The preparation of design budgets and the monitoring of costs are major activities for design firm project managers. Although they are often performed separately, both are basic to a firm's profitability and success in providing effective professional services. The project budgeting process has two interdependent aspects: estimating compensation and determining the actual detailed project budget by phase or activity. Once a budget and scope of services has been established, the project manager must monitor the work and segregate any labor and expenses for activities outside of the contractual scope. Scope creep is a major source of lost profits for engineers and requires establishing controls before any contract is signed. This webinar discusses what considerations need to be assessed before signing a design services contract. It also discusses the design fee budget and why projects run over their design budgets.

• Course will award 1.5 hours of continuing education