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(CSC-3867) Leverage Innovative Technologies and Standardized Coding System for Real-Time Project Cost Control

Level: Basic
TCM Section(s):
9.2. Progress and Performance Measurement
11.3. Information Management
Venue: 2022 AACE International Conference & Expo

Abstract: While the world is going through the pandemic, it is noticeable that the uncertainty of the economic environment is increasing. Controlling the costs of mega construction projects within budgets becomes even more challenging. To quickly respond to changes, the ultimate solution would be to leverage innovative new technologies to create a multiple dimension control system that can monitor project progress and cost flow in an integrated manner. This article discussed existing technologies and how they could empower data collection, increasing accuracy and effective reporting to facilitate cost control and forecasting trends. Real-time cost control allows fast decision-making by understanding actual cost in real-time while the project progresses and enhances predictive analysis for future expenditures.