Written by Lyle Charles
Companies that offer construction advisory services provide professionals with industry experience that will help your business in the areas of engineering, architecture, business, accounting and law. Construction firms may find it difficult to handle the complex challenges that arise on capital projects. Therefore it is advisable to seek advice when needed from professionals, to avoid project delays that can be costly.
Most construction advisory services offer the following services for capital project delivery:
Project cost control and financial control – These professionals will assist in conducting construction project cost and financial control analyses periodically during the performance. Plus they will also look at financial aspects, after project completion and ensure that clients receive the projected return on investment.
Project management assistance and oversight – Professionals in this area will assist to manage projects effectively in order to increase the probability of successful completion. They will also look into delays, costs, overruns, and claims.
Contract cost and performance audits – Some company’s who are qualified will be able to perform construction audits, cost audits and performance audits. This ensures that the owner-client will only pay the construction costs that are incurred by the contractor.
Cost segregation – This process should start at the beginning when a property is purchased. Experts will identify, separate, and reclassify qualified real and personal property into smaller segments according to the law.
Construction expert witness – Expert witnesses can be provided for construction firms that have been faced with legal claims on issues such as delays, construction faults etc.