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(TCM-2323) Critical Project Controls: Controlling Costs Before they Happen

Primary Author: Leslie E. McMullan, FAACE
Audience Focus: Intermediate
Application Type: Practice
Venue: 2016 AACE International Annual Meeting, Toronto, ON, Canada

Abstract: One of the key objectives of project controls and cost engineering is to proactively forecast and control cost and schedule outcomes in liaison with the project team. With the goals of predictability and reliability, various Project Critical Controls (PCCs) for project controls have been identified based on best practice and project experience to ensure compliance to the project processes and procedures.

Critical Control Points (CCPs) introduce a timing aspect and validation point to manage costs early and throughout the project lifecycle process. These are also used to validate adherence to the project execution plan including the project controls plan, leading to successful project delivery.

This paper identifies a roadmap for estimating, cost control, planning & scheduling, change management, and risk management and identifies the top critical controls for Total Cost Management and how to control costs before they happen.