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Cost management is the process of planning, estimating, funding, forecasting, managing, and controlling cost to ensure projects are completed within the approved project constraints of cost, schedule, and budget. Effective cost management enables project managers to achieve the best value for the organization, reduce risk, allow the business to make sound financial decisions and manage cash. Pangea will help you implement a project cost control system that meets your needs. Pangea delivers the cost management and controls services in partnership with ARES Prism™. Prism cost management benefits are outlined in below schematic:
CHANGE MANAGEMENT
Change management is an essential part of the management of the construction phase. Changes can come from factors such as differing site conditions, errors and omissions, construction phase value proposals, delays, or owner revisions. Regardless of the genesis, all additional costs must be analysed for merit and impact on the construction schedule.
Pangea has a formalized change management process for identifying, evaluating and documenting changes that occur during project execution. The process includes tools that assist in selecting which changes should be implemented. The tracking tools monitor the cumulative impact on schedule and budget. Pangea benefits the application of ARES Prism™ in this field too which considers a tedious approach to the change register, risk management and control, trends and approval workflows; this has been summarized in the following benefits:
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