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HOW OWNERS CONTROL CONSTRUCTION COST

A guide to using Predictive AI to control construction cost.

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Why You Should Read this Book

This is a resource book for Leaders at an enterprise that purchases construction services ("Owner"). It will help you prepare for the advent of Predictive Al, which is fast approaching. Finally, this book provides tools Leaders can use to assess their Project's internal controls systems ("IC" systems) and identifies the red flags that foretell potential problems with your current and planned construction Projects.

The Problem

Large construction projects are risky. The Owner's greatest risks are excess costs and completion delays caused by inadequate construction project controls.

The Solution

The Owner's Leaders (e.g., CEO, President, CFO, BOD, VP of Internal Audit) must regularly assess their business's construction project internal controls and Al applications, particularly when new projects are planned.

• Are controls in place supporting short and long term Al requirements?
• Is senior management engaged in the construction project ("Project")?
• Are corporate ICs incorporated into the Project's control system (e.g., Code of Conduct, Privacy and Procurement Policy, Responsibility Matrix)?
• What is the expertise of the in-house facilities department?
• Are key construction controls functioning properly, such as:
  • Project budget, feasibility, and ROl.
  • Project planning and design.
  • Key contract controls and billing requirements.
  • Bidding procedures for direct providers (e.g., A/E, CM, PM) and subs.
  • Change Order pricing and control procedures.
  • Field reporting procedures.
  • Construction audit requirements.

 

Expert Information

Excellent Information from an expert in the industry. Jim explains how Predictive AI will help you control costs on major constructions projects. Includes charts to help guide you through the process

  

Reader's Comments

Carolyn Devine Saint, CPA, CIA, CRMA
Chief Audit Executive for the University of Virginia

Jim and his team were essential to the development of the construction audit program for the University of Virginia. We have collaborated for over seven years to help management and the Board of Visitors gain insights into construction project risks and assurance on project accounting and controls. Jim brings credibility to our audit program through his deep expertise in the field of construction auditing. I've benefited in our work together from the wisdom you can gain by reading his book!

Brian Felix, CCA CCP CIA CFE
Chairman of the National Association of Construction Auditors

I found Jim's book, How Leaders Control Construction Costs, very thorough, while being concise and easy to read; demonstrating Jim and his ResX, P.C team's vast experience and knowledge. A very practical guide for those C-Suite executives contemplating a construction project for their organization. Leveraging the power of their knowledge and experience in support of the project will be critical in its ultimate success. This reference guide can be a key tool to be utilized in their involvement in the oversight of any construction project.

James Noseda, Esg.
Deputy Corporation Counsel, City of Detroit Law Department

Jim Schmid has provided valuable expert support to the City's litigation attorneys. I have worked with Jim for over twenty years. Jim adheres to the highest professional and ethical standards. He is highly regarded by the attorneys and organizations that he has provided support to. This book provides advice and support that, if taken, may avoid or lessen the likelihood of disputes that can result in costly arbitration or litigation.

Bill Kistner
Retired Partner, Ernst & Young

Major construction projects are not routine events. They are, however, significant financial and strategic investments, highly complex and require close ongoing oversight by the C Suite. Timely attention to detail is critical. Proper planning, project execution, ongoing monitoring and accountability at all project levels are the keys to the successful delivery of an "on time, on budget" project!

Tina A Haubert, MBA, CCA
V.P Operations and Asset Manager at Mann Enterprises Inc.

Having had the privilege of working closely with Jim Schmid and his team at ResX, I can confidently say that their expertise in construction cost management is unparalleled. In their groundbreaking reference book, 'How Leaders Control Construction Cost,' They distill decades of industry experience into an indispensable guide for leaders in the construction sector. Through their unique blend of theoretical knowledge and practical wisdom, they illustrate the principles of cost control in action, making the material both relatable and relevant to readers at all levels of experience.