Level:
TCM Section(s):
10.4. Project Historical Database Management
11.3. Information Management
Venue: 2023 AACE International Conference & Expo
Abstract: Owners face daunting challenges in the age of "big data" to use the volume, diversity, and variability of accessible data to make predictable and competitive project decisions. The magnitude and pace of project data have never been larger. Owner organizations digitize all aspects of their business internally to capture and retain vital information on project performance. Externally, data consultancies and data clearinghouses constantly increase their footprint and develop new ways to make their data available to clients. The disadvantage of this amount of access is an inability to focus and discern which data will assist a business in succeeding. Owner companies may underutilize external data or misapply external benchmarks because of the challenges associated with a plethora of data, resulting in uncompetitive initiatives.
Benchmarking stands as an important component of cost engineering to develop and evaluate project estimates. When project benchmarking combines with 'big data' to make better project decisions - and not simply at funding assessments - the value of project benchmarking increases. This paper will focus on project benchmarking utilizing external big data with a “cost engineering mindset” as well as why organizations should leverage external benchmarking across the entire life cycle of a project, enabling capital projects to better compete and deliver.
TCM Section(s):
10.4. Project Historical Database Management
11.3. Information Management
Venue: 2023 AACE International Conference & Expo
Abstract: Owners face daunting challenges in the age of "big data" to use the volume, diversity, and variability of accessible data to make predictable and competitive project decisions. The magnitude and pace of project data have never been larger. Owner organizations digitize all aspects of their business internally to capture and retain vital information on project performance. Externally, data consultancies and data clearinghouses constantly increase their footprint and develop new ways to make their data available to clients. The disadvantage of this amount of access is an inability to focus and discern which data will assist a business in succeeding. Owner companies may underutilize external data or misapply external benchmarks because of the challenges associated with a plethora of data, resulting in uncompetitive initiatives.
Benchmarking stands as an important component of cost engineering to develop and evaluate project estimates. When project benchmarking combines with 'big data' to make better project decisions - and not simply at funding assessments - the value of project benchmarking increases. This paper will focus on project benchmarking utilizing external big data with a “cost engineering mindset” as well as why organizations should leverage external benchmarking across the entire life cycle of a project, enabling capital projects to better compete and deliver.