The tables of contents are generated automatically and are based on the data records of the individual contributions available in the index of the TIB portal. The display of the Tables of Contents may therefore be incomplete.
COSTMAN: A Real-Time Commitment to Cost Management - This article attempts to demonstrate how one major US refinery attempted to diagnose and treat its failing cost tracking abilities through the development of an in house real-time cost tracking tool. By capturing the flow of contractual activity, data that is complied in real-time can be used to identify project accruals, provide a more complete monthly forecast, and ensure that project budget is being used to its full extent.
Management of Project Contingency and Allowance - Cost overruns in engineering projects occur frequently because a certain margin of risk is inherent in all projects. As a result, risk management is continuously gaining the attention of the engineering industries. Reserves or contingencies represent the additional funding required to account for the cost of risk. However, many corporations have different practices for estimating and managing such reserves. In addition to discussing and clarifying the risk reserves terminology, this article presents several techniques and methods for estimating such reserves. Authority to use the respective parts of the risk reserves is also discussed.
So You Think You're an Estimator? This article focuses on many of the issues and problems associated with rough order of magnitude estimating. How do you prepare an estimate when there is very little information on which to base the estimate? While teaching at the University of Chicago, physicist Enrico Fermi had a reputation for asking his students, without any warning, seemingly impossible questions, such as, "how many piano tuners are there in Chicago?" We face similar conceptual estimating problems everyday in the world of projects. Our management asks for an estimate for a new project using a revolutionary technology never implemented before, and with a larger capacity than has ever been built; and oh, by the way, they need the estimate by tomorrow. This article is intended to discuss some of the techniques that can be used, as well as some of the problems faced when we are placed in such situations. This article is reprinted from the 2005 Transactions and was one of the top rated presentations by attendees. The article did not go through an additional peer review.