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Milestones are like dashboard reviews of a project. A number of activities, which were planned at the beginning of the project with their individual timelines, are reviewed for their status. This process also gives an opportunity to check the health of the project.
Dashboards also facilitate for better tracking of sales and financial reporting as the data is more precise and in one area. Lastly, dashboards offer for better customer service through monitoring because they keep both the managers and the clients updated on the project progress through automated emails and notifications. [citation needed]
Business activity monitoring (BAM) is a category of software intended for use in monitoring and tracking business activities.. BAM is a term introduced by Gartner, Inc., referring to the collection, analysis, and presentation of real-time information about activities within organizations, including those involving customers and partners.
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A contractor progress payment schedule is a schedule of when (according to project milestones or specified dates) contractors and suppliers will be paid for the current progress of installed work. Progress payments or interim payments are partial payments for work completed during a portion of a construction period, usually a month. Progress ...
Revenues and gross profit are recognized each period based on the construction progress, in other words, the percentage of completion. Construction costs plus gross profit earned to date are accumulated in an asset account (construction in process, also called construction in progress), and progress billings are accumulated in a liability account (billing on construction in process).
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Constructability review is a process of reviewing design documents, construction drawings, specifications, and other construction documentation intended for use by a builder to construct the project. The purpose of a constructability review is to eliminate design errors, omissions, and coordination issues prior to bidding the documents so that ...