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Cleopatra Enterprise partner of the Project Controls Expo UK 2021

Project cost management: Common misconceptions about cost engineering

Not everyone is familiar with cost engineering in the field of project controls. In the project team around you probably everyone has their own idea of how to assign costs and control the project. Let’s get some common misconceptions out of the way.

  • Determining productivity factors in Project Cost Management

    Project costs are derived from the required resources needed to complete the objective, which might be anything from constructing a new facility to replacing parts to comply with new safety requirements. The resources involved can be classified as time, money, labor, and materials.

  • Monitoring ROI during a project - Beware the Concorde Fallacy

    The Concorde airliner project was a revolutionary international collaboration in the 1960s between the French aerospace manufacturer Aérospatiale and the British Aircraft Corporation. The team was able to design and manufacture a Supersonic passenger jet. A total of twenty aircraft were built, including six prototypes and development aircraft. It had a maximum speed over twice the speed of sound at Mach 2.04 (1,354 mph or 2,180 km/h at cruise altitude), more than twice the speed of conventional aircraft. The aircraft is regarded by many as an aviation icon and an engineering marvel.

  • Is your company capturing the value of Integrated Project Controls?

    Advancement in technologies, increased communication capabilities and connectivity of devices provide a great opportunity to control technical projects smartly and more efficiently. However, not every company has bridged the digital gap. The common ways of controlling projects still lead to huge cost overruns and schedule delays.  

  • Why Integrated Project Controls is key for improved project performance

    Project control is much more than just the execution phase of a project. It covers the full project life cycle from the initial planning phase towards measuring the actual cost performance and project completion.