Risk Management is key practice in all construction. This mobile computing app helps all project shareholders proactively manage one of the largest risks - cost overruns.
The app uses versus physical units completed (versus estimated units) to calculate the percent complete. This is an accurate method to calculate construction progress. The other variable - labor hours expended to date (versus estimated labor hours) - produces the cost to complete. In other words, it projects to the end of the job the cost rates and / or labor productivity.
Additionally, labor cost can be used separately or concurrently in the app.
Tasks items should be assembled construction items that are easy to measure. Some examples of these are 1) linear feet of wall 2) square yards of paving 3) square feet of forming 4) linear feet of duct 5) units installed.
Also when setting up a project, each task item should have a separate line that includes task setup and clean up. This assures that each work item does not suffer from an excessive learning curve at the beginning that makes the projections very inaccurate during the first part of the task.
The resulting worksheet may be emailed or printed. This allows daily updates and close monitoring of potential cost overruns.
This app can be used by contractors, sureties, funders and owners to manage cost dynamics of a project. That is, an early and ongoing projection of cost-to-complete and cost-at-completion