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

asked May 12, 2015 in Others by wangroc (3,280 points)
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

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answered May 13, 2015 by wozniakmic (3,460 points)
Project estimates should include contingency money to cover risks associated with field condition variables identified during the course of a project.
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answered May 15, 2015 by Normandy (21,040 points)
It should also include project and inspection supports as well as annual maintenance costs.
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answered May 20, 2015 by belmoreno (2,190 points)

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.