Construction Cost Management Consultants
Keep your projects within budget with Mitchell McDermott — a different kind of construction consultancy.
Through industry-leading data insights, our decades of experience, and a relentless focus on quality and efficiency, we help companies build better.
Our professional practice in Ireland ensures all construction projects have strategic protocols in place to accommodate the ever-changing landscape of the property construction industry and ensure project success. Our quantity surveying services include cost management services to keep your future projects on track to successful completion.
Mitchell McDermott are leading construction cost management consultants in Ireland.
Choose our Quantity Surveying service for strategic cost management services.
What is Cost Management in Construction?
Cost management is a crucial element that can determine the successful delivery of your project. It comprises two areas: cost estimation and cost planning in construction.
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The construction cost estimation process is a comprehensive cash flow analysis for construction projects that predicts all the expenses for a development project with our cash flow projection service.
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Cost planning uses the analysis findings to create structured development budgets for approval.
Through strategic construction financial management, Mitchell McDermott’s cost consultant construction team develops a comprehensive whole-life costing plan. We manage construction costs to achieve cost certainty. Our building cost estimation service also includes regularly monitoring the project to maintain whole-life cost control.
Construction cost consulting involves hiring building services cost consultants to provide cost advice during the initial feasibility studies. Financial modelling consultants then come up with innovative solutions for value engineering to achieve the maximum value for your supply chain at every stage.
Here are a few different kinds of construction costs your business may run into.
Preliminary Costs
Preliminary costs refer to costs that are crucial to the running and completion of the project delivery for clients and will be noted in an initial feasibility study for a construction project. Site offices, project management, project consumables, time related costs, logistics costs, insurances, risk management teams, contractors and staff salaries can all form part of these costs in your final account.
Hard Costs
This type of cost refers to any expenses directly related to the construction project’s physical construction and tends to greatly influence your cash flow in construction. Hard costs are related to the supply chain value, such as machinery, material costs and human resources on the construction project team. Quantity surveyors can offer cost advice to clients to help prevent cost overruns in your supply chain.
Soft Costs
Soft project costs are intangible elements such as indirect services and expertise consultations. These can include professional legal fees, consultancy fees, statutory fees, finance costs, insurances and bonds, development contributions, building engineers, and permit fees. These business costs for clients can appear at any stage and can be monitored with invoice tracking.
Operational Costs
Operational costs refer to the day-to-day expenses of running a construction project and will be considered in cost modelling and change control. These business costs in project valuations can be utility bills, general building maintenance and lease agreements.
Vendor Costs
These costs refer to the payment of staff outside of your core project team. External vendors provide essential services to the construction sectors, such as security or landscaping operations.
Financing Costs
Financing costs refer to interest and other fees related to the financing of a project and are usually ongoing costs at every stage of investment. Interest rates, taxes, and insurance all form part of this element of cost management.
Remedial Costs
Part of your cost management plan includes using current data to determine risk management processes and a suitable budget in the event of needing to repair defects or damages on the project in a remediation strategy. These can be assessed in the cash flow projection of the feasibility report of a construction project.
Get expert cost management and cash flow projection services from Mitchell McDermott’s cost consultants. Call us at +353 (1) 531 0370 to find out how our construction cost consultants can help you manage cash flow and build better.
Why is Cost Management Necessary in Construction?
When it comes to whole-life costing in construction, it’s easy to lose track of the actual cost by the end of the project life. Cost management ensures that there’s a pre-approved budget and payment verification that accounts for all project expenses in a construction cash flow forecast.
Working with a cost consultancy is essential to protect budgets for clients in a variety of commercial sectors. Here are some of the many benefits of hiring a building cost consultant to perform a construction project cash flow analysis:
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Cost-effective budgeting and project management
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Construction budget tracking
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Accurate tenders and reports
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Objective advice
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Time-saving with an experienced team
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Best practice methods in costing, like regular reviews and tracking costs in real time
Our cost consultancy has in-depth knowledge of the construction industry and extensive experience in feasibility studies for clients. Our team is equipped with the right tools to inform you of any potential issues throughout your entire project lifecycle and ensure efficient management of your budget with best practice methods.
Achieve a stable cash flow for your construction project and manage finances easily with a Mitchell McDermott financial modelling consultant. Contact us at hello@mitchellmcdermott.com to build better.
Our Construction Cost Management Services
With our cost management and cash flow forecast construction services, we make sure your project is covered every step of the way. Here are some of our cost consultancy services for our clients:
Cost Analysis
Our development budget consultant team can provide a construction cost forecast for the entire development lifecycle of your project. With construction cost modelling in place, clients can prepare in advance for starting and running costs and reduce expenses to achieve the best value for money.
Contract Inspection
While building cost consultants design solutions for construction budget efficiency, we also support clients when it comes to their legal protection. Financial management in construction contracting is designed to ensure that you are getting the best value from your contractors. A cost consultancy can analyse your contracts, assist with negotiations, and make any necessary edits.
Construction Budget Advice
A construction cost consultant plays a big role in the development of your project and will advise you on the feasibility of your project with a construction feasibility study. We offer support and proposals and warn you of any potential challenges. Cash flow consulting includes development appraisals, how to get the ideal value out of a contract, planning across a wide range of tasks, and budget tracking.
Quantity Surveying
Our cash flow consultant team aims for the success of your project by assisting with a wide range of quantity-building surveying services. This includes tender document analysis and advice, estimates, and negotiations for better value to ensure the highest profitability possible for a better bottom line.
Risk Management
A construction cash flow projection includes preparing for risks that can occur at all stages and might prevent your project from being completed on time. Our cash flow projection service also involves minimising the potential risk of your investment, anticipating and monitoring any risks that may arise, and offering helpful solutions to protect the building construction cost.
Ongoing Cash Flowing Monitoring
For cost and cash flow management in construction, our comparison and review services are an ongoing job to ensure the success of your project. Our cash flow management consultancy will compare our detailed cash flow report to the actual amounts of money coming in and out of your business, and make adjustments where necessary.
Receive an accurate cash flow projection on your construction projects with Mitchell McDermott’s commercial management. Call us at +353 (1) 531 0370 to build better.
Mitchell McDermott: A Construction Cost Consultancy Dedicated to Cost Certainty
Mitchell McDermott is an independent, full-service, and data-led cost consultancy that empowers companies to build better. We’ve worked in the commercial construction sectors for decades, and our cost management consultant team understands the intricacies involved in cost management in construction works.
Through our comprehensive cash flow management and financial modelling services, we use our knowledge to guide our clients to successful delivery.
Whether this is your first commercial development or you are a seasoned developer or investor, our team have an open-door policy that encourages questions from our clients throughout the entire project lifecycle.
Our Other Construction Consulting Services
In addition to construction cost planning, which forms part of our Quantity Surveying offering, we also offer these services:
- Project Management
- Funder Advisory
- Specialist Services
Get robust cost planning services from the expert construction cost management consultants at Mitchell McDermott. Call us at +353 (1) 531 0370 to find out how we can help you build better.