Context
The client was seeking a harmonised cost estimation process and, building on it, a systematic approach to Project Controls for its portfolio of investment projects.
Methodology
FELcilitate proposed a series of workshops with the client’s core team. The workshops covered:
- how to cost estimate: factors, ratios, escalation, allowance and contingency, per AACE;
- execution models and their impact on cost: EPC, EPCM, EP plus services;
- deep dives into the various aspects of planning, monitoring and controlling cost, schedule, scope and risk;
- Project Controls as an end-to-end process, introduced with FELcilitate’s Project Controls Framework.
Case studies from the client’s own projects were used to challenge the theory and to give the participants a deep understanding of the underlying context.
Outcome
The client’s core team gained a comprehensive understanding of Project Controls as an end-to-end process. The topic of cost estimation was leveraged into a Cost Estimation Check List and a standardised Cost Estimation Template. The template is structured so that mistakes and omissions are avoided.
The result A harmonised cost estimation process, documented in a checklist and a template the team owns.
