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(TCMA-3502) Benchmarking for Competitive Advantage

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Level: Intermediate
TCM Section(s):
6.1. Asset Performance Assessment
10.1. Project Performance Assessment

Venue: 2020 AACE International Conference & Expo
Abstract: To improve and be competitive in terms of profitability (often measured by return on investment), companies must manage their operations and capital project delivery systems to drive improved cost and schedule effectiveness. This effort requires companies to improve their understanding of cost, schedule, risk drivers, and behaviors through historical data collection, analysis, and benchmarking. Subsequently, benchmarking will result in a more competitive project system.

While benchmarking for competitive advantage is usually seen as a strategic endeavor with respect to its overall capital or project system, benchmarking takes knowledge and understanding of both external and internal project system practices and performance to drive continuous improvement. The business uses benchmarking to improve its overall competitive position in capital project management with respect to organizational strategy, process management, tools development, and behaviors. Benchmarking also touches on or relates to other analytic processes at a project level. These relationships include project planning, performance estimate validation, and forensic analysis for achieving improved business objectives.