During the Construction Administration Phase, cost control is very important. It includes tracking costs through Change Orders and monitoring the costs to complete the project. This is tracking the anticipated Total Cost to Cure or Complete or the Estimated/Projected Total Cost of the project. Boyken compares the anticipated Total Cost at Completion to the actual budget to determine the Budget Status.

 

Cost to Cure to correct a construction defect can be a challenging undertaking. The simplest sounding task can end up costing multiples of what would be expected during the normal course of construction. The realities of working in an occupied, functioning building, and the increased costs attendant on such a situation, cannot be ignored. If the repairs are large scale, an area for materials storage and dressing must be allocated. A repair to the exterior might involve scaffolding, pedestrian protection, temporary lighting and other life safety additions.

 

Depending on the facility and the existence of functions that cannot be interrupted, the costs to cure can be staggering. A repair in an operating or completed building can cost multiples of ordinary construction, sometimes between three to more than ten times the expected direct cost of the original work. The factors to be considered are the type of building facility, where in the facility the remediation occurs, the time of year, the quantity of fixes to be performed, the degree of protection required, the degree of disruption allowed by code or convenience and special restrictions on hours, access and disturbance. Boyken accurately captures all of these details in our estimate to “cure” and can save uncountable hours and dollars that might be missed otherwise.

 

Cost forecasting for Costs to Complete occurs with the following formula being used:

 

Accumulation of Actual Cost + Estimated/Projected Remaining Cost = Costs to Complete

 

Costs to Complete include the following:

Standard costs include the following: