Cost Control Of Capital Projects And The Project Cost Management System Requirements

Aiming to bridge the gap between the quantitative viewpoint of management science and the practical, day-to-day needs of project cost management, this text offers coverage of an integrated cost management programme. It presents the use of method study techniques to increase the effectiveness of procedures and improve the productivity of resources, emphasizing a systematic approach to cost control.

The first edition was published by Wiley in 1965. The second contains updated information on estimating, planning, and scheduling; value prediction and cost control; and project management techniques--computer applications for project control, integrated project information systems, labor productivity analysis, and general management methods. Sponsored by the American Association of Cost Engineers. Annotation copyrighted by Book News, Inc., Portland, OR

Master all the modern project scheduling and cost control techniques you need, in one focused tutorial! Randal Wilson's Project Schedule & Cost Control isn't your typical project management guide: it's 100% focused on the specific principles, techniques, and best-practice methodologies of scheduling and cost control. Wilson illuminates key issues through the extensive use of graphs, charts, case studies, and worked examples; and calls your attention to crucial issues that "generic" PM books ignore. Coverage includes: Project structures, including differences between projects and programs, and how those differences affect costing and scheduling Initiation: how projects start, how to develop project charters and stakeholder registers, and how to manage stakeholders Planning, in depth: what costs must be addressed, and what schedule constraints must be considered Project schedule analysis: activity definition, WBS, and work packages; activity sequencing and diagramming; proven methodologies for estimating resources and activity durations; and schedule development Project cost analysis: gathering and estimating all project costs, including labor, materials, vendor bids, subcontractors, contracts, equipment, facilities, and direct/indirect costs. Budgeting via top-down, bottom-up, and activity-based methods Project monitoring and control: earned value, tracking Gantt, S-Curves, performance reviews, milestone analysis, change control systems, estimate at completion, forecasting, and much more For both project management newcomers and working project managers who need to sharpen their skills

Management and administrative processes within the construction industry have been undergoing major changes in the last several decades. These changes have involved significant adjustments in management science and manage ment techniques, brought about by the need for contemporary valid informa tion with which to manage the construction process. In short, management in the construction industry is changing significantly; change will continue at an accelerated pace at least through the next decade. The responses required of construction industry management are now resulting in a movement away from an entrepreneurial management style to professional management tech niques and procedures. THE COMPELLING ECONOMIC ISSUES The issues forcing these changes are economic. The rising costs of construction and of money are forcing the buyers of construction services to be more demanding. Their demands are for more construction economies, more pro duction, and more productivity than at any time in the past. Nowhere has this been more evident than in the Business Roundtable on construction and in the response of the construction industry to it.· To be successfully responsive, management in the construction industry will be required to use the best project management methods available for cost control, schedule control, and for financial and accounting controls. But responsive professional management can survive and will flourish within this more demanding eco nomic environment.

""Highlighting the practical side of real-life project execution, this massive reference stresses project management as an independent profession--detailing the varied applications where project management is used and examining the numerous and diverse project management responsibilities and tools.

Critical Path Method (CPM) and Performance Evaluation and ReviewTechnique (PERT) are widely recognized as the most effectivemethods of keeping large, complex construction projects onschedule, under budget, and up to professional standards. But thesemethods remain underused because they are poorly understood and,due to a host of unfamiliar terms and applications, may seem morecomplicated than they really are. This encyclopedia brings together, in one comprehensive volume, allterms, definitions, and applications related to the time and costmanagement of construction projects. While many of these termsrefer to ancient and venerable building practices, others haveevolved quite recently and refer specifically to modernconstruction and management techniques. Sources include hundreds ofprofessional books, trade journals, and research publications, aswell as planning and scheduling software vendor literature. The detailed glossary of all applicable terms includes across-referenced listing of examples that describe real-worldapplications for each term supplied. An extensive bibliographycovers all applicable books, articles, and periodicals available onproject planning, scheduling, and control using CPM and relatedsubjects. This book is an important quick reference and desktop informationresource for construction planners, schedulers, and controllers, aswell as civil engineers and project managers. It is also theultimate research tool for educators, students, or anyone who seeksto improve their understanding of the management of modernconstruction projects.