Lessons Learned on Budget Estimates, Scope, Planning and Scheduling!

Asked by ChemKB 6 years, 4 months ago | 3 Answers

I'd like to start the discussion on the Budget Estimates. I think we must have accurate budget estimates and a risk assessments performed to determine the adequacy of the total project budget. What else you all recommend?

3 Answers

belmoreno 6 years, 4 months ago

I think the following scope changes can affect the budget outcome big time:

  • Numerous small changes can cause a significant negative impact on project performance.
  • On going project scope creep during EPC negatively impacts the ability to maintain an accurate engineering schedule, causes rework, and makes engineering activities difficult to control.
  • Engineering scope details such as specialty items need to be determined during EDS and incorporated into the project engineering execution plan.
  • Scope creep must be minimized and tracked throughout the course of a project.
  • All Trends and proposed changes must be processed in a timely manner.

Normandy 6 years, 4 months ago
It should also include project and inspection supports as well as annual maintenance costs.

wozniakmic 6 years, 4 months ago
Project estimates should include contingency money to cover risks associated with field condition variables identified during the course of a project.