4castplus Blog

4castplus Blog

03 3, 2017

Key Strategies for a successful Competitive Bid Analysis When Awarding an RFQ

Analyzing Vendor Bids

The final stage of any Request for Quote (RFQ) or Request for Proposal (RFP), is the process of awarding the contract to the successful bidder. A key part of this stage is when the buyers collect all the information together to compare the various bids, along with the technical & commercial details of each.  This can be a challenging and time-consuming process if your buyer team doesn’t have the right tools to help perform that task.

What is a Commercial Bid Analysis?

The purpose of the Competitive, or Commercial Bid Analysis (CBA) undertaken by the procurement team is as follows:

Read More
26 26, 2017

Top 9 Signs you need Construction Cost Tracking Software

If you’re like most companies that run construction projects, you know that getting accurate and real-time cost data from the jobsite can present many challenges. If you’ve never considered a software system to take on the heavy lifting of that process, here are the top 9 signs you need construction cost tracking software.

Top 9 signs you need construction cost tracking software and how 4castplus can help:

#1.  You have way too many spreadsheets 

Your Site Foremen probably use one or more spreadsheets to capture the daily hours and activities of your crews and equipment for each of your jobsites. You may also have a few contractors working for you that submit their spreadsheet to your site personnel for approval. Then there are the expenses, documents, scanned receipts, safety and inspection reports, etc. that you need to include into the mix, and if you’re a contractor yourself, everything needs to be combined and organized for your client’s Site Superintendent to sign and stamp.

Read More
08 8, 2016

Subcontractor Performance Management

If you are hiring subcontractors to work on your projects, you likely want to keep track of how they are performing for you.  Being able to objectively measure subcontractor performance is critical for project managers, so that they can make key decisions to keep their projects running smoothly. However, subcontractor performance management is difficult if you don’t have the right tools in place to measure productivity.

Read More
31 31, 2016

Using CPI Forecast to Predict the Performance of Your Project

4castplus Construction Cost Tracking Software - Using CPI Forecast to Predict the Performance of your Project

Before I get started on the details, I’ll give you a quick definition: A CPI Forecast allows project controls professionals to predict the performance of their project using a subjective CPI value rather than the calculated CPI that’s determined based on past performance.

Read More
29 29, 2016

How to Design the Best Cost Coding System for your Project

Project controls professionals can spend endless hours discussing, debating and tweaking the required codes for their project and for good reason; there are so many layers to consider in designing the ‘right’ cost coding system.  

Find the Right Cost Coding System for You

Read More
01 1, 2016

What’s the Difference: Estimate-to-Complete and Forecast-to-Complete

Predicting the future is what we’re all about. But when do you use ETC versus FTC – and what’s the difference?

Read More
29 29, 2016

Mistakes Happen – Adjustments and the Clean-up Guys

With the hundreds of people entering data into the system every day, what are the chances that a day will ever go by when all the data is entered perfectly – without a single mistake?

Read More
07 7, 2016

4castplus e-LEM Solutions - Vendor Portal

Tracking Daily Costs from the Jobsite is challenging enough when you're tracking your own people. What about when you have to track your Vendor LEM costs as well?

Getting all the daily cost data together from multiple sources can be a time-consuming and error-prone undertaking if you don't have a software solution to automate the process. 4castplus eLEM solutions for Vendor Tracking simplifies and streamlines the gathering and processing of daily jobsite costs. Check out the brief presentation below to get a glimpse of the new Vendor LEM Tracking and Portal.

Read More
04 4, 2015

EVM Explained: Planned Value

Many EV professionals would argue that Planned Value is one of the most important metrics in earned value analysis.  It provides the critical benchmark from which numerous other metrics are being compared.  

To give you an idea of what PV is, consider the example where you have a $1 million project that is scheduled to take 10 months to complete. An important aspect of project controls is to be able to plan out how that $1m will be spent over the 10 months. It obviously won’t be spent in one single lump. Neither will it be spent in an even, perfectly distributed rate over the 10 months.

The project spend will follow an uneven pattern – loosely following the schedule of activities and purchases that occur over the project’s duration. Planning the budget over the project’s timeline is called Time-Phased Budgeting. Planned Value is the value of scheduled project spend at a point in time of a project's duration.
Planned value is also referred to as Budgeted Cost of Work Scheduled (BCWS).

Read More
24 24, 2015

That Crucial Bond between Project Controls and Project Procurement

On any major project there will be strong ties between Project Controls and Procurement to ensure there is sufficient budget to cover the requisitioned and committed costs issued onto purchase orders. The importance of this relationship can't be understated!

Keeping a project on plan requires careful monitoring to make certain that the project's expenses are kept within budget. 4castplus provides the intrinsic links between procurement and project controls to enable a close bond between these two groups. This connection is described briefly in the explainer presentation below. If you have any thoughts on this, please feel free to leave a comment below and let us know what you think.

Read More

Recent Posts

New Call-to-action