Based on the project estimate, project management team set up detailed and interlinked project execution plan, taking into consideration the contractual time schedule. After establishing the Project Execution Plan and adjusting it to the specific needs of the project, the project management team can set certain priorities, which will be monitored more closely. Examples of those integral parts could be as follows:
Detailed analysis of design progress
Cost per specific section; per quantity or pertime (cost/performance ratios e.g. per floor)
Detailed cost split (wages, material, equipment)per section or certain parts of the construction
Proportion of direct to indirect costs
All required information will be consistently collected from various sources, e.g. planning, accounting, and site management. All data will beentered into a system on a weekly basis. Basedon this system, a detailed analysis of cost and performance will be prepared, leading to a monthly updated forecast of the final cost.
Efficiency of labour working hours, including development of actual paid wages.
Development of metarial costs including ratio of wasted metarial.
Efficiency of equipment used plus hourly cost per equipment.