| Fri, 12/09/2011 - 1:52pm | |
| Todd McDaniel | We are making some changes here at our company and like some input on Monthly WIP Review Meeting. I would like brief guidelines as to how the meeting is structured, what information is reviewed, and what is the anticipated outcome. Who all attends the meeting, and is it done on a division or company wide basis? Thanks in advance, Todd |
| Tue, 12/20/2011 - 1:14pm | #1 |
| Steve Moua | We are a Mid Size GC in Santa Ana, Ca. We meet on a monthly basis to discuss Job Cost Projections/Project Cash Flow/Change Orders/and any project related issues during the month. We keep the group down only Project Managers, Division Presidents, me, and the CEO. I compile the meeting data with the current months Projections & Project Cash Flow by Project Managers for each job. We discuss the monthly variances on Projected Costs & Profitability/Loss and current Project Cash Flow status (this is a great tool to reflect underbilled projects). We also discuss Change Orders that the PM's provide to me in a log. They are broken down into 4 categories: 1) CO Agreed but not Executed 2)CO Acknoledge but not yet agreed 3)Potential COs 4) CO Requests denied by Owner. This really helps every month in putting the front lines together and sharing ideas on issues. We try to keep our meeting under 2 hours but it has gone up to 3 on certain months. |
| Mon, 12/19/2011 - 6:28pm | #2 |
| Jason Lane | Our Executive Management team meets monthly with the PM team. The structure of our meeting changes a little depending on where we're at in the project lifecycle, but for the most part we cover... - Project schedule - Buyouts/submittals - Project cashflows / Billings - Change orders - Estimated Labor & Costs to complete We're relatively small with Revenues in the $10M - $15M range, so we have our President, Exec VP, & CFO attend these meetings with the PM team. I believe that you need to choose what's best for you. I'd try to keep it at the lowest level possible. Involve the people in your company that rely on the project cost information to make informed decisions. One of the main reasons we run these meetings is to ensure that the PM team is updating and reviewing all of the project cost information on a regular basis. It's a shame to admit it, but some our PM teams wouldn't update this info if they weren't required to. These meetings are the Exec Mgmt teams way of ensuring that our projects are being managed in a consistent manner. They help hold everyone accountable to each other for how the project is progressing. Cost variances and other potential problems are also presented in this meeting, and it helps to make sure everyone is informed so that we can discuss how best to proceed. Jason L Lane CMA CCIFP |
| Tue, 12/13/2011 - 1:15pm | #3 |
| William Kerns | Todd, I had two different meeting formats. The first, was a weekly PM meeting that included all PMs from all divisions. We only reviewed a handful of projects, but we put the project summary cost report on the projector to make sure that the current reported profitability gelled with the PM's story. This helped to insure that the PMs were posting their weekly production quantities and were using the cost reports to manage the profitability of their projects. Be prepared for awkward moments. The second meeting was a more formal review of the cost to complete, like the one you described. The meeting was for an an individual PM and included the CFO and, typically, the operations manager. This allwed for a more in-depth review of the costs, projections, variances, and any project issues that could affect the WIP. It took several months to work the bugs out, but knowing that they were being held to a higher level of accountability, helped to insure that the projections were more in line with reality. The weekly PM meetings also helped the PMs to be better prepared for the more formal meetings. Hope this helps. Bill |
| Mon, 12/12/2011 - 11:56am | #4 |
| David Carney | Todd, we are a mid sized GC in Englewood CO. We meet monthly, executive team with job PM and review all cost types and significant changes from last month. We pay particulra attention to costs remaining to finish and verify tehy seem logical. We also review status of change orders in pending and un-approved status. Usually takes about 30 minutes a project. Dave Carney CFO |