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(EST-4120) Project Code of Accounts - Enhanced by Adding Construction or Environmental Remediation Industry Standards

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Level: Intermediate
TCM Section(s):
7.3. Cost Estimating and Budgeting
7.1. Project Scope and Execution Strategy Development

Venue: 2023 AACE International Conference & Expo
Abstract: A code of accounts (COA) is a highly useful tool, used to support project and program management in the development, collection, organization, and reporting of project data.This paper provides a discussion of general COA principles applicable to all types of projects. COA-charge numbers, consisting of alpha/numeric unique identifiers, are designated by corporate and/or industry standards that are the primary vehicles for identifying and tracking costs on a project.Corporate charge numbering systems benefit from code of account with small footprints but high impact.In addition to capturing the normal labor, equipment, materials, and other direct costs, COAs can include other important cost information categories.Examples of standard components for COAs include MasterFormat, UNIFORMAT II, as well as the Environmental Cost Element Structure (for the environmental remediation industries).The examples used in this paper focus on environmental remediation projects through the use of RP 124R-22 Project Code of Accounts – As Applied in the Environmental Remediation Industries. Benefits such as project cost sharing, metrics, measurements, and future estimating are discussed and can all benefit and be better understood and controlled by including industry standards as a part of a project’s COA.