ASTM WK54380

    New Guide for Proactive Management of Project Cost

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    Developed by Subcommittee: E06.81 | Committee E06 | Contact Staff Manager



    WK54380

    1. Scope

    This guide identifies the process for proactively establishing and managing the total cost of a project from inception through construction by leveraging the constraints, needs and desires of project stakeholders and by managing risk and owner expectations.


    Keywords

    construction; design economics; economic analysis; economic evaluation; elemental/systems classification; life-cycle costing; risk analysis; UNIFORMAT II; value engineering; risk management; function analysis; cost model; cost management

    Rationale

    This guide is a proactive approach to managing project decisions. This process helps the project team define the value of the project, establish maximum cost, and manage cost to satisfy changing value throughout the design process. There are three steps to this process: identify and estimate the cost of known elements, anticipate the cost of unknown events, and seek opportunities to manage the project cost. The users are any project stakeholder involved in the management and communication of project cost throughout the life of a project.

    The title and scope are in draft form and are under development within this ASTM Committee.

    Citing ASTM Standards
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    Work Item Status

    Date Initiated:
    05-02-2016

    Technical Contact:
    Muthiah Kasi

    Item:
    001

    Ballot:
    E06.81 (17-02)

    Status:
    Negative Votes Need Resolution