Project Cost Management Research Articles

Brief Analysis of the Construction Project Cost Management and Control Analysis

Brief Analysis of the Construction Project Cost Management and Control Analysis

Time and Cost Management in the Construction of Large Energy Facilities

The article deals with the problems of time and cost management in the construction of large energy facilities. The practical value of standards in the field of time and cost management in the construction of large energy facilities is often questioned by specialists in various fields of project activity. Practitioners at lower and intermediate levels often complain about the lack of clear and effective tools for solving specific problems in project management practice. However, the skillful application of standards can not only increase the likelihood of success for a wide range of diverse projects of large energy facilities with obtaining expected business values "at the output" of the project. The purpose of this study was to study the features of management terms and cost in the construction of large energy facilities. The objectives of the study included establishing links between the methods recommended by the project management body of knowledge (PMBoK) guidelines for determining the project budget and the methods used in practice for determining the cost of construction projects for large energy facilities, formalized in the current regulatory documents and state building codes of Russia. For this (according to the PMBoK standard), the basic methodological foundations of the project cost management process, its components and characteristic features were determined. The main stages of the life cycle of construction projects of large energy facilities, in which the cost of design work is assessed, are determined, the goals of such an assessment and the project participants who carry it out are determined. As a result, a complete methodological identity was established between the methods for assessing the project cost of large energy facilities recommended by the PMBoK standard and the methods for determining the cost of construction specified in the current regulatory documents in the construction industry in Russia.

THE IMPACT OF PROJECT COST MANAGEMENT ON CONTRACTUAL DISPUTES IN SOUTH AFRICA

Cost management is essential in the construction industry, and could cause contractual disputes if not done correctly. This article investigated how project cost management contributed to contractual disputes in the construction project environment. A qualitative approach was used to interview eleven construction professionals. The data received was then analysed using content and narrative analysis methods. It was found that cost management contributed insignificantly to contractual disputes; however, measures such as the engagement of a contract manager, good change control system, approval of project scope, compliance with the terms and conditions of the contract, good project management, competent consultants and contractor, effective communication before and during project execution could be put in place to minimise the incidence of disputes. It was also revealed that construction stakeholders prefer the Alternative Dispute Resolution (ADR) method, such as mediation, to resolve cost-related contractual disputes when they occured. Only eleven construction professionals were interviewed; hence the findings could not be generalisable as the opinion of the construction professionals in South Africa. The construction stakeholders should not put all their efforts into the management of project cost, in an attempt to prevent the incidents of contractual disputes; instead, they should institute other stringent measures that prevent poor scoping, poor cost estimating, and ineffective project management practices, to minimise the incidence of contractual disputes in their projects. The article gave an insight into measures that the construction stakeholders must take to prevent cost-related contractual disputes aside from effective cost management

Study on the Whole Process Management of Petrochemical Construction Project Cost

Study on the Whole Process Management of Petrochemical Construction Project Cost

Case Study on the Calculation of the Earned Value Using the Planned Physical Advancement of Projects

The cost knowledge area is one of the pillars of project management, and its control process is fundamental to the success of an enterprise, with the Earned Value Management methodology as one of the most important techniques for project cost management. The Earned Value is the main indicator and variable of the Earned Value Management methodology technique, which aims to enable the integrated understanding of the correlation between cost and physical advancement of projects. The problem identified is that the result of the calculation of the through the ratio between The Planned Cost and Physical Advancement Realized is not always adherent to the reality of the project, being directly influenced by the correlation between the Planned Physical Advance and the Planned Value. The non-use of Planned Physical Advancement with variable for is understood with the gap of systematics, being the basis for meeting the objective of this article, which is to propose a model for calculating the using an Alternative Equation of Earned Value. The methodology used for the work will be case study referring to a basic project of deliveries of technical engineering documentation to an oil rig in Brazil controlled in 2018 and 2019. This research is justified by bringing an important point in the project management literature, being relevant for presenting a scientifically proven alternative equation model for the calculation of Earned Value using Planned Physical Advancement. The method employed contributes to the cost management of projects, since the correct calculation of the Earned Value provides assertive results for decision-making of project managers.

Discussion on Project Cost Management and Control

Discussion on Project Cost Management and Control

Analysis of domestic and foreign practice of the organization of construction project cost management

Domestic and foreign practice of the construction project cost management are analyzed in the article. The technique, recommended for the international application No. 18R-97 is provided. The matrix for the classification of the cost estimates, including five classes of the assessment, provided by the technique, is offered. The algorithm of application of the budget standards during various stages of forming of construction cost of the project is offered.

