4castplus Blog

4castplus Blog

17 17, 2017

What's the Difference: Project Spend and Project Cash Flow Forecast?

Cash moves at a different pace than activities. Maybe that seems obvious, or maybe you’re not sure what I’m talking about; but it’s an important distinction to understand in construction project management.

Project Management = More Than You Think

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03 3, 2017

Measuring Project Progress: Rules of Credit and Weighted Steps Progressing

Any organization that executes on major projects will know the importance of gathering information on how far along they are on a project. In other words, evaluating Percent Complete. Evaluating that by activity, by phase, by project, etc.  At 4castplus, we refer to this as a "Progress Measurement" and it serves as a critical function for calculating analytics such as Earned Value Management (EVM) metrics. Measuring progress however, is a tricky thing to do; and can cause companies to not bother with it if they don’t have a good system and process in place. This is unfortunate as it is a vital part of project management and project controls on major projects. Without it, you’re flying in the dark.

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29 29, 2017

Taking the Leap? 10 Questions You Need to Ask When Looking at Construction Procurement Software Solutions

Your choice of construction procurement software can have a significant influence on the costs, productivity and success of your projects. If you’re looking for a software solution to enable the management of procurement on your construction projects, you want to make sure your teams are armed with the right amount of power and ease of use – after all, a significant amount is riding on what happens in procurement. For most major projects, a substantial portion of the total project costs are issued through purchase orders and subcontracts. You really need to get that right! 

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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.

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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?

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08 8, 2015

Linking Budget and Schedule – it’s a Challenging Task

One of the first principles of project controls is that the project budget has to be time-phased over the duration of the project. Here’s why: It’s not enough to simply know the total budget for a project – it’s critical to also know when that budget is planned to be spent. In other words, each quantity of material, labor hour or subcontractor service that’s planned for the project, is planned to occur at a particular time on the project.

Click here to learn more about time-phased budgeting

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25 25, 2014

What’s the Difference Between a Change Order, Change Forecast and Budget Transfer?

Changes are inevitable on projects. No project manager in their right mind moves forward with a project not expecting changes to happen - fluctuations in scope, cost, schedule and activity can happen almost daily.  In this article, I want to tackle a segment of change management that I often come across in conversations. Which is: the different types & states of Change Events that can be registered on a project; and some of the nuances of each. The three main project change events are:

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19 19, 2014

EVM Explained: Variance

“If you keep going at this speed, you’re going to be late!”

That’s my simplistic real-life analogy of earned value management. It’s a simple bit of math that we all do in our heads anytime we’re trying to get somewhere or finish something.  If you gave yourself an hour to get there and after a half-hour you’re still less than half-way, you’re going to be late.  It’s that simple. As simple as it is, it requires us to know quite a bit of information about the current situation in order to calculate late vs. on-time.  Just like EVM, you need to know 3 key elements to make the calculation:

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11 11, 2013

What is the Cost of Inaction?

Businesses suffocating from internal systems they've grown out of should have a close look at what it's costing them to delay improving things.

The Pain of Same vs. The Pain of Change

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30 30, 2011

History is a Great Negotiating Tool

Establishing a starting-point and benchmark for costing out new projects is greatly simplified if you have good information to start with. When negotiating prices with subcontractors or suppliers, it helps to have good historical trend and benchmark data to support your negotiating position (at the very least to know what things have cost in the past, and how those costs have changed over time). Looking back on past projects and reporting on, for example, the average cost you’ve paid for a particular material over the past year or two; can be incredibly empowering during negotiations.

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