Unfamiliar with the practice used in project management known as a “take-off?” The term take-off is a critical cost evaluation tactic introduced in the early stages of a project’s conceptual design, and one that can be adjusted throughout the lifecycle of a project. Effective project management firms remain focused on evaluating the requirements of each individual project, while keeping the client’s budgetary requirements at the forefront. Cost saving techniques used by the management team vary from project to project but certain core principles remain critical to the success and timely outcome of a project.
A detailed take-off can both cut costs, as well as save time for a client. Whether working on large scale development projects or smaller scale relocations, the first step is to detail the prices and quantity of materials associated with each phase of a project. Project manager’s use their knowledge of the industry to compare market prices for various goods and services to provide clients with the most accurate and up to date cost projections. Estimates used by project managers are often based on square footage, ROM (rough order of magnitude), and other quantitative analysis tactics. Therefore, it is crucial to have a precise understanding in the early stages of development of the amount of material, labor, and any other resources that will be required. Effective project managers are able to accurately estimate quantities of materials needed for their clients based off of preliminary square footage, as well as any specific needs of the customer. By drawing on their prior experiences, similar projects, and strong relationships with vendors project managers are able to make the necessary and informed decisions to satisfy their customers’ needs and exceed their expectations.
Understanding the budgetary allowance for each phase of a project helps to minimizes the negative impact that could arise as a result of any unforeseen circumstances during the construction process. This could prove costly in terms of both money and time if not accounted for. A project management company’s engagement in all aspects of the early stages of a project is a key differentiator in fulfilling and exceeding customer expectations time and again. The cost evaluation process implemented by successful project management firms is integral to ensuring a project remains on track for it’s target completion date, stays under budget, and exceeds customer expectations. The benefits of a thorough and accurate take-off cannot be overstated.