Reducing Construction Project Costs in Tough Economic Times

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In light of rising construction costs (materials), labor shortages, and unforseen conditions, owners can still take action in areas under their control to keep costs down.

Reducing Construction Project Costs in Tough Economic Times

e-Builder, a provider of web-based capital program management and collaboration software, will host a webinar titled "Reducing Construction Project Costs in Tough Economic Times" on August 28th at 1 p.m. EDT, and led by Mr. Tom Koulouris, CGC, MBA, MHA, co-founder of Kolouris-Freyer, a South Florida Program Management Consultancy. Mr. Koulouris will discuss owner driven initiatives that focus on error reductions and effective due diligence during the planning phase, and how these provide savings of 10-15% off the total project cost. Registration is limited to professionals in the construction, architecture, and engineering industries. To register please visit https://www1.gotomeeting.com/register/385592178.

As part of the discussion, Mr. Kolouris will talk about the strategies owners can undertake to deal with the variables that remain within their control in light of rising labor issues and materials costs. These strategies include the use of business processes and tools that allow their organizations to track, measure, and control costs from project kickoff through occupancy. Based on research and findings that make up his "Speed to Market" process, Mr. Koulouris will also delve into the challenges associated with low-bid vs. negotiated contracts, and the strategies owners should focus on to effect tangible and measurable project cost savings.

Key takeaways include:

  • Understanding project cost vs. construction cost, the variables within owner control, and how to control these variables.
  • The project plan - the 3 most common pitfalls that result in higher project cost.
  • Winning strategies for planning and scope definition.
  • Effective forecasting of project costs to take corrective action.
  • Decreasing contingency early in the project.

About the Speaker
Thomas W. Koulouris, CGC, MBA, MHA is co-owner of Koulouris-Freyer, Inc., (KFI), a leader in construction management services that handles all facets of planning and building, from conception to occupancy. KFI's experience includes over $3 billion in expansion projects, spread out over more than 100 hospitals. The company's "Speed to Market" is an innovative approach designed to increase project profitability by reducing construction time and determining the right size for a facility, resulting in maximized revenue. Projects include a $23 million satellite expansion and surgery center for the University of Miami's Bascom Palmer Eye Institute, the #1 eye hospital in the nation according to U.S. News & World Report; North Broward Hospital District in Fort Lauderdale, Imperial Point Medical Center emergency department expansions and replacements; Coral Springs Medical Center; Jupiter Medical Center--$300 million in combined project budgets; Broward General Hospital--a 450-bed facility.

About e-Builder
e-Builder is a leading provider of web-based, capital program and project management and collaboration software. The company's flagship product, e-Builder Enterprise, provides owners of large capital development projects with a way to reduce contingency expenditures and control schedule and scope across their entire portfolio to ensure timely, on-budget project completion. Since 1995 e-Builder's technology and industry focus has provided thousands of owners, architects, engineers, contractors and suppliers with solutions that enhance development and construction processes. The company is headquartered in Fort Lauderdale, Florida. For more information, visit http://www.e-Builder.net.

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