Construction KPI Dashboard - WIP Template - Google Sheets & Excel

KPIs or key performance indicators give you an overview of how well your business or project is doing. In the construction industry, KPIs can help you understand if your projects are on track, underperforming, or overperforming. A construction KPI dashboard can help you keep track of all your KPIs in one place. This makes it easier to spot trends and discrepancies. The dashboard can also be customized to show only the information that is most relevant to you. For example, you can choose to display only data on WIP (work in progress) projects. Having this information readily available can help you make better decisions about how to allocate resources and where to focus your attention.

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How is WIP adjustment calculated?

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WIP adjustment is calculated by taking the revenues recognized by the sellers on all uncompleted construction contracts as of the closing date and subtracting any billings by the sellers attributable to those contracts through the closing date. This ensures that the buyer is only paying for work that has been completed as of the time of purchase and not for work that still needs to be done. This can be important in situations where the buyer is taking over a project that is already underway, in order to avoid overpaying for work that has not yet been completed.

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How do you read a WIP report?

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The work-in-progress schedule (or WIP report) essentially shows contractors whether active jobs are overbilled or underbilled. That difference will boil down to who’s actually funding the project. The goal is typically for project cash to come from your customer, through overbilling (or, billings in excess of costs). However, underbilling (or, costs in excess of billings) can indicate that you’re using company funds to finance the job. To calculate the amount of overbilling or underbilling, simply compare the total billings to the total costs incurred to date. The bottom line is that you want your WIP report to show more billings than costs. If it doesn’t, you may need to take a closer look at your financing.

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What is a work in process report?

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A work in process, or WIP, the report is a detailed schedule that includes information on both contracts in progress and those that have been completed during the current period. The schedule typically contains columns for the contract price, the value of work completed, the value of work in progress, and the percentage of work completed. In addition, the WIP report may also include information on the contract start and end date, the expected completion date, and any notes or comments related to the project. The purpose of a WIP report is to provide stakeholders with a clear overview of the status of ongoing projects and to help identify any potential delays or issues. By tracking this information on a regular basis, project managers can ensure that projects are progressing as planned and that they are on track to meet their overall objectives.

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How do I create a WIP report?

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The key to accurate WIP reporting is accurate, timely data. This data can be collected in a variety of ways, but the most important thing is to make sure that it is consistently collected and updated in real time. Additionally, it is important to track work completed instead of hours or labor costs. This will give you a more accurate picture of the project's progress and help you identify any potential issues. By following these simple steps, you can create a WIP report that is both accurate and informative.

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Why is WIP important in construction?

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Work in progress (WIP) is essential to building an accurate picture of the current profitability of a construction project. WIP can be used to track the percent completion of line items and compare it to the estimated number of labor hours needed to complete the work. This information is vital for understanding whether a job is ahead of or behind schedule, and for making decisions about how to best allocate resources. Additionally, WIP can help identify potential issues early on, which can save time and money in the long run. Thus, WIP is an important tool for construction managers trying to ensure that their projects are on track and profitable.