Key Takeaways:
- Understanding how cost affects the construction timeline equation is essential
- Cost, duration, and quality are the key factors in determining a project’s success
- The only measurable factor is cost
- Project Cost Management can help balance the construction equation
There are three primary variables involved in any construction project: cost, duration (schedule), and quality. The overall goal for any home construction project is generally the same: build it for the lowest cost, as quickly as possible without compromising quality.
This is where the benefits of working with an experienced and trusted Owner’s representative can make a difference. These services help settle an owner’s worried questions.
Like, what is “the lowest cost”? How can one know that a job could have been done faster? Define “quality”. Cost, construction timeline issues, and quality are all concerns that need to be addressed.
Without clear answers to these questions surrounding construction cost control, one can’t definitively determine if they have fallen short of, met, or exceeded the goal. How close one comes to meeting each of these three conditions of the goal, then, is a matter of opinion – it is subjective.
Cost, Duration, and Quality are all intertwined. For example, a high-quality product will require more time to build than a project of lesser quality. The work can be done faster (e.g., expedited construction timeline), but at a premium price, etc.
Schedules can be defined, but are notoriously difficult to maintain and track. Quality is dictated by the Plans and Specifications, which themselves vary from project to project. There are established minimum standards, so Quality can be better measured, but not universally. Ultimately, Quality is perceived.
But two things are certain:
1) No one involved wants the construction to take any longer than it has to, and
2) No one wants a low-quality product.
The result? Cost is pushed to the forefront. It can be measured easily and by almost everyone. It is flexible, affecting Cost. Cost then affects Duration and Quality down the line. Cost stands apart because it controls and can itself be controlled. Cost trumps Duration and Quality. It serves to drive the entire process, including the construction timeline. How it is managed will determine whether a Project is successful or not.
The overall goal is always the same: build the Project for the lowest cost, as quickly as possible, and without sacrificing quality. It is like a math equation. And it is construction cost control that will dictate the outcome of that equation.
By definition, Custom Construction projects are subject to change. And do they ever! Constantly, in innumerable ways. Changes to a project’s Scope of Work act as added variables to the equation, complicating it and commonly throwing it out of “balance”. Custom construction timelines, therefore, require a level of diligence that most Builders struggle to meet, much less maintain.
At Naples Custom Home Cost Consulting, we are Project Cost Management EXPERTS. We strive to strike the optimal balance between Cost, Duration, and Quality on EVERY Project. By balancing the equation and seeing it through to a solution, we deliver results that best serve each client’s unique goals and needs.
The Construction Equation Summary
Completing a home construction or remodeling project demands the ability to effectively balance the construction equation. Overspending, lengthy construction timeline delays, and subpar quality aspects of construction can all result in falling short of the project goals.
Construction project management is the answer to balancing the construction equation. From construction cost control measures to adhering to proven standards and relying on years of experience, companies like NCHCC help owners meet their home construction goals and build the home of their dreams.
Each one of the three primary factors in the construction equation must be properly managed. Improper or poor management of cost, the construction timeline, or quality leads to less-than-ideal finished projects. That is why it is necessary to effectively solve the construction equation, and why the right partner makes a difference.
Let NCHCC “do the math” for you on your Project by contacting us today.
