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Level: Basic
TCM Section(s): 2.3. Strategic Asset Management Process Map
Venue: 2020 AACE International Conference & Expo
Abstract: Far too many public projects are delivered over budget and late, too many fail to deliver their planned benefits, and some prominent researchers have argued that these failures are due to “strategic misrepresentation,” during the project selection and approval process. [1] Other researchers have argued that they are due to project complexity, improperly managed risk, and changes in scope definition after project selection. [2] Total cost management (TCM) encompasses both strategic asset management and project controls, and an evaluation of an organization’s cost engineering skills can identify gaps based on the TCM Framework. This paper presents a study of the cost engineering skills of owner organizations against the TCM Framework, identifies the most common competency gaps, and proposes corrective actions.
TCM Section(s): 2.3. Strategic Asset Management Process Map
Venue: 2020 AACE International Conference & Expo
Abstract: Far too many public projects are delivered over budget and late, too many fail to deliver their planned benefits, and some prominent researchers have argued that these failures are due to “strategic misrepresentation,” during the project selection and approval process. [1] Other researchers have argued that they are due to project complexity, improperly managed risk, and changes in scope definition after project selection. [2] Total cost management (TCM) encompasses both strategic asset management and project controls, and an evaluation of an organization’s cost engineering skills can identify gaps based on the TCM Framework. This paper presents a study of the cost engineering skills of owner organizations against the TCM Framework, identifies the most common competency gaps, and proposes corrective actions.