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How to Make a Construction Analysis?
A construction project consists of different phases from the initiation phase down to the completion phase. Breaking down the activities composing the project into manageable chunks and preparing the estimate of resources and cost required for each step is a must. According to Linkedin, this makes it easier for the group to effectively accomplish its deliverables by accurately projecting the cost of each material and labor used for each activity. This, in turn, makes managing the progress and productivity of the group easier.
Learn more about how to make a construction analysis by reading the rest of the article.
1. Determine the Objectives of Your Project
Ascertaining your goals is a critical process in your project. Not knowing your objectives may result in a lot of errors and delays as your project progresses. Weigh your options on how you may achieve your goal and decide on a strategy to materialize your construction plan.
2. Analyze Your Project's Strengths, Weaknesses, Opportunities, and Threats
It is essential to analyze your company and your competitor's strengths, weaknesses, opportunities, and threats for you to know your project's construction feasibility. Check for any risks and gaps found in your project and provide the necessary treatment and corrective actions for it.
3. Provide the Necessary Budget for Your Project
Check your construction finances and prepare the required budget for it. Breakdown the activities in your project and make estimates with how much each task may cost. Make sure that it is sufficient to support your residential construction and commercial construction projects.
4. Review and Finalize Your Analysis
After organizing your content, review, and finalize your document. Make sure that your analysis contains your company name, your project's name and objectives, the people responsible for the project, your analysis. Remember, don't forget to include your construction budget in your document.
Frequently Asked Questions
What is construction cost analysis?
A construction cost analysis provides a comprehensive breakdown of all the expenses incurred in performing a construction project. This document helps the group plan, administer, and manage the entire operation, checking the effectiveness and efficiency of the project's budget and the profitability of the organization.
What are the five phases of construction?
1. Initiation phase - evaluates and determines the feasibility of the project
2. Planning phase - details the objectives and budget of the project
3. Execution phase - implementation of the project plan
4. Monitoring phase - tracking and management of the project's progress
5. Completion phase - finalization and cleaning period of the project
How do you write a SWOT analysis?
1. Determine your project's objectives
2. Identify your organization's strengths, weaknesses, opportunities, and threats
3. Check your competitor's strengths, weaknesses, opportunities, and threats
4. Organize your data
5. Draw out the conclusion from your analysis
What are the elements of SWOT?
1. Strengths - factors that increase the competencies, profitability, and productivity of an organization.
2. Weaknesses - factors that reduce a company's productivity, sales, and success rate.
3. Opportunities - a potential increase in sales, productivity, and other benefits a company can achieve.
4. Threats - potential harm and unfavorable changes to a business such as an increase in competition and inflation.
What is the importance of a construction cost-benefit analysis?
A construction cost-benefit analysis estimates and totals the equivalent money value of the benefits and costs of a project, such as the construction of highways, dams, bridges, and other buildings. This document evaluates the worth of your capital investment for a project and its feasibility. At the same time, this establishes your project goals, quantifies the effects of the stakeholder's decisions and the changes in the project.
