Actual cost in project management refers to the total expenses incurred for a project, including labor, materials, and overhead. It helps track spending against the budget.
A capital budget outlines costs for acquiring or upgrading assets in construction, managing long-term investments for growth and ROI.
Project contingency is a strategic financial reserve in budgets that covers unexpected costs and risks during execution. This management tool protects construction projects by handling unforeseen changes and maintaining progress.
A Cost Code is a unique identifier used in construction and project management to categorize and track project expenses.
Estimate at Completion (EAC) forecasts a project’s total cost based on actual performance, remaining work, and budget adjustments, helping project managers prevent overruns.
A Schedule of Values (SoV) is a contract-specific, itemized table outlining all construction project components and associated costs, serving as a financial roadmap for payments by linking tasks to monetary values.