Brief Analysis on Dynamic Management and Effective Control Measures of Construction Project Cost

Brief Analysis on Dynamic Management and Effective Control Measures of Construction Project Cost

Analysis of the Whole Process Control and Management of Water Conservancy Project Cost

Analysis of the Whole Process Control and Management of Water Conservancy Project Cost

ANALISIS PENGARUH PROJECT COST MANAGEMENT DAN STANDARD MARKUP PRICING SEBAGAI STRATEGI BERKEMBANG BUKIT GRHADIKA GARDEN AGRO EDUWISATA DI MASA PANDEMI

This study aims to assess the approach employed by the research object, namely Bukit Grhadika Garden Agro Eduwisata, in order to survive the pandemic. This is a qualitative study employing a descriptive approach. Interviews with study subjects are used to elicit reliable and accurate information, which is supplemented by secondary data. This research examines the effect of Project Cost Management and Standard Markup Pricing strategies on cost reductions necessary to survive the pandemic. The findings revealed that the measures employed, namely Project Cost Management and Standard Markup Pricing, had a positive influence in the development of Bukit Grhadika Garden Agro Eduwisata during the pandemic. The Project Cost Management strategy used to develop Agro Edutourism has a significant impact on the development and improvement of tourist attractions that are more appealing to potential visitors, even during a pandemic. In addition, tourism marketing via online media is quite attractive and helps increase the number of tourists. Additionally, Standard Markup Pricing increases visitor interest as well. This study finds that the management of Bukit Grhadika Garden Agro Eduwisata's business strategy enabled the company to survive the pandemic

Dynamic Management and Control Method of Construction Project Cost

Dynamic Management and Control Method of Construction Project Cost

Project Cost Management in Construction Process

Project Cost Management in Construction Process

Construction Project Cost Management and Control System Based on Big Data

In today’s society, engineering cost management and control is very important content. With the increasing number and scale of construction projects in China and huge investment funds, the collection and sorting of all kinds of information data in construction projects has become one of the problems that need to be solved. Therefore, building the construction project cost management and control system is one of the powerful means to improve the work efficiency of processing information and data, which is also very necessary. This paper mainly analyzes the construction of a perfect, efficient, and rapid processing of relevant information workflow based on large database technology to achieve the whole process of project tracking management and effective cost management and control target system. First of all, this paper introduces the construction project cost management, expounds the characteristics of the management system, and studies the application of big data in the construction project. On this basis, the construction project management software is designed and developed. At the same time, the requirements of the system are studied, and the system is tested. The final test results show that the system has a fast processing time and high processing efficiency in processing the above data, which indicates that the construction project cost management and control system based on big data has obvious advantages in processing large-scale data. When the amount of data is small, the processing speed increases exponentially with the increase of nodes. When the amount of data is large, the acceleration ratio is positively correlated with the number of nodes in a certain proportion. With the increase of nodes, the ratio almost remains unchanged, indicating that the system has high operation efficiency and is relatively stable with the increase of nodes.

COST OVERRUNS ON RAILWAY SIGNALLING PROJECT: QUALITATIVE CASE STUDY ON LRS COMPANY

Railway is a mode of transportation that provides several advantages over other modes in terms of punctuality, capacity and energy efficiency. The signalling system is the main element of the railway which functions to ensure the safety of train travel. Several signalling construction projects carried out by LRS experienced cost overruns. It is necessary to conduct research to determine the causes of cost overruns, as the basis for the improvement process of Project Cost Management. The research was conducted using a qualitative case study method referring to the Miles & Huberman interactive model, with descriptive analysis. Data collection was carried out by triangulation including in-depth interviews, documentation, and FGDs. The selection of informants was carried out using purposive sampling method combined with snowball sampling method. Triangulation of data collection methods and triangulation of sources was carried out to increase the reliability of the research. The study found that the four factors most frequently mentioned by informants as the main causes of cost overruns, namely: Changes in scope; Extension of time; Weak of internal planning and Increase in material prices.

Analysis of Construction Project Cost Management

The composition of construction project cost is introduced.Based upon analysis of the present cost management situations in construction enterprises in our country and questions existed practical measures for cost control and management are proposed,in order to realize effective control of construction project cost to increase the economic benefits and competitive power for construction enterprises.

Research on the Development of Project Cost Management Form

Research on the Development of Project Cost Management Form

Project Cost Index and Dynamic Management of Project Cost

Project Cost Index and Dynamic Management of Project Cost

Research on Construction Project Cost Management

Research on Construction Project Cost Management

Exploration on Strengthening Project Cost Management and Effectively Controlling Project Cost

Exploration on Strengthening Project Cost Management and Effectively Controlling Project Cost

Research on cost management of enterprise engineering EPC project

EPC project mode can comprehensively manage all stages of the project and has the advantage of integrated management. In order to improve the refinement of EPC project cost management, this paper studies the cost management of enterprise engineering EPC project. Understand the connotation of cost management of enterprise engineering EPC project and strengthen the awareness of cost management. This paper analyzes the problems existing in the cost management of enterprise engineering EPC project, and puts forward the EPC project management strategy from three aspects: design and procurement cost management, dynamic control of EPC project implementation cost and optimization of cost management mode based on lean construction, which provides a new idea for the development of enterprise engineering EPC project cost management.