WIPs Are Valuable Management Tools
The best way to gauge the financial health of your construction company is by examining its financial statements. However, if you’re only examining the statements addressing projects after they are complete, you are missing out on a wealth of useful information that is only available mid-project. Furthermore, your bond agent could ask you for this…
Using a WIP Schedule to Monitor Your Project’s Vital Signs
If you’re not actively using and regularly updating a Work-In-Progress schedule for your construction project, you’ll only know be able to analyze the project after it is complete. While a “post-mortem” analysis can be very useful, it can’t offer the same kind of immediate results that a WIP schedule can. This is especially true if,…
The WIP Schedule – Demystified
The Work-In-Progress (WIP) schedule for your construction project is a document of great importance – both to you and to your bonding agent. Many construction contractors don’t quite understand what the WIP schedule really offers, and thus lose credibility in the face of surety underwriters and bonding agents. WIP Schedules Calculate Client-Side Costs Accurately If…
How a WIP Schedule Is More Than Just a Schedule
Construction companies are in the best position to produce profits when carefully and efficiently organized. The key to effective organization is a detailed schedule, and the construction industry’s preferred scheduling format is the Work-In-Progress (WIP) schedule. This is because it offers more than a simple series of dates by which certain project milestones should be…