Project Cost Management
- Cost estimation that requires cost forecasting skills, both for individual works and processes and for the project as a whole.
- Budget planning, which includes estimation of time and funds expenditures on a project;
- Cost control with a view to minimizing the number of budgetary adjustments and unforeseen expenses during project execution.
In the process of project cost management the following tools are developed:
To successfully manage the project cost, information on the available resources, implementation roadmap and potential risks of the project.
One of the main steps in the project cost management is the development of cost management concept. This concept contains general rules for organization of the project cost management, principles of accounting and documenting, recommended practices and technologies.
EPC Project Management
This service includes the execution of engineering, procurement and construction phases of a project. Main activities of engineering phase include:
- Engineering surveys
- Engineering and development of estimate documentation
- Approval and obtaining of permitting documentation for project implementation
- Market analysis
- Selection and supply of materials and equipment for the whole project
Construction phase of the project comprises:
- Construction, installation and erection works;
- Start-up and commissioning;
- Authorship supervision;
In EPC project management the main factors for assessment of the quality of services provided are compliance with schedules and stage-by-stage approach for work execution and budget execution.
Need for consultation on project management arises in companies with conventional business operations due to the need for improvement of production process, structure of an organization, time, communications systems and functionality distribution. Providing consultation on project management system allows achieving the following goals:
- Conducting assessment of the profitability of an idea/project
- Structuring the idea implementation/project process
- Forming the most effective team for project development
- Optimizing labor and material resources
- Preparing detailed design documentation
- Attracting potential investors/clients for project implementation