Level:
Intermediate
TCM Section(s):
2.2. Total Cost Management Process Map
1.4. Key Introductory Concepts for Total Cost Management
Venue: 2022 AACE International Conference & Expo
Abstract: Most companies, agencies, and other real property owners require capital asset projects to pass some type of scrutiny before budgets and authority to expend funds for the design, construction and eventual operations are approved.This process typically involves management approval of key/critical decision(s) or a project’s passage through gates (or critical decisions).Cost, functionality, safety, and risk are just some of the factors typically considered during project assessment processes.This paper describes a tool that was developed and is used by the Department of Energy to facilitate this project assessment process. There are three versions of this tool for construction, decontamination and decommissioning (D&D), and environmental restoration/cleanup project types.The tool’s elements and associated criteria are tailored for each project type; although some elements, such as cost estimating and scheduling, are used in common.The tool is easy to use, requiring little or no training. It provides a common assessment tool for project self-appraisals and independent project reviews.It promotes efficiency and reduces disagreements and unnecessary effort.A comprehensive array of elements covers the gamut of cost, schedule, scope/technical, and safety/security ensuring that no important project attributes are overlooked.The tool is adaptable for use by any organization.
TCM Section(s):
2.2. Total Cost Management Process Map
1.4. Key Introductory Concepts for Total Cost Management
Venue: 2022 AACE International Conference & Expo
Abstract: Most companies, agencies, and other real property owners require capital asset projects to pass some type of scrutiny before budgets and authority to expend funds for the design, construction and eventual operations are approved.This process typically involves management approval of key/critical decision(s) or a project’s passage through gates (or critical decisions).Cost, functionality, safety, and risk are just some of the factors typically considered during project assessment processes.This paper describes a tool that was developed and is used by the Department of Energy to facilitate this project assessment process. There are three versions of this tool for construction, decontamination and decommissioning (D&D), and environmental restoration/cleanup project types.The tool’s elements and associated criteria are tailored for each project type; although some elements, such as cost estimating and scheduling, are used in common.The tool is easy to use, requiring little or no training. It provides a common assessment tool for project self-appraisals and independent project reviews.It promotes efficiency and reduces disagreements and unnecessary effort.A comprehensive array of elements covers the gamut of cost, schedule, scope/technical, and safety/security ensuring that no important project attributes are overlooked.The tool is adaptable for use by any organization.