Cost Control
Cost Control – or Cost Management – is implemented to assure that projects are completed within budget. Both "historical" (work and costs to date) and "projected" data (estimated remaining costs and work) are monitored and evaluated, and all members of the project team are kept informed of cost related issues. Walton believes this process begins at the pre-construction stage. Projected costs are analyzed and can be evaluated and, if necessary, modified through design changes on a more cost effective basis than after the project is under construction.
The Sage Timberline Office software provides a detailed project cost
accounting system that is implemented at the estimating stage of a
project and is maintained throughout the project. Input to this
system includes the assignment of job, phase, equipment,
subcontract, and other codes that are used to track actual and
project future costs and unit quantities for the project. Cost data
is reviewed on a weekly basis, reconciled in the field against work
actually completed, and cost reports are generated.
This system also facilitates the following project activities:
§ Forecasting based on actual performance
§ Invoicing (or current value) based on progress
§ Cash flow updated as schedule progresses
§ Budgeting and variances
§ General accounting
The Timberline system is used on all projects by both office and field personnel, insuring the reliability and integrity of cost management and cost reporting for any particular project. This system has been the key in Walton's long history of completing projects on time and within budget.