This application has been structured as a reference in estimating project costs for project managers and estimators, within the context of the Oil and Gas Project Management.
Knowing that projects are budget intrinsically uncertain and that, regardless of the stage of a project, there will be incomplete information on which to base the project estimate. The objective is to establish a set of project parameters, undertake the departmental risk management process to assign contingencies and convey meaningful information on the reliability of the figures provided.
Benchmarking helps organizations compare with their peers, identify the best quartile interpreters, learn about internal and external best practices, and make the necessary changes to become or remain an industry leader. Measuring and comparing is a key way to improve and grow your business. The answers are in the data.
Organizations that believe that cost estimation should be exercised in the broader context of project and program management to ensure that the estimated values are continuously reliable.
Cost Benchmarking is an integral part of a system of basic interdependent contributions of scope, time, risk, cost and quality.