KnowPrice: Using Derivational Analogy to Estimate Project Costs

2009 ◽  
Author(s):  
B. Raphael ◽  
S. Saitta
Keyword(s):  
Project Costs

Using digital data collection tools to improve overall cost-efficiency and provide timely analysis for decision making during invasive species eradication campaigns

2014 ◽  
Vol 41 (6) ◽  
pp. 499 ◽  
Author(s):  
David J. Will ◽  
Karl J. Campbell ◽  
Nick D. Holmes
Keyword(s):  
Decision Making ◽  
Data Collection ◽  
Cost Efficiency ◽  
Relational Databases ◽  
Cost Effective ◽  
Digital Data ◽  
Capital Costs ◽  
Project Costs ◽  
Time Required ◽  
Data Collection Effort

Context Worldwide, invasive vertebrate eradication campaigns are increasing in scale and complexity, requiring improved decision making tools to achieve and validate success. For managers of these campaigns, gaining access to timely summaries of field data can increase cost-efficiency and the likelihood of success, particularly for successive control-event style eradications. Conventional data collection techniques can be time intensive and burdensome to process. Recent advances in digital tools can reduce the time required to collect and process field information. Through timely analysis, efficiently collected data can inform decision making for managers both tactically, such as where to prioritise search effort, and strategically, such as when to transition from the eradication phase to confirmation monitoring. Aims We highlighted the advantages of using digital data collection tools, particularly the potential for reduced project costs through a decrease in effort and the ability to increase eradication efficiency by enabling explicit data-informed decision making. Methods We designed and utilised digital data collection tools, relational databases and a suite of analyses during two different eradication campaigns to inform management decisions: a feral cat eradication utilising trapping, and a rodent eradication using bait stations. Key results By using digital data collection during a 2-year long cat eradication, we experienced an 89% reduction in data collection effort and an estimated USD42 845 reduction in total costs compared with conventional paper methods. During a 2-month rodent bait station eradication, we experienced an 84% reduction in data collection effort and an estimated USD4525 increase in total costs. Conclusions Despite high initial capital costs, digital data collection systems provide increasing economics as the duration and scale of the campaign increases. Initial investments can be recouped by reusing equipment and software on subsequent projects, making digital data collection more cost-effective for programs contemplating multiple eradications. Implications With proper pre-planning, digital data collection systems can be integrated with quantitative models that generate timely forecasts of the effort required to remove all target animals and estimate the probability that eradication has been achieved to a desired level of confidence, thus improving decision making power and further reducing total project costs.

USING PROJECT MANAGEMENT TOOLS TO IMPROVE THE EFFICIENCY OF INVESTMENT PROJECTS IN CONSTRUCTION

2021 ◽  
Vol 14 (1) ◽  
pp. 83-88
Author(s):  
Svetlana Mikhailovna SYCHEVA ◽  
◽  
Elena Yury’evna KUZMINA ◽  
Keyword(s):  
Project Management ◽  
Construction Industry ◽  
Integrated Approach ◽  
Construction Sector ◽  
Management Tools ◽  
Investment Projects ◽  
Key Characteristics ◽  
Project Costs ◽  
Team Project ◽  
Key Indicators

The article discusses the features of the implementation of investment projects in the construction industry, the main trends in project management in this area. The importance of the construction industry for the country’s economy is substantiated, the key indicators of the construction sector and its contribution to GDP are highlighted. The analysis of the development of the construction industry for the period from 2009 to 2020 is carried out. The reasons for the decrease in investment in construction are identified, among them the most important ones are highlighted. In the article discusses the key characteristics of the construction industry in our country. The conclusion is made about the need for a systematic and integrated approach to the management of investment projects. The authors propose to use the tools of project management to improve the efficiency of the implementation of investment projects. The main tools of project management (tools for defragmentation of work, tools for managing the time in the project, tools for managing resources for project implementation, tools for managing project costs) are named and examples of their use are given. The concepts of «team», «project management team», «matrix of responsibility» are considered.

