“Properly managed construction budgets provide great insight into the status of the project.”

In today’s episode, I discuss good practices for managing and updating construction budgets.

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Accurate construction budgets serve as a detailed project guide.

1. Protecting profits starts with a good budget
   1. When we do an estimate it’s really a best guess
   2. That budget needs to be updated to match construction
   3. The project team needs to determine the project plan and adjust
2. Create the budget along with the plan
   1. The ops team needs to develop a project plan
   2. They also need to create the schedule
   3. These can then be referenced to create an accurate construction budget
3. The budget becomes the financial guide
   1. As you buyout subs and suppliers you have a budget
   2. When planning manpower you can reference the budget
   3. Determining the right equipment
   4. You can use the budget to track your progress and also check different scenarios