Stay Under Budget
That brand spankin' new strip mall may be one fine sight, but it's unlikely that a gaggle of construction workers put their blood, sweat and tears into building the joint out of some deep- rooted artistic or creative passion for raising single level shopping centers. A construction project is usually a commercial endeavor. Thus, the PM must keep money in mind while overseeing the work.
Before the work begins, the PM runs cost estimates - considering wages, equipment and materials - to help establish a budget. Cost-projection is a crucial aspect of construction project management because it determines the parameters under which not only the work will be done, but also on which the project's financial success will be determined [source: Shaker].
Once the project begins, the PM must ensure that his crew doesn't overrun the budget. Thus, he or she oversees costs on a daily or at least weekly basis, comparing costs incurred to the estimates and limiting or eliminating costs as necessary to stay under budget [source: Shaker].