Project Cost Review & Analysis
Project Review
Construction projects are among the largest and most complex financial expenditures. Construction contracts can be complicated and include pricing agreements such as Lump Sum, Guaranteed Maximum Price, CM at Risk, Fixed and Unit Price, Time and Materials, Cost Plus, etc.
Cost Estimating
SOCOTEC provides complete cost estimating services to virtually all sectors of the construction industry, domestically, and internationally. We have prepared detailed estimates for new construction and remediation. We have up to date access to costs in specific specialty areas and regions around the United States and internationally.
In addition to serving contractors with the preparation of detailed construction estimates, SOCOTEC provides estimate review and analysis services to owners and lenders seeking verification of project estimates and/or confirmation of project costs.
SOCOTEC’s cost estimating services include:
- Preparation of Conceptual, Rough Order of Magnitude (ROM) and Pre-Bid Estimates
- Quantity Take-offs
- Preparation of Project/Program Budgets
- Cash Flow Modeling and Trending
- Value Engineering Cost Estimates
- Value and Construction Cost Analysis
- Bid Analysis and Bid Checks
- Progress Payment Assessments
- Change Order Estimates and Checks
- Cost to Complete Determination/Analysis
- Check Estimates
- Quantification for Claims Preparation
Auditing
When appropriate or necessary, it is critical for a final construction audit to take place to ensure that the construction costs billed by the contractor and payments made by the owner are appropriate and in accordance with the agreements between the parties and customary industry practice.
SOCOTEC’s construction audit services assist clients with the identification of actual and potential overpayments, overcharges, failures to recoup reimbursable expenses, etc. that may occur as a result of oversights due to the complex interrelationships of contracts and the substantial amount of paperwork involved in the various transactions.
SOCOTEC’s construction professionals have audited some of the most complex domestic and international projects in the world. Our audit experience includes several billion dollars in construction contract value. Our team of construction managers, engineers, architects, CPA, and MBA professionals is uniquely qualified and capable of accurately performing the most intricate construction audits and communicating our findings in a clear and meaningful manner.
Performance Metrics & Cost Controls
Project metrics and cost controls are critical to the monitoring of earnings, cash flow and revenue recognition, as well as, to the forecasting and the identification of cost overruns in a timely manner so that mitigating actions can be taken. The C2G staff has the experience necessary to set up proper project controls, to monitor progress and cost, and to timely report status and trends.
Our expertise and related services include:
- Cash Flow Analysis
- Earned Value
- Margin Analysis
- Liquidated Damages
- Revenue Recognition
- Shipment and Equipment Tracking
- Contract Reconciliation
- Commercial Position
- Evaluation of Estimate at Completion (“EAC”) and Estimate to Complete (“ETC”) Costs
