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(EST-3819) (Presentation Only) Alignment of Cost Estimating and the Project Development Process

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Level: Intermediate
TCM Section(s):
7.3. Cost Estimating and Budgeting
Venue: 2022 AACE International Conference & Expo

Abstract: Cost estimating supports critical decision-making during the project planning and development processes for capital projects. In early project planning phases, cost estimating supports value-based decisions regarding project capacity, location, technology selection, execution and contracting strategies, and other important project characteristics. Eventually, the cost estimate is a key element to the final approval and funding authorization that commits a project to proceed to construction and eventual start-up.
This presentation will discuss the important role of cost estimating during the various stages of project development, and the alignment of cost estimating methodologies with project development phases. The provision of the appropriate maturity of required design and engineering deliverables to support cost estimating is essential during each phase of the project development process to ensure that effective decisions are made to meet all project goals and objectives.