Factors affecting transaction costs in megaprojects: a qualitative comparative analysis

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Dedong Wang ◽  
Hui Li ◽  
Yongqiang Lu
Keyword(s):  
Comparative Analysis ◽  
Transaction Costs ◽  
Qualitative Comparative Analysis ◽  
Asset Specificity ◽  
Necessary Condition ◽  
Content Type ◽  
Factors Affecting ◽  
Relational Contract ◽  
Factors Influencing ◽  
Project Costs

PurposeThe purpose of this study is to examine the factors influencing the transaction costs (TCs) in megaprojects to provide a basis for controlling project costs.Design/methodology/approachThis study selects six factors influencing the TCs in megaprojects from the perspective of TC theory and relational contract theory (RCT) through literature review. On the basis of crisp-set qualitative comparative analysis (QCA), this study tests combined factors influencing the TCs and the interaction between them.FindingsResults show that in megaprojects, TCs are affected by combination factors. The combination of asset specificity, uncertainty, transaction frequency and trust and the combination of asset specificity, reputation and trust will control TCs in certain situations. In the configuration leading to high project TCs, the combination of environmental and behavioral uncertainties is a necessary condition.Originality/valueThis paper fills up the research gap in the field of megaproject TCs, and researchers can focus on this field in the future.

On the effectiveness of site investigation in regard to project costs - a case study

ce/papers ◽  
2018 ◽  
Vol 2 (2-3) ◽  
pp. 439-444
Author(s):  
Peter FREITAG ◽  
Eugen MARTAC ◽  
Thomas REICHENAUER
Keyword(s):  
Site Investigation ◽  
Project Costs

scholarly journals Proposing an Index to Determine the Contract Level at the Pre-Contract Stage from the Viewpoint of Health, Safety and Environment (HSE)

2019 ◽  
Vol 3 (1) ◽  
pp. 41-52
Author(s):  
Mahsa Mapar ◽  
Mohammad Javad Jafari ◽  
Nabi-allah Mansouri ◽  
Sara Maheronnaghsh
Keyword(s):  
Operational Risk ◽  
Oil Refinery ◽  
Risk Level ◽  
International Level ◽  
Initial Weight ◽  
Classification Procedure ◽  
Project Costs ◽  
Final Weight ◽  
Four Levels ◽  
Safety And Environment

The level of contractor’s HSE is a major concern in outsourcing of the works for large organizations. In each tender a rational level of HSE holding by the contractors is recommended to reduce the project costs. By investigating the classification procedure of the contracts available in reliable manuals and models at international level, 6 main criteria were selected for determining the contract level from the viewpoint of HSE. Also, an indicator, called "contract separation" was proposed by weighting the criteria. Initial weight of the main criteria along with their scoring in this indicator was determined by applying sub-criteria characteristics, namely "specialized workforce", "man-day required for meeting the criteria", "required technology", and "impact of criterion on planning the next steps of the contract". Then, by preparing a questionnaire and applying the experts' opinion, the final weight of the criteria was specified, based on which all the contracts of Shahid Tondgouyan Oil Refinery Company in Tehran were divided into four levels, namely (1) advanced, (2) moderate, (3) basic, and (4) exempted from the initial HSE assessment. Results of the present study showed that the operational risk level had the highest impact percentage on determining the level of contract compared with other criteria, which indicates that regardless of other criteria, in case the level of contract risk is high, some special HSE measures should be planned for that contract according to the advanced contracts. Also, cost of the contract had the lowest weight; although cost of the contract is one of the most effective criteria in the contract classification, it cannot by itself represent the magnitude of the contract from the HSE perspective and its impact must be considered along with other criteria associated with HSE in order to determine the contract level.

scholarly journals Frequent Crisis and Modern Trends Associated with HAZOP Study in Plants and Industrial Units

2020 ◽  
pp. 43-50
Author(s):  
Kunal Sharma ◽  
Rahul Lodha
Keyword(s):  
Best Practice ◽  
Third Party ◽  
Environmental Concerns ◽  
Chemical Processing ◽  
Legal Requirement ◽  
Project Costs ◽  
Process Hazards ◽  
Financial Environment ◽  
Made In ◽  
Industrial Units

Hazard and operability (HAZOP) analysis has a well-deserved reputation for systematic and thorough evaluation of process hazards in industrial units. The method is now widely known and is in prevalent use in the chemical processing industries; so much so that in many industries performing a HAZOP has become a legal requirement for new or modified industrial units. A number of guides exist for conducting HAZOPs, the most recent being the IChemE guidelines on finest practice – second edition, published in the year 2008. In exercise however, following best practice is not that easy and many compromises have to be made in order to finish the task an added hurdle occurs when the HAZOP is led by a self-governing leader from an external company or third party as is increasingly the case. In this circumstance the person in charge also has to satisfy the customer or customer’s requirements which do not always match to the best custom. In addition there is a drift to lessen HAZOP study scope to safety health and environmental concerns only and to exclude operability and consistency issues. This has resulted from a observance mindset, possibly in an attempt to lessen liabilities. HAZOP is increasingly being seen as a conformity tool rather than as a tactic to ensure a secure, trustworthy and well designed plant. With the current financial environment we can expect these hitches to increase as project costs come under enhanced pressure and the extent of many projects is reduced. This paper discusses some of the more frequent crisis that occur during HAZOPs and some of the possible solutions in industrial units.

