21
January
by Jeffrey C Kadlowec, Registered Architect Cost management directly affects the profitability of construction companies. Market economy adds uncertainty to an industry with a substantial amount of inherent risk (Zhou 2023). Long project timelines in particular can be heavily impacted by market fluctuations that affect material and labor cost. Negligence in cost estimating and failure to address the importance of these hidden costs may result in considerable financial losses. Properly managing and optimizing estimating strategies will maximize profits for contractors allowing them to perform quality work for property owners. Big data technology and the internet of things are becoming integrated.
