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(EST-2153) Improve Estimate Quality with TCM

Primary Author: Dave Kyle, CEP
Co-Author(s): Frank R. Perez, CEP

Audience Focus: Basic
Application Type: Practice
Venue: 2016 AACE International Annual Meeting, Toronto, ON, Canada

Abstract: The cost estimating process often has a consistent lack of quality that hinders the owner’s ability to make sound business decisions, and to properly support project controls in the management of a project. This paper examines several estimating difficulties and current solutions being implemented to improve the estimating process in a large oil and gas owner organization. An assessment by the authors across owner and contractor firms identified significant shortfalls in the following areas: estimator competency, effective estimating tools, and reliable historical cost data. This paper will discuss proposed solutions that incorporate an identified vision and objectives for development, a multi-year development plan to close gaps and improve both the estimating process and tools, and detailed plans for each significant area of development.