Level: Intermediate
TCM Section(s):
7.6. Risk Management
8.1. Project Control Plan Implementation
Venue: 2023 AACE International Conference & Expo
Abstract: Project execution and management in today’s world is vastly different from few years ago. The traditional approach to project development, estimating and submission for approval of final investment has transformed into business mandated delivery windows and other constraints that make project execution more critical and sensitive to cost and schedule impacts. Various aspects of project management such as contracting strategy, early EPC involvement, design completion incentives, witness points for procurement to ensure quality, oversees sourcing of critical material etc. have seen significant improvements to ensure project execution success.
However, one of significant requirements from an owner’s perspective is the predictability of the end, which greatly relies of project risk management and contingency management. This paper addresses some of the issues in project contingency management and provides solutions and insight for owner organizations to revisit the strategy and ensure contingency management is effective and brings predictability to project end results (cost and schedule).
TCM Section(s):
7.6. Risk Management
8.1. Project Control Plan Implementation
Venue: 2023 AACE International Conference & Expo
Abstract: Project execution and management in today’s world is vastly different from few years ago. The traditional approach to project development, estimating and submission for approval of final investment has transformed into business mandated delivery windows and other constraints that make project execution more critical and sensitive to cost and schedule impacts. Various aspects of project management such as contracting strategy, early EPC involvement, design completion incentives, witness points for procurement to ensure quality, oversees sourcing of critical material etc. have seen significant improvements to ensure project execution success.
However, one of significant requirements from an owner’s perspective is the predictability of the end, which greatly relies of project risk management and contingency management. This paper addresses some of the issues in project contingency management and provides solutions and insight for owner organizations to revisit the strategy and ensure contingency management is effective and brings predictability to project end results (cost and schedule).