WHO IS INVITED? Cost analysts, cost engineers, estimators, planners & schedulers and project managers. Also, practitioners or professionals of any and all levels with an active interest in project costs, execution, construction management, contracts management, estimates, schedules and project management
TOPIC: Owner Project Planning Supports Estimate and Schedule Accuracy
When developing the Owner’s cost estimates, we have often used the maturity of our engineering deliverables to define the class of estimate we are producing. This has long supported our Estimate Classification model but is it the only parameter that we should consider when defining the class of estimate in support of our capital program? There are several equally important aspects of the quality of the Front End deliverables such as the accuracy of the engineering as well as the maturity of our Project Plan. The Project Plan needs to evolve at the same pace as the engineering deliverables and will likewise affect the level of schedule and cost estimate accuracy. Significant improvement in project cost and schedule outcomes are possible, depending on the details of the Project Plan and its relationship to specific project characteristics and risks. This presentation will identify Industry Best Practices for content of the Project Plan and the typical evolution of the Plan through the project Front End efforts and execution. Examples of Owner Project Plans will be provided and as well as the impact various components of the plan have on the estimate/schedule accuracy and corresponding project risk.