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Risk Quantification: Key to Investment Decision Making, and Project Control

To deliver an effective project plan, you need quality, targeted base cost and duration estimates. Cost estimating and scheduling use many techniques to translate project scope deliverable information into solid, integrated “base” estimates of time, costs and resources. However, all plans are uncertain and, at early scope definition phases, so too is the scope. So how are you going to deal with all the uncertainty? This is what Risk Quantification helps you with. 

5 common pitfalls in benchmarking

Benchmarking is widely used by Engineering and Construction firms in order to assess the performance of projects. As a project controller, are you also applying this method or are considering applying it in order to maximize your profit? If so, are you sure that you are doing it right? Here are some common pitfalls you should avoid in order to ensure a successful implementation of benchmarking.

Untangling Cost Estimating for Renewable Energy

In today’s world, the main challenge facing the industries is to meet the needs of an increasing population sustainably. The process and energy industry is responding to this situation by harnessing alternate sources of energy such as solar and wind energy. 

How to evaluate economic bids

Technical evaluations are often linked to a checklist with all the requirements, and once this is approved, the economic comparison of the equipment offers are executed. But is this evaluation just a ranking of the best price?

Cost Estimating: How to use Composites

Different methodologies could be applied to perform a cost estimate. When detailed information on a project is available, it is possible to develop a detailed unit cost estimate, which is a bottom-up estimate at work-package or task level and it includes quantities, unit costs, labor rates, etc.  However, in most of the cases, especially in early stages of a project, there is a lack of detailed information. This article will discuss how composites can help you create reliable and accurate cost estimates in these situations.

 The key role of cost estimating in project management

Any project, big or small, or regardless of the industry, needs to be performed and delivered under certain constraints. Cost is one of those constraints that project management needs to effectively control. Cost can be the driving force or an impeding factor in determining the future of a project. Therefore, one can easily spot the need for applying thorough cost estimating processes and techniques to ensure that a project can be viable.

What are the focus and the output of cost estimating that make it so essential in the project management process? And at which part of project management is it performed? 

Cost Engineering New Office

Cost Engineering has extended and renovated its office instead of moving to a new place.

Cost Engineering around the world in September

We are excited to visit Canada, Indonesia, and Scandinavia in September for new implementations of our software, Cleopatra Enterprise and for a well-rounded Roadshow.

Cost Estimation:  Creating Proper Cost Models

Cost models, based on historical data, are great tools to aid high-level factor estimates. Cost models are computer models which take as input the relevant cost drivers of an object (such as a piece of equipment or an entire project), perform a calculation and return a cost estimation for that equipment or project.

How do you estimate costs for project resources?

Each project that you carry out requires one or more of your resources to complete. For large projects, this can mean a considerable amount of your resources. Especially in that case, it makes sense to spend time determining the correct amount to help forecast when exactly those resources are needed. This will provide you with a cash flow to manage your expenditures and revenues accordingly. Here we pose the question: how do you make a cost estimation for using resources?

Back to the basics: what is project cost estimation?

In the field of cost engineering and cost management, project cost estimation plays a central role. What is project cost estimation and why is it so important?

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