Initiation is the beginning of a project and the most critical because decisions are made to move the project forward. During this phase, the project is defined; high level goals/objectives are established; and the feasibility of the project is evaluated. The following are examples of “cost” activities during this phase:
Pre-construction is the planning and design phase of a project. Schematic design, design development and construction documents are generated. This phase offers the best opportunity to mitigate risks. Project cost is agreed upon by the end of this phase. The following are examples of “cost” activities during this phase:
Construction is the execution phase. The building is constructed and verification via photo documentation and site visits is ongoing to ensure construction documents are followed. Scope, schedule and cost management are vital in keeping a project on time and within budget.The following are examples of “cost” activities during this phase:
The close-out phase of a project is completed before turning the building over to the owner. Building commissioning is a critical step in this phase along with punch list management. Deliverables are finalized and transfers made to the owner. Closing out promptly and not dragging out this phase is always the goal. The following are examples of “cost” activities during this phase:
The warranty phase of a project starts at substantial completion and usually lasts twelve months. If issues are identified with work performed during construction, the contractor will be responsible to remedy the issue by repairing or replacing within the warranty period. The following are examples of “cost” activities during this phase:
The audit phase of a project is when external or internal auditors examine the project’s financials, risks, internal controls, contractual compliance, construction documents, procurement process, safety measures and various other aspects. An audit ensures the project was managed in accordance with applicable laws, regulations, and policies. The following are examples of “cost” activities during this phase:
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