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Development of an Integrated Cost Estimation and Cost Control

Development of an Integrated Cost Estimation and Cost Control 2025

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The document discusses the development of an integrated cost estimation and cost control system for construction projects. It highlights the challenges faced by construction companies due to the use of different software for cost estimation and control, which can lead to inconsistencies in data. The study aims to create a unified system that facilitates automatic data transfer between cost estimation and control processes, enhancing accuracy and efficiency. Utilizing a Systems Analysis and Design approach with MS Access as a tool, the paper outlines the requirements analysis, model development, and testing phases of the integrated system.

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What is the role of integrated cost and schedule control?

ICSM helps in identifying potential cost and schedule risks by conducting a comprehensive risk identification process that involves identifying potential risks, their likelihood of occurring, and their potential impact on the projects cost and schedule.

Why is it important to integrate cost and schedule controls?

As a result of cost/schedule analysis, project progress trends can be analyzed for each area of work. Thus, the level of performance, as well as the efficiency of the work itself, can be objectively measured.

What is schedule and cost control?

The schedule determines when work elements (activities) are to be completed, milestones achieved, and when the project should be completed. The budget determines how much each work element should cost, the cost of each level of the work breakdown schedule (WBS), and how much the total project should cost.

What is the cost estimation framework?

The goal of the Cost Estimation Framework is to provide a consistent and traceable approach for estimating capital project costs to minimize the variance between cost estimates and final project budgets.

What is cost estimation in production planning and control?

Cost estimation takes into consideration all expenditure involved in the design and manufacturing along with all related service facilities such as machines setting; tool making as well as a portion of sales marketing and administrative expenses or what we call overhead costs.

What are the 2 basic approaches used to estimate the cost of project?

Accurate budgeting becomes an essential skill for a project manager, it is important that project managers find an appropriate approach to use to facilitate their project management. There are two main approaches to take when creating a budget top-down approach and bottom-up approach.

What is cost schedule integration?

An integrated cost-schedule risk analysis involves a good-quality schedule with resources representing the cost estimate (without contingency) attached to the activities they support. Generally, this schedule is a strategic one that differs from the most detailed schedules used to run the project on a daily basis.

What is the purpose of cost schedule?

A cost-loaded schedule equips project managers with data-driven insights, enabling them to make timely and well-informed choices that impact both the projects financial health and its overall success. Client Satisfaction: Clients expect projects to be completed on time and within budget.

Development of an Integrated Cost Estimation and Cost Control 2025

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