Understanding Bill of Materials (BOM) in Construction Projects When managing construction projects, accurate planning and resource management are crucial to the success of the project. One of the most important tools to help achieve this is the Bill of Materials (BOM). In construction, a well-prepared BOM ensures that every single item needed for a project […]
In today’s fast-paced construction industry, efficiency and cost control are more important than ever. The lean construction approach transforms how projects are managed, significantly improving productivity, quality, and financial performance. At LiveCosts, we believe adopting lean principles is key to achieving sustainable success in construction projects. What is Lean Construction? Lean construction is a management […]
Construction projects and their management can be complex endeavours that require careful planning, execution, and proper supervision. From initiation to completion, each construction phase brings its own unique challenges and dependencies; with each needing its own unique strategy to ensure the project is completed on time and to budget. Our guide below will guide you, […]
A Request for Quotation or an RFQ in a construction project is a document that details a buyer’s requirements and asks suppliers to respond with pricing and payment terms. Request for quotations can be for supply of materials or services on a project. RFQ’s generally means the same thing as call for bids (CFB) and invitation […]
In the competitive world of construction, small and medium-sized businesses (SMBs) face unique challenges when it comes to managing costs, optimising resources, and delivering projects on time and within budget.
With the right software tools, you can easily monitor and track the delivery of materials to the site to ensure that your construction project runs smoothly.
Purchasing mistakes are increasingly common and avoiding them can save time, money and improve efficiencies within your business. Let’s get deeper into these common purchasing mistakes, and see how you can best go about fixing them. Let’s explore the 3 most common purchasing mistakes. Being reactive to purchasing Dealing with a 3 way match Purchasing […]
In a recent survey by KPMG, they found that just 31% of projects came within 10% of budget and just 25% within 10% of original deadlines in the past three years. Pretty shocking figure really. In our recent blog 5 Steps for a Successful Construction Project Budget we discussed methods of setting up an initial […]
What are Construction Overheads? Construction Overheads refers to costs that cannot be directly attributed to one project, but instead are costs related to running the company and therefore apply to all projects the company completes. These costs can also be known as indirect costs. Poorly tracked indirect / overhead costs can give you a false […]
A construction budget is a statement of the amount of money that is available to spend over a period of time, or on a specific item, such as a building. Generally they are derived from a Quantity Surveyors Bill of Quantities as a starting point. It may include an outline plan for how that money […]
