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Cost Management of Engineering Projects
European Construction Institute ECI, Jan 2008, Pages: 135
The document is based on the idea that cost management is not only about containing costs within an authorised budget (though this is undoubtedly very important), but also ensuring the delivery of value in fulfilling the project’s objectives and deliverables. Furthermore it aims to highlight the importance of work and studies carried out during the project development (pre final authorisation) phase in achieving a successful outcome. The core content of this document addresses the range of tasks and requirements for project cost management together with a number of suggestions aimed at enhancing performance and outcomes
Construction of engineering projects, covering the process industries, infrastructure and building is Europe’s largest industry (based upon employment) with an annual turnover in excess of €1,000 billion per annum. For as long as records have existed there has been evidence that effective management of the cost of such project has been a considerable challenge which in some cases, including a number of large, high profile projects, has not been successfully met. The many aspects of current global business environment have conspired to make the challenge of effective cost management even more demanding.
The document is based on the tenet that cost management is not only about containing costs within an authorised budget (though this is undoubtedly very important), but also ensuring the delivery of value in fulfilling the project’s objectives and deliverables. Furthermore it aims to highlight the importance of work and studies carried out during the project development (pre final authorisation) phase in achieving a successful outcome.
The principle target audience for the document consists of the Project Managers and their teams, Client’s business managers responsible for sponsoring and financing these construction projects and the contractors and consultants responsible for the detailed management of their execution. Only with a sound understanding and proactive support and involvement from these groups is it possible to achieve truly effective cost management. The involvement of the Project Manager and his team should be significant and on a continual basis throughout the project.
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