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Archived Webinar: Spotlight on RP 124R-22, Project Code of Accounts - As Applied for the Environmental Remediation Industries

About Recommended Practice 124R-22:
As a recommended practice (RP) of AACE International, this document suggests a code of accounts (COA) for projects in the environmental remediation (ER) industries. While some systems exist, this RP provides a comprehensive list of cost elements unique to the life cycle of ER projects and programs.

A COA is typically implemented early in a project, as a cost coding structure, and is used for the duration of a project. This coding structure is an organizational and accounting tool made up of an alpha and/or numeric set of values which are assigned to every item within a schedule or budget. These unique identifiers, designated by a corporate and/or industry standard, remain constant through the life of the project and across the organization. This coding structure is then used to support project and program management in the development, collection, organization, and reporting of project data.

In the ER industry, the benefit of a standardized COA is significant for effective project and program management. Examples of how a COA can benefit are demonstrated early when initial costs are estimated. COAs, when used to organize cost, support the development of a project baseline, and provide a means to monitor for variations/trends as the project develops. Also, when reviewing projects, the ability to identify unique elements within a project is increased. As an example, and assuming the project COA is so coded, worker categories such as a radiation technician or technology types such as a geomembrane liner, can be quickly identified wherever it may occur in the project schedule or budget. The intent of this RP is to provide a recommendation for a standardized code of accounts for the environmental remediation industries promoting benefits such as project cost sharing, metrics, measurements.

About AACE Recommended Practices:
The AACE International Recommended Practices (RPs) are a series of documents that contain valuable reference information that has been subject to a rigorous review process and recommended for use by the Technical Board. RPs are intended to be the main technical foundation of AACE educational, and certification products and services. All RPs are available to AACE members free of charge.