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A construction cost analysis is one of the vital requirements in determining the cost feasibility of a particular construction project. Elements within should be evaluated carefully to ensure the project is within the proposal. If you're about to work on such, here's our quick, sharp tips in making a construction cost analysis in MS Word.
Primarily, determine first the entire scope of your sample construction project. Comprehensively make a list of the potential expenditures for such. Referring to previous construction cost analysis might also a big help for you in acquiring essential financial information. Basically, you must clearly identify the purpose of the construction cost analysis that you'll be having.
Once you have gathered all the relevant details, sort these out according to their expense classification. Assess which you can label as direct costs and indirect costs. Through this, it will give you a comprehensive and concrete view of your monetary construction budget flow and the allocation of proper budgeting will also be easily feasible.
This time, it should be now easier for you to layout your essential details on a formal document. Through your preferred MS Word program, make rows and columns. Spell out labels correctly and ensure to be legibly revealed.
Once all the pertaining details are recorded in your document, calculate these now to see the subtotal costs. From your salaries, materials, inventory, and supplies, make sure that it is categorized accordingly. If there's a need to opt for estimates of cost per unit or hour, ensure that it strictly follows the industry guidelines.
Construction Cost Analysis is a procedural tool of a construction company to oversee the breakdown of expenditures of its monetary budget and other relevant company resources.
A Construction Cost Analysis must fundamentally comprise of the following but not limited to upon the discretion of a particular construction company:
1. Labor Costs - These costs pertain to the compensation to the laborers of the construction project. Costs of such must strictly align with the implemented labor laws.
2. Finance Costs - This includes the interest on loans and bank charges or fees.
3. Operating Costs - This entails maintenance costs. In terms of utility, it should include electricity, water, and fuel expenses. Insurance and quality inspection costs are also covered through operating costs.
More so, you should not neglect the taxes and revenue computation.
It helps you establish your construction proposal without being overbudgeting or underbidding. Construction Cost Analysis significantly helps you also to see the feasibility of a particular construction project in accordance with the company resources.
Direct costs are the expenses that pertain directly to the construction project such as the labor, types of equipment, supplies and materials, and the like. Meanwhile, indirect costs are the expenses that do not directly leads to the construction project but to maintain the overall construction management. This includes security, administration costs, staffing costs, and others.
It is vitally pivotal to come up with a comprehensive construction cost analysis upon the composition of a construction project. This is to help the construction company evaluate its current capacity to pursue such and to find immediate solutions to potential issues foreseen.