The price is not always right

In the construction industry, there is fierce competition, generally on price. In the selection of subcontractors or suppliers, project managers often take the lowest price without making further considerations. However, accepting attractive bids from unreliable contractors can end up costing more in the end. Many companies price their services at a rate which is acceptable to their clients, rather than basing them on realistic estimates of what is necessary to make a profit. Project managers need to be more creative in reducing costs without compromising the project plans and specifications.
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