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White
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| Project Historical
Databases for the Canadian Oil Sands
Bruce G. Elliott
2005 AACE International Transactions,
EST.02
AACE International, Morgantown, WV, 2005 |
|
This paper will discuss
the recent major cost overruns for projects in the Canadian Oil
Sands industry, probable reasons for the overruns, and the need
and approach for development of owner company project cost
database systems. The need for a company to have a standard code
of account structure in place in order to allow the collection of
project cost information will be described. With the appropriate
cost and schedule data and information in place, an automated
system could then be developed to house a project historical
database. This type of project historical database and system is
not common, yet is seriously needed for owner companies that
execute capital projects in the Canadian Oil Sands industry. A
system that contains a robust collection of historical project
data records would enable an owner company to provide the
following:
-
Cost
estimate validation for formal estimate reviews,
-
Generation
of key benchmark metrics for estimate reviews,
-
Cost
estimate database calibration information
-
Strategic
level cost estimates
-
Strategic
level scheduling information
The existence of an owner
company project historical database system will not on its own prevent
the major cost overruns that are being experienced on Canadian Oil Sands
projects. However, armed with significant historical cost information,
data, metrics, ratios, and factors, the estimator or project cost
specialist should be much better equipped to review, validate, explain,
and defend the proposed project funding requests. |
| Download/View PDF |
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Originally
published by AACE International.
Reprinted
with the permission of AACE International,
209
Prairie Ave, Suite 100, Morgantown, WV 25601 USA.
Phone
800-858-COST/304-296-8444. Fax 304-291-5728
Internet:
www.aacei.org
E-mail: info@aacei.org
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© by AACE International; All Rights Reserved |
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