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(EST-3412) (Presentation Only) Using Cost Enginering to Quantify and Identify Project Risks

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Venue: 2020 AACE International Conference & Expo

Abstract: Quantification of project cost risks prior to full funding is well established requirement and practiced by many companies as part of normal project development requirements.This presentation shares how ExxonMobil utilizes detailed cost estimates ("bid check") to model fixed price bids on large ventures (>>1 G$) to assess both bidder understanding of job requirements on direct and indirect accounts as well as associated imbedded financial risk assessments.An overview of work processes and practitioner skill requirements to accomplish this outcome will be shared. This presentation will be supported by case studies that demonstrate the value and insight which this process produces on world-class size ventures.