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(CSC-847) Recommended Approach to Offshore Cost and Schedule Benchmarking

Primary Author: Ms. Aileen Anne Jamieson Turner & Townsend

Audience Focus: Basic
Application Type:
Venue: 2012 AACE International Annual Meeting, San Antonio, TX, USA

Abstract: Benchmarking requires a consistent and methodological approach to the management and analysis of data. This paper sets out five recommended steps in benchmarking offshore development cost and schedule data to ensure that comparisons are meaningful. Used correctly, benchmarking is a structured process that can add value to a project by providing feedback on how projects of a similar nature have previously been executed. Used incorrectly, there is a danger that bad practices can be repeated. This paper will identify the appropriate stage of a project's lifecycle to undertake benchmarking as well as how to collect data, compare data on a like-for-like basis and effectively interpret benchmarking analysis. It will also highlight practical applications of benchmarking, such as the ability to compare regional cost and schedule differences in order to set strategies for success in future offshore developments.

The field data used for the analysis will be drawn from a joint industry project (JIP) which has been benchmarking offshore facilities projects for almost twenty years.