Cost Control

Cost ControlThe MatriX-EPS Contract Management System (CMS) enables effective cost control of major fabrication and construction projects to ensure maximum profitability.

CMS monitors actual costs versus budgets and forecasts. The system manages contracts and change orders by cost code using any combination of measured bills of quantities, time and materials, or fixed price. Costs can be categorized and tracked by cost code and element – time (labour, overhead/management, subcontract), materials, consumables and equipment.

CMS includes significant change control functionality that also enables proactive management of potential areas of overspend. Forecasting for future progress is also available and future or outstanding expenditures identified.

Monthly Cost ReportThe CMS periodic cost report generation process produces an extensive set of results data with enquiries, spreadsheets and reports frozen for each project cost report set at the particular run date. According to cost code type, progress can be applied or generated according to labour expenditure. Manual applied progress overrides are tracked and highlighted separately by the system. Profit mark-ups may also be added and invoices to clients can be generated taking cumulative totals to date minus previously invoiced amounts.

In addition to progress being monitored by cost code, there are automated and manual facilities to track over-costing, forecast costs and additional expenditure by individual cost code. CMS can also track project costs on a cumulative basis with periodic comparisons available (daily, weekly, monthly) to assist performance monitoring. Project progress reports present the current and ‘forecast to completion’ status.

For maximum efficiency, a fully integrated CMS solution can be offered, with costs for labour, materials and equipment provided automatically from other MatriX-EPS modules.