Module 3: Cost Controls & Budget Tracking
HVAC Project Management Class – Intern Academy
Instructor: S.F. Johnson | Duration: 90 minutes
📘 Learning Objectives
- Understand how to develop and maintain a project budget for HVAC installations.
- Learn strategies for controlling labor, material, and equipment costs.
- Track project financials using earned value and forecast methods.
- Implement job cost coding and reporting systems.
💰 Part 1: Setting and Managing Budgets
Key Concept: Budgets aren’t just estimates—they’re active tools to guide project spending and performance.
- Breaking down the HVAC scope into cost categories (labor, materials, subs, equipment)
- Setting budget targets during preconstruction
- Allocating budgets to work packages and cost codes
- Using historical data and vendor quotes
📊 Part 2: Cost Tracking Methods
- Daily and weekly cost tracking techniques
- Earned Value Management (EVM): Budgeted Cost of Work Performed vs. Actual
- Forecasting final project cost based on trends
- Variance analysis and corrective action
- Field tracking tools (spreadsheets, apps, or accounting platforms)
Pro Tip: Meet weekly with field foremen to review costs versus budget and adjust labor plans in real-time.
🎥 Watch the Video Lesson
📥 Downloadable Files
Download HVAC Budget Tracker (Excel)
Download Cost Control Guidelines (PDF)
🧠 Quiz Yourself
After completing this module, take the Module 3 Quiz to test your knowledge and receive a certificate of completion.