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Level: Intermediate
TCM Section(s):
6.3. Asset Historical Database Management
10.4. Project Historical Database Management
Venue: 2021 AACE International Conference & Expo
Abstract: The value of good project historical data and metrics for use in project planning (estimating, planning and scheduling, risk analysis, etc.) has always been recognized by cost engineers. The AACE library includes examples of successful implementations. However, the challenges of developing and maintaining a database (sustained demands on resources and budgets and extended time to achieve objectives) have resulted in relatively few companies successfully implementing them. However, increasing interest in artificial intelligence (AI), analytics, business intelligence tools and the availability of commercial software has raised interest. This interest resulted in the development of the subject recommended practice (RP). The RP is a guideline for requirements assessment, specification, development, implementation, and maintenance of a project historical database system. A database maturity model is also included. The intended audience is owner, contractor and agency organizations having access to project estimate and/or actual data. The main focus is on databases for estimating, planning and scheduling, and risk management uses (e.g., estimate validation, conceptual estimating and scheduling, parametric risk modeling, etc.). However, databases may also support resource planning, project system benchmarking and performance improvement, forensic analysis, and other processes in the TCM Framework.
Level: Intermediate
TCM Section(s):
6.3. Asset Historical Database Management
10.4. Project Historical Database Management
Venue: 2021 AACE International Conference & Expo
Abstract: The value of good project historical data and metrics for use in project planning (estimating, planning and scheduling, risk analysis, etc.) has always been recognized by cost engineers. The AACE library includes examples of successful implementations. However, the challenges of developing and maintaining a database (sustained demands on resources and budgets and extended time to achieve objectives) have resulted in relatively few companies successfully implementing them. However, increasing interest in artificial intelligence (AI), analytics, business intelligence tools and the availability of commercial software has raised interest. This interest resulted in the development of the subject recommended practice (RP). The RP is a guideline for requirements assessment, specification, development, implementation, and maintenance of a project historical database system. A database maturity model is also included. The intended audience is owner, contractor and agency organizations having access to project estimate and/or actual data. The main focus is on databases for estimating, planning and scheduling, and risk management uses (e.g., estimate validation, conceptual estimating and scheduling, parametric risk modeling, etc.). However, databases may also support resource planning, project system benchmarking and performance improvement, forensic analysis, and other processes in the TCM Framework.