The Design of a Proactive Cost Feedback System for Construction Project Management

by David N. Ford, (S.M.ASCE), Massachusetts Inst of Technology, Cambridge, United States,
Feniosky Pena, (S.M.ASCE), Massachusetts Inst of Technology, Cambridge, United States,



Document Type: Proceeding Paper

Part of: Computing in Civil Engineering

Abstract:

Cost projection in project management requires the adjustment of historical costs to reflect the expected context. Improved cost projections require the incorporation of all relevant contextual differences. Current cost feedback tools use imprecise methods to adjust for only a few context factors. This work proposes a design for a proactive cost feedback system which describes the work, its costs and contexts, and calculates adjustments. Adjustments for overcompensation due to many context factors are included. An example is given. Expected benefits and implementation issues are discussed.

Subject Headings: Construction management | Construction costs | Project management | Benefit cost ratios | Databases

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