Costing construction projects can be a major challenge for project managers to get right. Between human error, constantly shifting market forces, changing customer briefs, and siloed base data metrics, construction companies regularly struggle to effectively and accurately enact a nimble financial plan. This leads to these companies being forced to hire additional workers or spend more time on a project than initially intended.
In this article, Tom Stemm – Founder/CEO of Ryvit – notes that costing challenges have been so common in the construction industry that cost overruns have become a normal part of conducting business, and the article provides three common challenges construction companies face when attempting to accurately estimate project costs.
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