Do you agree that with current oil price, the Oil & Gas related project is under enormous pressure to develop strategies to reduce cost and increase project profitability? Are you concerned with the loss you had due to wrong risk analysis and inability to measure project parameters and uncertainties? Do you feel terrified with the problems you face in your project because of the lack of strategies and techniques in estimation, cost control and business planning?
Would you be curious to learn the methodologies of project cost engineering to maximise business return on investment in long run? Do you want to learn how to control, forecast and report the cost and progress during project execution?
Project Cost will be a constant source of concern, but will be particularly to the fore when considering different technical options, in conducting cost/technical trade-offs, in establishing budgets, in the submission and evaluation of price proposals, in preparing for contract negotiations, and in assessing the cost impact of introducing changes to existing designs. The question is how to tackle these aspects to be best able to predict or assess project cost, how to minimise the risk of budget overruns and schedule delay, and how to ensure that there is an appropriate balance between technical aspects and the related costs of the project.
One of the key element in project controls is scheduling and progress measurement. In order to control the planning and execution of a project, all scope and activities need to be broken down into manageable activities linked to a Work Breakdown Structure. This provides a structure for cost allocation and scheduling.
Integrating a balance between cost, time and risk with the use of proven techniques and pragmatic solutions with the following examples:
Quantity Ratios Estimating:
Can result in more accurate estimates than Factored Estimates.
Can be used for communication with technical disciplines.
Enable us to distinguish between quantities and costs.
Risk & Opportunity management:
A structured, constructive, integrated, creative & continuous process
Risk Identification
Risk Analysis and Assessment
Risk Mitigation and Treatment
Risk Monitoring and Review
Contract Parameters during project execution:
Client’s exposure to the risk of the project/contract
Client’s flexibility to influence the scope of work during project execution
Contractor’s incentive to work fast and efficient
Earned Value Managment and Project Reporting
Methodology to monitor and analyse project cost & schedule progress, and to mitigate cost and schedule risk before the project is completed
Different forecasting methodologies for Cost and Schedule performance
Project Cost & Schedule reporting and Project Dashboards
Do you want find out more on how you can leverage to the many years of International Cost Engineering experience and excellent track record of our dedicated trainer to add value through pragmatic solutions? Would you like to learn proven strategies on cost estimation and cost reduction? Would you like to work on real Oil & Gas project case studies to practice all aspects of cost engineering, risk management and earned value management? Find out more at http://www.ctsolutionsglobal.com/cost-engineering
References:
Richard Slingerland, Cost Engineering, Risk Management & Earned Value Management
David Greves & Herve Jourmie, Cost Engineering for Cost-Effective Space Programmes
Maurits Gerver, Project Monitoring and Control