Course Overview
This course explores the demands of cost control on construction projects, what causes errors and uncertainty and ways to gain control. Systems are outlined for tracking actual spending against budget, even while projects are underway. We look at how to use information to win a better result on current projects and improve financial planning for future projects.
The key to managing job costs is accurate timely information that can match spending to budgeted amounts. Trying to figure out what happened after the fact is no way to improve. These systems are not standard features of accounting programs. You may need to develop them for yourself. This course is intended to help you implement cost control systems and make them work for you.
Topics Covered:
- Where inaccuracies arise, what makes cost tracking difficult
- Relating your job profitability objective to company performance
- Deriving useful lessons, even from missed objectives
- Understanding the limitations of conventional accounting
- Understanding the limits of construction software. How to make it work for you.
- Methods for monitoring costs in real time
- Matching actual to budgeted job costs
- Matching spending status to job status
- Taking advantage of Purchase Orders
- Some cautions about Cost Plus / Time & Material work
- Non-financial causes of cost overruns and how to prepare
Learning Outcomes:
- Know how to zero in on where cost overruns occur
- Monitor costs and budget status closer to real time and
- Assess spending versus budget for specific phases of project
- Connect more effectively with the whole management team
- Understand how to continuously learn from each job and improve for the next
- So that your control of job costs continues to get better over time
Who Should Attend
Appropriate for those who are accountable for job profitability, Owner Operators, General Managers, Project Managers, Estimators, and Trade Contractors will all find useful guides to improve their oversight and control of job costs.
This workshop is total 7 hours in duration, and is worth 1 Gold Seal credit.
OR Aug. 14 & 15, 2024 Wed. & Thu. 9am - 12pm ET
OR Oct. 23 & 24, 2024 Wed. & Thu. 9am - 12pm ET
OR Nov. 28 & 29, 2024 Thu. & Fri. 1pm - 4pm ET
MMI Professional Services
After years advancing business skills among owner-operators within a franchise contractor network, Steve established MMI to bring those lessons to construction contractors in general. As one of three accredited training providers, MMI has guided hundreds of Ontario builders toward certification by the Tarion New Home Warranty Corporation and the HCRA licensing authority. Steve is a member of the TCA and the CHBA. As the Education chair at Toronto RenoMark, he spearheaded the introduction of their Professional Renovator Education Program.