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Controlling Project Costs

By implementing good control practices, owners can lower project costs by as much as 30%

By John K. Hollmann
Edward W. Merrow
Independent Project Analysis, Inc. |

Atrend needs to be reversed. For the past 20 years, owners in the chemical process industries (CPI) have reduced their cost-engineering function because cost engineering was perceived as “overhead.” This tactic did not improve cost outcomes; it negated other improvement trends. Those who chose this route are now finding that cost-effective projects are just a dream. Merrow and Yarrosi reported in 1994 [1] that the average cost growth (the ratio of actual costs to estimated costs) for projects was declining. That trend has since changed. Since 1994, neither average-cost growth nor variability (the ±…
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