Level: Basic
TCM Section(s)
7.3. Cost Estimating and Budgeting
Venue: 2024 AACE International Conference & Expo
Abstract: It has always been the aspiration of the author’s company to have the project capital delivered at optimum accuracy and competitive costs. This will ensure the achievement of sustainable competitive advantages. However, the pace of project costs has increased quickly until it is challenging for the company to effectively predict and estimate the costs. To ensure that the company is always able to be cost-competitive and predictive, relevant usages of cost-estimating fundamental drivers, such as cost estimation systems, tools, and good governance and assurance processes and practices must be effectively leveraged. The objective of this paper is to address the capability of the cost engineering department to leverage cost-estimating review approaches along with the best practices adopted in successfully undertaking efforts to drive projects toward being delivered at manageable, improved accuracy, and competitive costs. This paper will also focus on the cost estimate review methodologies and guidelines in identifying key areas where the estimate may be deficient, and or additional focus is required. The deployment of good cost estimate review governance and assurance processes is to align the expectations and requirements for cost estimations in the application of company standards and quality management systems (QMS).
TCM Section(s)
7.3. Cost Estimating and Budgeting
Venue: 2024 AACE International Conference & Expo
Abstract: It has always been the aspiration of the author’s company to have the project capital delivered at optimum accuracy and competitive costs. This will ensure the achievement of sustainable competitive advantages. However, the pace of project costs has increased quickly until it is challenging for the company to effectively predict and estimate the costs. To ensure that the company is always able to be cost-competitive and predictive, relevant usages of cost-estimating fundamental drivers, such as cost estimation systems, tools, and good governance and assurance processes and practices must be effectively leveraged. The objective of this paper is to address the capability of the cost engineering department to leverage cost-estimating review approaches along with the best practices adopted in successfully undertaking efforts to drive projects toward being delivered at manageable, improved accuracy, and competitive costs. This paper will also focus on the cost estimate review methodologies and guidelines in identifying key areas where the estimate may be deficient, and or additional focus is required. The deployment of good cost estimate review governance and assurance processes is to align the expectations and requirements for cost estimations in the application of company standards and quality management systems (QMS).