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Latest Project Management News and Articles..come back soon for more updates...Final reports filed for 1.8M-square-foot South Station project (Boston Business Journal) Best Practices Ranking - Sample Edition Rank our Sample Best Practices in Construction Contracting. Learn what other regions of the country are doing. Link is below: The Rule of 72 in Construction Which is more? million or a penny doubled every day for a month? Surprisingly, the answer is the penny. This illustrates the power of the rule of 72. This is a simple financial rule that dramatically shows the power of doubling. It shows the power of time with interest to produce large outcomes. This solidly points to the importance of expense discipline and financial management for construction firms. Done with frugality, the reward is substantial wealth at a relatively early age. Done poorly and we work longer than we want to. The math of this rule is simple. It should be the first question when interviewing your next company financial officer or personal investment advisor. The rule of 72's gives us a standard to determine the doubling period for a given interest rate. For example, if a principal sum is earning a fixed rate of interest of 6%, that sum will double in value in approximately 12 years (72 divided by 6 equals 12). If the principal sum is earning interest at a rate of 12%, it will take only 6 years for the principal sum to double in value (72 divided by 12 equals 6). Divide other interest rates into 72 and observe the time required to double your initial principal. Using the same logic for expenses provides us an insight about business costs. Let's review the example of a common tax write off; the 6000+ pound vehicle used in a company's business. This is a significant incentive for making a new vehicle purchase of this size. Thank you for visiting the Construction Contractor's Digest. We are pleased that you have joined us. This site is for the express purpose of being a resource for construction leaders. We work as management consultants with construction firms. Our firm is Stevens Construction Institute. Presently, we have written over 130 articles ranging in subjects such as managing people & processes to financial management & computers. Enter your key word (use the American English speliing) and I am certain we will have some information for you. As you read these articles, please let us know your thoughts. This adds to the quality of our digest. The articles contained have become an "old world" published book by the name "Managing A Construction Firm On Just 24 Hours A Day".McGraw Hill will publish the book and it will be for sale this fall. It is a 322 page book that describes "work smart" processes and tactics for construction contracting. We include over 100 illustrations with 130 Best Practices. If you order from our E-Store, we will send to you free 60+ Excel Templates used in Construction Contracting. Click on link below. We have a few self published copies left and must get rid of them per our McGraw Hill contract. Project Manager - Thinkcentric - Allentown, PA Downtown Project Going Out To Bid (Lincoln County News) |
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