CONSTRUCTION BUDGET TRACKING AND COST CONTROL

Created by ChecklistGuro (https://checklistguro.com)

[ ] Fetch Project Budget Details: Retrieve the total approved budget and contingency funds from the Project Data Model.
[ ] Fetch Actual Costs: Retrieve all recorded expenditure entries related to the specific project.
[ ] Calculate Total Committed Costs: Sum all approved purchase orders and sub-contractor commitments.
[ ] Calculate Total Actual Spend: Sum all processed invoices and payments made to date.
[ ] Calculate Budget Variance: Subtract Total Actual Spend from the Total Project Budget to determine remaining funds.
[ ] Calculate Burn Rate Percentage: Calculate the percentage of the budget consumed relative to the project completion percentage.
[ ] Calculate Cost Contingency Status: Determine if the current variance is encroaching upon the allocated contingency fund.
[ ] Create Budget Review Task: Assign a task to the Project Manager to review monthly budget deviations.
[ ] Create Overrun Alert Task: Assign a high-priority task to the Cost Controller when variance exceeds a predefined threshold.
[ ] Send Budget Overrun Notification: Send an automated email to Stakeholders when actual costs exceed the forecasted budget.
[ ] Notify Procurement of New Commitment: Send an email to the Procurement Officer when a new cost entry is approved.
[ ] Create Cost Variance Entry: Log a new entry in the 'Budget Deviations' data model whenever a discrepancy is identified.
[ ] Update Project Financial Status: Update the 'Current Financial Health' field in the Project Data Model based on new calculations.
[ ] Generate Monthly Cost Report: Generate a PDF report summarizing Budget vs. Actuals, Variances, and Forecasted Final Cost.
[ ] Send Emergency Budget Alert: Send an SMS to the Site Manager if a critical budget threshold is breached during site operations.

--- END OF TEMPLATE ---
Transform this text into a digital, automated, and trackable mobile app!
Visit: https://checklistguro.com/workflow-templates/construction/construction-budget-tracking-and-cost-control
(Click "Install Template" to launch your digital inspection tool immediately)