Level: Intermediate
TCM Section(s):
10.4. Project Historical Database Management
11.3. Information Management
Venue: 2023 AACE International Conference & Expo
Abstract: In recent years, owner companies have begun implementing digital transformation initiatives. Digital transformation achieves a step change in performance, enabling new business workflows by applying evolving technologies and a fresh way of thinking and working across the enterprise. Cost engineering is a focus area in the digital transformation process which considers the importance of cost and schedule data for making quality decisions in a very competitive market. Chevron implemented a three-pronged approach for cost engineering data transformation including a comprehensive study of its current state, a detailed definition of the need to change, and a projection of the future vision. One of the key success factors to achieve the future vision is the establishment of a common language that enables standardization of cost engineering data, creating benchmarks, and determining project competitiveness. This paper describes the journey of looking at different alternatives, the selection of ISO 19008 taxonomy, and the implementation of it as the data standard in Chevron’s internal cost engineering tools and processes.
TCM Section(s):
10.4. Project Historical Database Management
11.3. Information Management
Venue: 2023 AACE International Conference & Expo
Abstract: In recent years, owner companies have begun implementing digital transformation initiatives. Digital transformation achieves a step change in performance, enabling new business workflows by applying evolving technologies and a fresh way of thinking and working across the enterprise. Cost engineering is a focus area in the digital transformation process which considers the importance of cost and schedule data for making quality decisions in a very competitive market. Chevron implemented a three-pronged approach for cost engineering data transformation including a comprehensive study of its current state, a detailed definition of the need to change, and a projection of the future vision. One of the key success factors to achieve the future vision is the establishment of a common language that enables standardization of cost engineering data, creating benchmarks, and determining project competitiveness. This paper describes the journey of looking at different alternatives, the selection of ISO 19008 taxonomy, and the implementation of it as the data standard in Chevron’s internal cost engineering tools and processes.