Budget
A financial plan for a construction project, detailing expected costs and expenditures.
A budget outlines the financial parameters of a project, detailing expected costs and providing a framework for financial control and decision-making throughout the project's lifecycle.
Used in a sentence
Sticking to the project budget requires careful monitoring of all costs and adjustments as necessary.
Synonyms/variation
Financial Plan
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BIM for Construction Cost Control & Budget Management
As the construction industry advances in its digital transformation journey, building information modeling (BIM) is becoming increasingly common. Teams and individuals who push back against using the 3D model and its associated processes usually have one common complaint: cost. Certainly, there’s some investment in BIM software, plus the training required to help team members use […]
How Project Phasing Keeps Construction Projects on Time and on Budget
Managing a construction project involves balancing countless tasks, coordinating multiple trades and meeting strict deadlines. Without a structured approach, it’s easy for projects to fall behind schedule or exceed budget. For general contractors, one of the most effective strategies for handling this complexity is project phasing. Project phasing divides a construction project into clear, sequential […]
Estimate vs. Budget: Tools to Guide Construction Financial Planning
Whether building a residential home, a commercial complex or a large-scale infrastructure development, understanding and managing costs is key to completing a project on time and within financial limits. Effective financial planning allows project managers to handle unexpected challenges and maintain client trust. Two primary tools in financial planning for construction are the estimate and […]
Construction Project Over Budget? Common Causes & Solutions
On construction projects, going over budget is an all-too-common scenario. This situation is more than a mere miscalculation: It can fundamentally alter the trajectory and outcome of a construction project and the companies involved. In the article, we delve into what happens when a project goes over budget — and how to prevent it from […]
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