, and execution of a construction development. Every aspect of a construction project requires processes and management by a dedicated and experienced project management company. Having a deep understanding of the principles of construction is imperative along with a multitude of other skills including finance, mediation, and law.
There are several outlines a project manager has to pay close attention to. Some of them are:
1) Sub-contractor bids – These bids are either submitted on a lump-sum or unit-price basis. A lump-sum bid refers to the total price of work by the contractor. Unit-price bidding is used in projects where the amount of labor and materials is uncertain.
2) Cost control monitoring – As the development begins, project managers need to quickly create a process to monitor project costs. The sooner the cost-control monitoring phase begins, the faster the project managers will be able to identify trouble spots. For example, if an item is significantly more expensive than the estimate, the development manager should identify the reason for the difference and see if that cost increase affects anything else in the budget.
3) Project Accounting – The Developer manager and/or the agency's accounting department will have to develop the development budgets and record, report, and review all outgoings. The cash flow needs to be closely monitored and any unexpected expenditures need to be clarified and approved by the clients.
Developer managers need to ensure all obligations to the client are met and also tie up any loose ends. The team formally completes any remaining contractual obligations to finish the development and they may also create a post-project review or a development completion report.