Managing Owner's Cost and Earned Value Metrics Development
The presentation is focused on total project cost management for an owner using case-studies of design-bid-build for owner-agency. The paper outlines set of processes that were implemented to manage project costs from design stage transitioning to construction and closing out the project. The presentation discusses various data points tracked from engineer’s estimate developed during design phase that is being used to derive conceptual cost estimate for future project items. Costs during construction phase is validated using quantities summarized on a monthly basis in the form of ‘progress estimate’. The progress estimate costs are utilized to develop burn-rate to forecast the project health and pro-actively manage contracts and change orders. Dashboard style reports were developed to provide earned value metrics using real-time project information. Discussions involves challenges faced in areas of cost management concepts, communication, information sharing and consistent use of defined processes by sections within agency.