Notes from the Guild – Cost Management Standard of Practice

Cost Management Standard of Practice

We have come to a branch along our path to develop the Table of Contents and then subsequently, the Standard of Practice for Cost Management and this is a chance for the Planning Planet membership to offer feedback about our direction.

Some other associations, such as AcostE and AACE International, in their bodies of knowledge for the cost certifications, include all the pre-project cost engineering knowledge areas.  We think that this is too much information to attempt to include in the Guild’s SoP for Cost Management since the main focus of cost management for project controls is oriented towards project-phase cost.

Much of this information that is included in traditional Cost Engineering is related to Engineering Economics, related to determining the benefit to the sponsoring organization from the project.  This includes areas such as Return on Investment and Cost-Benefit Ratios, at least as far as it relates to making the Go/No-Go decision for a project.

If we avoid the pre-project cost engineering focus, our cost management would start with Pre-Design costs, basically including all cost management that a Construction Manager would be involved with once the decision has been made to release the project.

The Guild’s Cost Management body of knowledge will be the basis for any training that is developed, and used for the exams to determine the level of certification earned by Guild participants.

So, the feedback we would like to hear is; what do you believe should be included in the International Guild of Project Controls’ Cost Management Standard of Practice?

So that we can direct the responses to the relevant people can you please address your thoughts to using this email link... [email protected]

Thanks...