WIP Management

Work In Progress

You run your business to make a product, in fact each business has an outcome. The partially finished business output awaiting completion is named Work in Progress (WIP).

Accomplished WIP equals an asset which is selling and buyable.

Construction projects, such as building or renovating a home, usually take several months to years. During the project period, its management, budget, and time tracking, carrying it out at various stages of the process is important and crucial.

These are the keys to the project success:

• Capital cost control

• Observing the defined time schedule

• Supplying project materials at the best price and at the right time

• Hiring qualified contractors

Work Breakdown Structure

A work breakdown structure (WBS) is a deliverable-oriented breakdown of a project into smaller components to be executed by the project team. A WBS is the base of effective project planning, execution, controlling, monitoring, and reporting. All the work contained within the WBS is to be identified, estimated, scheduled, and budgeted.

Capital Cost Control

Capital costs are fixed, one-time expenses incurred on the purchase of land, buildings, construction, and equipment used in the production of goods or in the rendering of services. In other words, it is the total cost needed to bring a project to a commercially operable status.

Controlling and monitoring capital expenditures during the project is an important issue for its success. Considering the budget-based WBS and comparing the project expenses are the main points to Capital Cost Control.

WIP Management System

All builders have been encountered by the isolated different data types from paper to spreadsheets documents and separated utility software for controlling the progress of their projects. The direct results of this situation are lack of transparency, complexity and dependence on the individuals who solely know how these systems work.

Builders Meet has developed an easy and functional WIP management system by considering the needs of the home builders that are integrated with its other solutions like Virtual store, Digital File archiving and Deal maker software modules.

Advantages

• Defining work in Progress (WIP) Breakdown Structure (WBS) for the project by BuildersMeet template, from their past projects, or in a special self-defining way

• Budgeting based on WBS and Capital cost control

• Controlling project time schedule -automatic tracking and deadline messaging

• Preparation bill of materials(BOM) and buying goods and materials at the best price and in the shortest time, integrate by Virtual Store system

• Assistance in hiring selected and qualified contractors to carry out the project, integrate by Deal Maker system

• Accurate picture of different financial sources of the project separately for both Capital Costs and Reports

• Accessible WIP documents everywhere at any time in integrated BuildersMeet Digital File Archiving software