Construction advisory services aid the executive management of a project to achieve the most effective project governance as well as decrease the amounts of risks normally associated with large-scaled projects. An experienced advisory service will plan accordingly and manage the project from beginning to end to improve transparency and control costs. Because a construction project is littered with financial risk taking, an advisor is recommended to decrease costs and meet set budgets.
Construction advisory services also provide the tools and techniques to the management so they can efficiently move through deadlines on time. This is important as claims often arise due to deadlines being missed. Additionally, these claims tend to cost owners large amounts of money to settle. Ironically, these claims are conceived due to the inability to finish a task at a specific deadline, yet they delay the project even further costing even more money in the process.
By nature, claims are a means to recover costs from changes or damages that weren’t originally anticipated within the contract’s terms. Upon a construction claim analysis, it can turn into a costly dispute. Advisory services work with the owner to prevent any further escalation when it comes to a claim. If a claim does happen to arise they will strategize with the client in order minimize delays as well as monitor the costs, scheduling, and development of the claim.
The Bottom Line
Construction advisory services have been aiding management teams on construction projects for years and continue to be a useful asset when it comes to leadership, managing duties, and allocating finances.
Bio: Lyle Charles, of Lyle Charles Consulting, is a construction and steel expert that has over 50 years of experience in the field.