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Level: Basic
TCM Section(s):
4.1. Project Implementation
7.1. Project Scope and Execution Strategy Development
Venue: 2021 AACE International Conference & Expo
Abstract: Delivering megaprojects within budget and on schedule is and has always been challenging. Due to the complexity of the key drivers and influential factors that impact most megaprojects, traditional project management practices are, in some cases, insufficient to handle today’s challenges. This paper presents a comprehensive cost management framework for megaprojects that takes today’s complex business environment, project influential factors, and key management processes into account.
The framework captures key systems, processes, and activities essential for achieving successful cost management, and consists of the following ten elements: (1) Project Key Drivers and Influential Factors; (2) Leadership and Project Governance; (3) Project Preparation and Organization Development; (4) Project Risk Management; (5) Project Interface Management; (6) Scheduling and Project Execution Plans; (7) Cost Estimating and Budgeting; (8) Cost and Schedule Controls; (9) Progress Monitoring and Reporting; and (10) Benchmarking and Independent Project Reviews.
Deficiencies in, or lack of proper development and implementation of, any of the ten elements and/or associated systems and processes can cause significant risks to project cost management.
Level: Basic
TCM Section(s):
4.1. Project Implementation
7.1. Project Scope and Execution Strategy Development
Venue: 2021 AACE International Conference & Expo
Abstract: Delivering megaprojects within budget and on schedule is and has always been challenging. Due to the complexity of the key drivers and influential factors that impact most megaprojects, traditional project management practices are, in some cases, insufficient to handle today’s challenges. This paper presents a comprehensive cost management framework for megaprojects that takes today’s complex business environment, project influential factors, and key management processes into account.
The framework captures key systems, processes, and activities essential for achieving successful cost management, and consists of the following ten elements: (1) Project Key Drivers and Influential Factors; (2) Leadership and Project Governance; (3) Project Preparation and Organization Development; (4) Project Risk Management; (5) Project Interface Management; (6) Scheduling and Project Execution Plans; (7) Cost Estimating and Budgeting; (8) Cost and Schedule Controls; (9) Progress Monitoring and Reporting; and (10) Benchmarking and Independent Project Reviews.
Deficiencies in, or lack of proper development and implementation of, any of the ten elements and/or associated systems and processes can cause significant risks to project cost management.