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A budgeting checklist

📐 Focus7 min read

What you will learn Four stages in the right order, one test before deciding, five critical moments, three things not to do, and one sentence that sums up the guide.

This guide deals with each question separately. This article puts them in order, from preparation to the end of the project.

1. Stage 1: before inviting tenders

Six decisions are taken beforehand, since they cannot be taken later, and the fourth is the one most often left untaken. It concerns whether the quantities bind.

Decision Note
Who prepares the schedule of works and the quantities the client, the designer or an estimator
Which classification, and that its names are not changed the basis of comparability
Measurement rules in writing, including what belongs within a line besides the main work the only fully removable source of error
Whether the quantities are binding who is answerable for their accuracy
A unit price and a line total, not a breakdown of costs a selling price, not a cost
The variation procedure and a small threshold for continuing before written approval

Leaving the binding status of the quantities unstated places the risk on whoever does not know they are carrying it. The decision has to be written into the procurement.

2. Stage 2: when tenders arrive

Five checks, and the third is the one most often done wrongly. It concerns the comparison of lines.

Whether every line has been completed, since an empty cell is visible and a missing line is not. Whether anything has been left out of the price, which is worth asking directly in the case of the cheapest tender. Whether the total is comparable at equal content rather than the lines one by one, as covered by the article on comparing lines. What the terms are: completion date, guarantee, payment schedule and liability. And whether the spread is unusual, which deserves an explanation.

3. Stage 3: during construction

Four things to track, and the fourth is the most often forgotten. It is the commitment from approved variations.

The obligation, not the amount paid, since an approved but uninvoiced variation is already a cost. Cost and progress together, since each misleads on its own. Whether much of the overrun work still lies ahead, which determines the forecast. And the effect of every variation on both cost and programme, since an extension of time also increases site costs.

4. Stage 4: at the end of the project

Four questions take an hour, and the fourth is the most useful for the next project. It concerns lessons learned.

Which lines overran and by how much. Whether the cause was quantity, unit price or variations, since the remedy differs. What share of the final sum was not in the original budget. And what turned out differently and why, written down in three lines, since figures do not say why something happened.

5. One test before deciding

A check question formulated in a professional source, which requires no budgeting skill. The answer shows whether tenders are comparable.

If the builder handed the same tender tomorrow to a bank, to a site supervisor or to another construction professional to read, would they understand exactly what is to be done for that price. If the answer is no, the tender is not sufficient for a decision.

This test replaces most of the present guide where time is short. The question is the same for every tenderer.

6. Five critical moments

At these moments a mistake becomes expensive, and the third is the most underrated. It concerns the pricing of variations.

Moment Consequence
Inviting tenders without a common structure comparison reduces to the total
Leaving the binding status of the quantities open the risk passes to whoever does not know it
Not asking for unit prices the cost appears only at the first variation
Not agreeing the variation procedure every variation goes through negotiation
Pressing the price down line by line it moves the margin elsewhere rather than removing it

The third costs nothing at the moment it is asked for. Later the same request has a price.

7. Three things not to do

Do not require costs and margin to be shown separately, which is the company's internal affair. Do not pick the lowest line from each tender and assume such a combination is available. And do not assume comparable tenders will arrive by themselves.

8. One sentence that sums up the guide

Three statements, which are really the same statement from three angles. The form is settled before tenders are sought.

A construction company already calculates in detail, since otherwise it would lose money. What is missing is not the calculation but a common structure in which the result is presented. And the only party who can prescribe that structure is the one who commissions the work.

Summary and four practical rules

The process divides into four stages: six decisions before inviting tenders, five checks on receipt, four things to track during construction and four questions at the end. Of the decisions taken beforehand, the one most often left untaken is whether the quantities are binding, and leaving it unstated places the risk on whoever does not know they are carrying it. Of the five critical moments, the most underrated is not asking for unit prices, which costs nothing at the moment it is asked for and shows up only at the first variation.

Four rules: decide six things before inviting tenders. Compare the total at equal content, not the lines. Track the obligation together with progress. Carry out a post-completion review and record the explanation as well as the figures.

This article offers professional orientation as at the date of verification. It replaces neither a quotation nor the assessment of a competent specialist.

Frequently asked questions

Six decisions, including whether the quantities are binding, since they cannot be taken later. Leaving it unstated places the risk on whoever is not expecting it.

Five things, and the one most often done wrongly is the comparison of lines. What should be compared is the total at equal content, together with the contract terms.

Four things, and the most often forgotten is the commitment arising from approved variations. It is a cost before the invoice arrives.

A check question formulated in a professional source, which requires no budgeting skill. Where time is short, that test replaces most of the present guide.

Construction budgeting and cost control