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(TCM-2500) The True Power of Estimate and Schedule Bases Documents

Level: Intermediate
Author(s): Robert Mathias; Paul G. Williams
Venue: 2017 AACE International Annual Meeting, Orlando, FL

Abstract: It is well understood that a project’s cost estimate and schedule become more refined as the project scope progresses through the early stages of the Owner’s Front End Loading process. What is not as well understood is that simply moving through certain FEL phases does not automatically guarantee the accuracy of the estimate and schedule. This accuracy is supported by the level of scope definition, the data available, the team developing the deliverables, etc. In today’s world, Owners rely more and more on outsourced resources to develop these FEL deliverables, and it is imperative that the above-mentioned estimate/schedule influences are documented and well-understood by all stakeholders receiving the deliverables. It is equally as important to know what was involved/included in the development of the estimate/schedule (and what was not), as it is to get a final estimate and schedule.

This paper will provide the Estimate and Schedule Basis Document content, coverage and application, as well as case studies on how these documents are applied in today’s Lean Owner heavy project delivery Sectors.