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The climate is changing and it is already taking a measurable toll. One of the main drivers of climate change in the world is CO₂. While a certain amount of CO₂ is needed for life on earth to flourish, human activities, such as burning fossil fuels, have caused an imbalance: there is now too much carbon dioxide in the air.
To reverse climate change, Climeworks is restoring a healthy balance of CO₂ by capturing CO₂ directly from the air using its direct air capture technology. The air-captured CO₂ can then either be recycled and used as a raw material, or completely removed from the air by safely storing it underground.
For this project Cost Engineering created an independent cost estimate.
We don’t think anyone has expected to stay at home this long, isolate ourselves, and keep each other safe by staying away from each other. But here we are, experiencing these all amid the coronavirus pandemic. Because of the self-quarantine measures and travel bans, some sectors are impacted heavily, and they are facing losses in the workforce.
To deliver an effective project plan, you need quality, targeted base cost and duration estimates. Cost estimating and scheduling use many techniques to translate project scope deliverable information into solid, integrated “base” estimates of time, costs and resources. However, all plans are uncertain and, at early scope definition phases, so too is the scope. So how are you going to deal with all the uncertainty? This is what Risk Quantification helps you with.
Benchmarking is widely used by Engineering and Construction firms in order to assess the performance of projects. As a project controller, are you also applying this method or are considering applying it in order to maximize your profit? If so, are you sure that you are doing it right? Here are some common pitfalls you should avoid in order to ensure a successful implementation of benchmarking.
Technical evaluations are often linked to a checklist with all the requirements, and once this is approved, the economic comparison of the equipment offers are executed. But is this evaluation just a ranking of the best price?
Different methodologies could be applied to perform a cost estimate. When detailed information on a project is available, it is possible to develop a detailed unit cost estimate, which is a bottom-up estimate at work-package or task level and it includes quantities, unit costs, labor rates, etc. However, in most of the cases, especially in early stages of a project, there is a lack of detailed information. This article will discuss how composites can help you create reliable and accurate cost estimates in these situations.
Any project, big or small, or regardless of the industry, needs to be performed and delivered under certain constraints. Cost is one of those constraints that project management needs to effectively control. Cost can be the driving force or an impeding factor in determining the future of a project. Therefore, one can easily spot the need for applying thorough cost estimating processes and techniques to ensure that a project can be viable.
What are the focus and the output of cost estimating that make it so essential in the project management process? And at which part of project management is it performed?
Cost Engineering has extended and renovated its office instead of moving to a new place.
We are excited to visit Canada, Indonesia, and Scandinavia in September for new implementations of our software, Cleopatra Enterprise and for a well-rounded Roadshow.
Cost models, based on historical data, are great tools to aid high-level factor estimates. Cost models are computer models which take as input the relevant cost drivers of an object (such as a piece of equipment or an entire project), perform a calculation and return a cost estimation for that equipment or project.
Each project that you carry out requires one or more of your resources to complete. For large projects, this can mean a considerable amount of your resources. Especially in that case, it makes sense to spend time determining the correct amount to help forecast when exactly those resources are needed. This will provide you with a cash flow to manage your expenditures and revenues accordingly. Here we pose the question: how do you make a cost estimation for using resources?
