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Cost Management: The Importance of Close-Out ReportsHow to reduce scope growth with Change Management

How to reduce scope growth with Change Management

Just like it is important to have contract templates in your contract management software, you also need to have a way of estimating and processing the impact of changes to the scope of work. If not controlled, changes can lead to huge cost overruns and delays. Therefore, managing changes is essential in successfully performing cost control.

  • Cost management for turnaround projects, useful or not?

    Most of you know that turnarounds are major events for refineries and other petrochemical facilities. They typically cost significant sums of money to execute (capital expense), but also a major loss of revenue when the facility is shut down (operational expense). As a result, these turnaround projects are usually schedule driven, where the only priority is to get the facility up and running again, rather than keeping control of spent cost. But is this really the best way to go forward or can cost management result in higher cost efficiency when you take all aspects into account?

  • Cost Management: The Importance of Close-Out Reports

    If you have ever been involved in a project, you probably know how it usually ends; in the weeks or months prior to the formal ending, several project members and teams are already moving to new projects because there work is done. Then, at the project’s formal ending, there’s probably a meeting or gathering where there’s champagne, a lot of hands to shake, some congratulations… Then everybody goes their own way.

  • 3 cost estimation examples to learn from

    Estimating a project’s cost is an art in itself. But it doesn’t stop when you find your totals. Interpreting and reporting your estimate is equally important. When the project progresses, an estimate allows you to look ahead, but also to look back at where you came from, to determine the performance of your project.

  • Get more insight into Cost Engineering’s visit through the US & Canada

    Cost Engineering has traveled through the US & Canada to meet and engage with the companies in the region. We also participated in the Seminar ‘The future of project controls: An integrated solution’ with a presentation led by our Vice President Business.