scholarly journals Analisis Peranan Anggaran Sebagai Alat Perencanaan dan Pengendalian Biaya Proyek Pada CV. Anugerah Jaya Surabaya

SUSTAINABLE ◽  
2021 ◽  
Vol 1 (1) ◽  
pp. 84
Author(s):  
Hakimah Hakimah
Keyword(s):  
Analysis Of Variance ◽  
Company Performance ◽  
Project Cost ◽  
Budget Planning ◽  
Existing Problems ◽  
Analysis Technique ◽  
Project Costs ◽  
Budget Control ◽  
Qualitative Descriptive

Budget is the most important tool in planning and controlling the company to achieve its goals. In implementing the project cost budget compiled by CV. Anugerah Jaya for the project did not carry out analysis of variance, so it is not known what caused the adverse variance to occur. The project cost budget prepared by the company is not used as a basis for evaluating or measuring company performance and besides that the absence of rewards given to job executors and other employees is one of the reasons for the lack of budget control. So it is necessary to analyze the role of the budget as a planning and controlling tool project costs at CV. Anugerah Jaya Surabaya. This research uses a qualitative descriptive approach with a case study method on CV. Anugerah Jaya Surabaya. The data used are obtained from observations, interviews and documentation of internal company data. Using triangulation techniques that combine various data collection techniques and existing data sources to check the validity of the data. The analysis technique used is to analyze the data and compare with the theory in accordance with the existing problems. From the results of this research it can be concluded that the application of the budget as a tool for planning and controlling project costs at CV. Anugerah Jaya is still not running optimally. This is due to no price updates on materials, no rewards and punishments applied to the company, no work implementation reports, no proper variance analysis reports and no follow-up on deviations that occur.Keywords             : Budget; Planning; Controlling; Project Cost; Analysis of Variance. Anggaran merupakan alat yang paling penting dalam perencanaan dan pengendalian perusahaan untuk mencapai tujuannya.Dalam pelakasanaan anggaran biaya proyek yang disusun oleh CV. Anugerah Jaya untuk proyek tidak dilakukan analisis varians sehingga tidak diketahui apa yang menyebabkan varians yang merugikan itu terjadi. Anggaran biaya proyek yang disusun oleh perusahaan tidak digunakan sebagai dasar evaluasi atau pengukur kinerja perusahaan dan selain itu tidak adanya reward yang diberikan kepada pelaksana pekerjaan dan karyawan lain menjadi salah satu sebab kurangnya pengendalian anggaran.Maka perlu dilakukan analisa mengenai peranan anggaran sebagai alat perencanaan dan pengendalian biaya proyek pada CV. Anugerah Jaya Surabaya.Penelitian ini menggunakan pendekatan deskriptif kualitatif dengan metode studi kasus pada CV. Anugerah Jaya Surabaya.Data yang digunakan diperoleh dari hasil observasi, wawancara dan dokumentasi data intern perusahaan.Menggunakan teknik triangulasi yang bersifat menggabungkan dari berbagai teknik pengumpulan data dan sumber data yang telah ada untuk memeriksa keabsahan data.Teknik analisis yang digunakan adalah dengan menganalisis data dan membandingkan dengan teori yang sesuai dengan permasalahan yang ada.Dari hasil penelitian ini dapat disimpulkan bahwa penerapan anggaran sebagai alat perencanaan dan pengendalian biaya proyek pada CV. Anugerah Jaya masih belum berjalan secara optimal.Hal ini dikarenakan tidak dilakukan update harga pada material, belum adanya reward dan punishment yang diterapkan pada perusahaan, tidak adanya laporan pelaksanaan pekerjaan, tidak membuat laporan analisis variance dengan tepat dan belum adanya tindak lanjut terhadap penyimpangan yang terjadi. Kata Kunci         : Anggaran; Perencanaan; Pengendalian; Biaya Proyek; Analisis Variance.

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